Family office purpose
The family office concept is derived from the inevitable need by families of substantial wealth to create a formal structure for the management and stewardship of that wealth. While family offices can be of varying types and size, the core functions are all the same – essentially to serve the family who owns the wealth. This article focuses on the “single family office” (SFO) in particular with an eye towards making the argument that it would be wise and prudent to regularly have an annual review of the components of your family office and its functions, which is much more than the financial aspects. Why? Because as a family’s wealth grows typically so do the number of family members and their needs; thus, business as usual can be a hidden landmine.
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