The rising fortunes of the rich give wealthy families good reason to think about the purpose of their wealth, and to understand the responsibilities that come with it. Managing a complex fortune requires a high level of expertise and constant attention, so wealthy families can benefit greatly from creating their own family office or working together with one.
What is a family office?
A Family Office is basically a private wealth management company that offers a wide range of bespoke financial and legal services for wealthy families. The services go beyond wealth management and financial planning and cover the complex management of ALL aspects of family wealth.
Today’s family offices are mostly multi-family offices, serving multiple families simultaneously. These family offices work with top-tier professionals bringing high levels of expertise and knowledge.
Who needs a family office?
Every high-net-worth family can benefit from having a family office, especially if the family leader personally handles the complex issues related to family finances. Having a family office significantly lowers the burden on the individual and, by providing around the clock attention to the family’s financial life, creates peace of mind for them so they can focus on enjoying their wealth with their loved ones.
What are the services a family office can provide you with?
- Comprehensive wealth planning
- Estate planning
- Succession planning
- Tax planning
- Family office governance and education
- Philanthropic, charity and gift planning
- Yacht, jet aviation, and vintage car management services
- Financial planning and cash flow analysis
- Goal-based investment management
- Asset protection and risk management
- Private banking advisory
- Administration services
- Accounting and financial reporting services
- Set up and administration of private equity funds; venture capital funds; family foundations; trusts; companies
At Primus Wealth we take a personalized approach with our clients in order to understand their unique needs and goals and, in turn, be able to provide bespoke solutions for them. Our experienced team of professionals are ready to adjust the level of our services to meet your family’s needs.
What are the key benefits of having a family office?
Having a family office significantly reduces the amount of time and stress that managing substantial wealth entails, while greatly increasing the opportunities wealthy families can take advantage of.
The integrated service provided by a family office ensures that every financial aspect of your family is in one place, and that you get support in selecting and managing the professionals you work with.
A very important, but often neglected, benefit of having a family office is the level of privacy it can create for the family by limiting third parties from accessing sensitive financial and business information.
Working with a family office provides a level of flexibility and speed that regular investment companies can rarely match. Furthermore they are ready to provide extraordinary solutions when extraordinary situations demand it. Contact Primus Wealth and learn how our dedicated family office experts can help you navigate the challenges and opportunities your wealth represents, by designing a system that helps you align generational goals with day-to-day operations.