Many families see the family office as a way to meet their financial needs, better control their assets, and manage their affairs. Since each family has its own terms, there are as several family offices as there are families.
Some give basic administrative help while others manage investment management and coordinate all financial and family needs. You can also browse this site to know more about the family offices in the US.
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Once established, a family office is likely to serve many generations, where there may be a number of different needs that require different wealth management strategies. A well-run family office strongly integrates these approaches to assure that they support the goals of the whole family. There are four kinds of family offices which are mentioned below.
The multi-family office is ideal for families that are low in complexity and can be an inexpensive model.
Single Family Office
Single-family offices completely separate personal family relationships from business and facilitate the sale or promotion of your hereditary operating company.
Virtual family office
This office is a viable option for globally diversified teams and families and can be very cost-effective.
Hybrid family office
This office is the best of both worlds – outsource aspects of the family office while maintaining an integrated family office for specific functions.