A lot of thought and planning needs to go into what activities are required. However, when set up and run properly the multi-family office is a perfect vehicle for managing and preserving personal wealth for successive generations.
Each family or individuals’ requirements are different so every family office needs a bespoke structure designed to meet their unique and specific needs.
Examples of the sort of work carried out by a multi-family office can include:
- Property management
- Real estate development activity
- Succession planning
- Employment of household staff
- Centralisation of resources
- Co-ordinating tax, legal and investment advice
- Organisation family security, vacation and business travel arrangements
- Family governance
- Trust and company administration
- Monitoring investment management performance
- Coordinating investment policies with regard to private equity, venture capital and philanthropy
The important thing to remember is that this is a vehicle designed by a family to look after your assets and interests with a core objective of preservation and where possible enhancement of those assets for the benefit and enjoyment of your family members.
The benefits of such a structure are numerous and include administration, consultancy and investment services carried out free of conflicts-of-interest.
The ability to have a continuous and on-going regular contact between family and skilled employees dedicated to providing solutions to their requirements.
Above all, the multi-family office provides a structure that gives the client a comprehensive oversight and management of personal assets, freeing themselves up to explore other interests knowing that someone is managing/monitoring the family’s business interests on a day to day basis.