Traditionally, when we think of a Family Office, powerhouse business names like Rockefeller or Rothschild come to mind.
However, the concept of a Family Office has been around far longer than the infamy of these families.
Family Office has its origins in the stewardship and management of the private wealth of monarchs and aristocracy and is a concept that heralds back to even BC times.
What is a Family Office?
A Family Office, or a Private Office as it’s sometimes referred to, is a family-owned and controlled structure that manages private wealth and other relevant family matters.
Today, it can take many forms but at its core, provides value-adding services and advice which cater to a family’s own unique needs.
It has become an increasingly popular structure for successful Australians who have witnessed recent times of extraordinary wealth accumulation and are seeking greater control of their finances for future generations.
William Buck’s Family Office is a bespoke service designed to meet the specific needs of clients with assets in excess of $10 million.
It is a premium service ideal for clients who own or run highly successful businesses, are well established investors or members of multi-generational family businesses.
What does a Family Office do?
Think of it as a hub of resources that families can access to build the structures that best fit their needs. In this way, the Family Office takes on a role of coordinating all the family’s requirements for:
- Investment strategy and policy
- Philanthropy
- Management of succession and intergenerational transfer
- Education and coaching the next generation
- Reporting and administration
- Governance processes for decision-making and performance management.
For example, in the case of succession planning, it may provide specialised advice in the practicalities of wealth handover and the decision-making involved.
Is a Family Office right for me?
Considering these questions is a good starting point in determining whether you could benefit from a Family Office:
- Are you a successful business owner, member of a successful business family or an individual with a significant wealth holding?
- Do you have sophisticated, unique, complex and/or challenging financial and wealth requirements?
- Are you seeking long-term security for the significant wealth you’ve built over time?
- Do you prefer a trusted advisor who understands the complete picture?
- Do you wish to impart a higher level of financial and investment knowledge to your children?
- Is privacy and a discreet, customised service very important to you?
- Do you require 24/7 access to your advisor and rapid responses?
- Do you have various family dynamics to consider?
- Do you want comfort in knowing highly experienced and trusted professionals are carrying out the necessary checks and balances?
If you answered yes to any of any of these questions and would like to find out more visit our Family Office service page or contact us.
