Single Family Office
A single family office consists of carefully selected wealth managers and advisors who work personally with the family. They are usually set up by families who want to take advantage of the family office structure to preserve and grow their wealth.
This could be an ideal way to provide private and personal support to a growing family. A single-family office requires a larger investment in the initial phase, but can be very helpful with tax regulation and compliance, reporting and accounting, real estate investment, and other specialised services.
A single-family office can be helpful for a family that needs internal support and privacy to make personal and professional decisions.
Multi Family Office
A multi-family office manages the assets of several families simultaneously and offers the same amenities as most family offices (single, multi or virtual). Due to the number of families under their roof, they may be less expensive than other family office options, but they offer the same expertise in budgeting, wealth creation, wealth transfer plans, and other HNWI needs. Multi-family offices can be pre-existing groups that a family can join, or they can be families joining together to form a family office.
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With multiple families being served within the office, families may miss personal attention and tailored help. However, these types of offices focus on tailoring services and solutions to the potential needs of the families they serve.
Virtual Family Office
In a virtual world that is growing ever larger, virtual family offices are being found more and more frequently. For families looking to outsource all or part of their wealth management team, relying on the real-time reporting and analysis enabled by new technologies, these devices are ideal. Globally dispersed families can use a virtual family office to manage accounting, reporting, administration, analysis, documents, and communication faster than before.
This option has become more viable over the years as cyber security and protection have grown. Although privacy can still be an issue, a virtual family office offers a more cost-effective option as there is no need to hire staff, in addition to the family’s other expenses.
Families who want to focus on their equity and strategically plan investment plans, risks, and asset classes can use options such as an investment office. In contrast, a philanthropy office supports the goals of philanthropic people and helps distribute their assets for appropriate causes.
For large companies, a start-up office is there to help with ownership structure, finance and planning, property management, and other important decisions.
Therefore, it can be seen that there are a variety of different family offices and that they can be tailored and selected according to needs or wishes.
