Are Family Offices only for the Ultra-High-Net-Worth?
There seems to be a common misconception that Family Offices are only for the Ultra-High-Net-Worth (UHNW). Images of multi-billion-dollar families surrounded by swarms of staff at their beck and call may be entering your mind, but that rarely is the case.
Understanding what a Family Office does
A Family Office is a financial planning structure that can provide the family with all aspects of financial services, ranging from investment management to day-to-day bank administration such as managing investments or paying children’s school fees. It is an all-encompassing service dedicated to making your life easier and allowing you to focus on what is important to you.
Family Offices can be structured according to your needs and depending on your preference, can do as much or as little as you want it to. The longevity of these services extends beyond your lifetime and provides peace of mind that your affairs will be professionally run when you are no longer there to oversee them.
Who would need one
As explored above, a family office is not just for the UHNW families. The cost of the services would depend on the complexity and the expertise required.
At Cannon, our service offerings are custom-made to meet the specific needs of every family. We are always happy to discuss specific mandates and cost which, can be managed making it much more accessible to High-Net-Worth families.
The key differentiator to consider is that a Family Office is an offshore service, in a regulated jurisdiction that is run by professionals who understand the relevant laws and taxes, as well as your individual financial needs. From your investment portfolios to your local taxes, the Family Office will have access to experts to ensure all your affairs are run professionally.
Family Office in action
For those who want the platinum experience, the service can go as far as taking care of both financial and non-financial related affairs. Family Offices vary greatly in size, strategy, and structure, but in all cases, provides an efficient structure to look after the family.
Considerations
This service is not just about cost, it’s about trust. Having a good Family Office built on a strong relationship provides the family with the peace of mind that its wealth will be protected for many generations. From our recent client survey, we found that over 80% of our clients noted trust as the most important factor and reason for their continued relationship with us. With over 20 years of experience, we understand that you are looking to build a secure relationship with advisors you can trust to manage your future both now – and for generations to come.