Family offices are private firms that work to manage the high net worth of people’s wealth. They act as financial advisors that manage the dialogue between family office business, government, and other regulatory bodies in a country. They have control over family office events and take responsibility for their successful execution. It has to gain much popularity between the high net worth people because it is a good solution got those who want to keep their wealth in their own hands. The family office businesses provide a social identity with financial growth to business members. They are different from traditional wealth management. The different services offered by them include budgeting, insurance, taxation, transfer of wealth, etc. the approval for family office is given by the family council before it functions. They provide various comprehensive services to the family business. Different types of family offices exist that are divided according to the family and office goals.
- Organizer’s office: To run the operating companies, it supports the activities of the company founder. The structures of the founder office, real estate management are the common functions along with handling other financial issues.
- Shareholder office: They support that family business that focuses on increasing and running the functioning business with their activities. The office is generally embedded ta the functional office and handles all tax and financial services.
- Family enterprise office: It supports the policy of staying together for all owners like a family. They look after wealth creation, reservation, and risk-taking activities.
- Investment office: They assist those company owners who concentrate on both public and private equity investment.
- Compliance Office: They are the family office that gives their support for different proprietors from many branches of the same family or multiple families. They assist in a large range of services.
- Trustee Office: These family office businesses support trustees and legatees of family trusts in a responsible way.
- Philanthropy office: In this kind of family office the foundation of a family is kept at the center of the functionality.
Conclusion: Family offices are the private consultants who either work for a single high net worth family or multiple high net worth families. If work for a single high net worth family, they look after their all financial and investment solutions along with taking the responsibility of other non-financial works.