Most of us will never be lucky enough to find ourselves in a situation where we have to turn to family office services. However, for those on the wealthier end of the spectrum and potentially significant wealth, family offices can provide an important service to individuals and their families.
The article below highlights some of the benefits UBS Global family office can offer by looking at what they are, what different purposes they have, and what features they can offer their customers. In short, a family office is a private company that is responsible for managing or advising on the management of finances and/or assets on behalf of the family.
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They are usually hired by very wealthy families who have the same financial clout. Your overall goals may range from the more modest pursuit of family sustainability, preservation of family wealth and assets, to more ambitious wealth accumulation, which may involve aggressive investment strategies.
The services this family office can provide include basic administration of all financial matters – accounting, tax processing, savings, and investing – as well as advice on these topics and/or actual hands-on management, such as investing indiscretion.
The term is used to refer to different organizations that provide these services, rather than a specific type of company, and therefore some providers may be separate companies established with the sole purpose of acting as a particular family while others may specialize in service companies, many families, or even financial sector organizations that provide families with few financial items.