A Family Office service is a key component of the administration process for Mega Wealth clients. The services can vary dramatically from office to office but they are customarily associated with services provided by a law or accounting firm and/or trust company. The Family Office is sometimes an individual or a group of persons that assist the clients with the day to day management of their assets.
In many instances, the Family Office is the client's gate keeper. This arrangement affords the client a hassle free experience by not having to negotiate copious amounts of marketing, investment and banking information. Family Office clients are presented with a core, or the substantive information required to make a decision. A Family Office is also the main means by which the client is able to take a panoramic view of their entire asset base in the form of consolidated financial statements. By denoting the Family Office as the hub of all investment activity, clients garner a better sense of control and oversight of the family's wealth through centralization.
No matter the nature or class of assets held, the Family Office should be the main point of entry for all reporting lines. This process is facilitated by our Hold-All-Mail and Nominee services. Consolidating client reporting and retention of raw data provide synergies by which information can be used for the preparation of tax returns. The WSJ ran a very interesting article on Family Office services - please click here to read the abbreviated version of the article.
The FidPro Family Office service is quite traditional in nature because it is almost always client driven. Some of the Family Office services we offer are as follows:
FAMILY OFFICE SERVICE