Family Office Exchange - About Family Offices

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[photo] Financial Families have the ability to receive wealth management services through a variety of means. They can become a client of a financial institution providing a set of services that meet their needs, they can become a client of a Multi-family Office, or they can establish their own stand-alone family office.

Individuals and families who establish family offices are often presented with the idea by one of their trusted advisors or by a friend who has a family office or is somewhat familiar with the concept. The first questions we hear at Family Office Exchange are: What are the benefits of having a family office? What are the typical services? How do you set up and manage a family office successfully?

If the decision is made to form a family office, many strategic questions need to be addressed, including:

What are the assets the family wants to enhance or preserve?
What are the family values you also want to see preserved?
What is the time period for working together on wealth management issues (how long is "long term")?
Which family members are interested in serving in a leadership capacity?
What roles could individual family members play in the development of the family office?
How will decisions be made concerning investments and other financial alternatives?
What governance structure is appropriate for the family?
How will the family office be owned?
How will the mission of the family office be defined?
What scope of services will be provided to the family members ?
How will the office be organized and managed?
What are the technology requirements for the office?
How will the family office services be paid for?
What can the family do to ensure the success of the office?

Answers to these types of complex questions on the intricacies of wealth management, and much more, are shared within the FOX membership community. Consider becoming a member of FOX:

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