The private advisory firms that manage wealth for the huge net worth investor are known as Family Office.
The Family Office offer a complete outsources solution when it comes to managing investment financial side of a family or affluent individual, which makes them different from other tradition shops of wealth management. There are a lot of Family Offices that offer budgeting, charitable giving, tax services, wealth transfer, insurance and family owned business.
There are two types of Family Wealth Office:
They serve single ultra affluent family at a time.
They seek to build up their business by serving more than one client.
It is not possible for a single professional advisor to manage the wealth of any ultra-wealthy family using a decent wealth management plan. For the proper advice and services a well coordinated team of professionals is required from different backgrounds like legal, estate, insurance, business, investment and tax disciples. Majority of the Family Offices combine cash management, asset management, financial planning, risk management, life management along with some additional services. The main aim of providing these services is to facilitate different family with important elements required to address pivotal issues.
Some UK Family Offices offer services beyond the typical scope of a family investment office and they provide personal support as a "family office concierge services" like organizing theater cards or a private jet.
Provider of family offices services meet on family office summit or family office conference. Due to high income and wealth level family offices London are in high demand.
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