Whether someone needs a family office depends on the extent and complexity of their wealth, as well as the demands that wealth puts on their family. Certain situations may require a variety of specialists with access to high-value resources that can address a long list of important issues.<\/p>
Broadly speaking, those with a net worth of at least $200 million might consider establishing a traditional family office.<\/span><\/p>"
}
}
,
{
"@type": "Question",
"name": "Who Uses a Family Office?",
"acceptedAnswer": {
"@type": "Answer",
"text": " A family office is a private wealth management firm established by an ultra-high-net-worth family that provides that family with a selection of personalized services that include investment management, financial planning, estate and tax planning, philanthropic investing, concierge services, and more.<\/p>"
}
}
,
{
"@type": "Question",
"name": "Is a Family Office the Same As a Wealth Advisory Firm?",
"acceptedAnswer": {
"@type": "Answer",
"text": " Not really. Wealth advisory firms can offer some of the services that a family office offers, such as portfolio management and investment management. However, wealth advisory firms typically have many different clients while a family office focuses on one (or several, if it's a multi-family office). What's more, family offices offer a much larger range of services to address the complete list of wealth-related needs an ultra-high-net-worth family has.<\/p>"
}
}
]
} ] }
]