![]() ![]() “One thing that we've learned along the way is that there is a benefit to getting some smart people around you,” Moran says. The more integrated the services are, the more comprehensive the advice will be long-term, he says. While there are core functions with a family office, such as taxes, trusts and estates, Moran says families should also determine how involved they want professionals to be in other areas, such as investing, philanthropy and financial education. “And get a clear assessment of the complexity of your estate and the nuances that require this intimacy. “Ask yourself ‘What do I want to accomplish in the next 10 years?’” Moran says. People considering setting up a family office should start by defining their long-term goals and determining what resources they want at their disposal to achieve them, says Michael Moran, a managing director at Walnut Ridge, the family office behind the Kanfers, who run Ohio-based GOJO Industries, the maker of Purell hand sanitizer and other products. “Family offices can be created to extend wealth, but also to help families grow and evolve,” Fell says. In many cases, family offices are set up when parents want to build and maintain a legacy for their children or relatives while also advancing the family's vision through either a business or philanthropy, or both. There are no two family offices that are alike.” “Sometimes the family is quite dependent on the family office to handle everything, and other times the family is very engaged and interactive. “It comes down to complexity and size of investment management needs, which is different for different types of families and situations,” he says. These teams can include one or more professionals who serve just one family, or many families, often with assets valued in the multimillions of dollars.ĭetermining whether to set up a family office depends not only on the family's net worth but also on how complicated their financial affairs have become, says Mark Fell, head of family office and strategic clients at RBC. Broadly speaking, they provide integrated private wealth management services using a team of professionals who oversee and manage the financial affairs of UHNW families. Considered one of the largest wealth transfers in history, it’s never been more important for families to find ways to effectively build and maintain their wealth-and the services of a family office can help. In the coming years, an estimated $400 billion is expected to be passed down from one generation to the next in Canada. It’s not only traditional services that are required, such as investment management, philanthropy, and legal, tax and estate planning, but also business advisory services, governance, financial education, and maybe even lifestyle management for current and next-generation family members. As an ultra-high-net-worth (UHNW) family’s wealth grows, so does the complexity of managing their assets. ![]()
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