What is a family office? Why you need one and how it works
By Varun Bodhi
Setting up a family office can involve various costs depending on location, size, scope of services provided, and staffing requirements.
These expenses may include legal fees for entity formation, operational costs (such as salaries and technology infrastructure), ongoing administrative expenses (office space rent/utilities), investment management fees if outsourced to external providers, compliance costs related to regulatory requirements, and professional fees for specialized services like tax planning or estate administration.
Selecting the right professionals for your family office is crucial to its success. Consider factors such as their experience in wealth management, knowledge of relevant legal and tax regulations, track record in delivering results, and ability to understand and align with your family's values and goals.
Consider exploring workspace providers for your family office.
Establishing a multi-family office allows multiple affluent families to pool resources and share costs while still benefiting from personalized wealth management services.
By joining forces, families can access economies of scale that might not be feasible for individual single-family offices.
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