One of the most important things a high-net-worth family can do is set up a family office. There are several advantages of having a family office to handle all finance affairs, from taxes to investments and estate planning. Here are the five most essential benefits of a family office.
A different and unique type of business organization
Family offices provide a way to coordinate and manage all of a family’s business affairs under one roof. It incorporates the family’s assets and other concerns into a centralized business organization, which can be overseen by a professional wealth manager.
Manages the personal affairs of a wealthy individual or family
All individuals and families have a lot going on in their lives, including careers, education and personal life. It can be overwhelming for wealthy individuals or families to manage their financial affairs while also dealing with the other demands of life. Placing properties, assets and other financial matters in the hands of a professional wealth manager gives families the opportunity to carry on with their daily lives in the knowledge that their money and property are being protected and nurtured.
Preserve and grow personal and family wealth over the long term
High-net-worth individuals may have the ability to acquire and even keep wealth, but that doesn’t necessarily mean that they are adept at nurturing them for future growth. In order to ensure that their wealth is safe for future generations, they are better off placing their assets in the hands of professional wealth managers who can run their family office and dedicate their time, skill and expertise to helping personal and family wealth grow.
Assist family members with financial decisions
There are times when members of the family will need guidance regarding important financial decision – perhaps to buy or sell a property, or invest in a new business. With a family office, you have a professional wealth manager at your disposal, who can offer expert advice and guide you towards the right decision.
Beneficial for investors
No investment decision should be taken lightly, especially when a family’s present and future financial welfare at stake. A family office, under the professional oversight of a wealth manager, can not only advise family members about investments, but also manage investments directly, keeping an eye on property and stock portfolios to ensure that funds are being invested optimally.
The family wealth managers at Nour Private Wealth Management are the best people to have on your side, running your family office with your highest financial interests at heart. Contact us for more information.