What is a family office advisor or family office advisory services? Many family offices have been set up over the last twenty years all over the world. The common triggers for establishing a family office include solving family conflicts; unhappy separations; alignment of family interests; segregation of business and personal wealth; preserving family wealth; ensuring that wealth passes to future generations; ensuring efficient consolidation of assets; ring-fencing family assets; dealing with a sudden influx of liquidity; serving larger goals such as philanthropy and increasing wealth management efficiency. So who does this? Well, this is the role of a family office advisor offering family office advisory services.
As wealth grows, especially in emerging markets, there’s hardly any doubt that family offices or family office advisory will play a much larger role in the management of considerable wealth in the years ahead. Family office structure has also gained prominence because of the business family’s desires for greater control over their investments. This desire for complete control has gained more prominence because of the financial crisis. More families are now taking charge of their financial affairs to voice concerns about external suppliers of financial products and services.
Setting Up Your Own Family Office – Family Office Advisory
Setting up your own family office is not easy. Family offices are complex organizations that require deep knowledge – not just of investment variables. A host of other factors such as fiduciary services and these variables can vary from family to family. A lot of these services can also depend on the requirements for each family. In case the family is transitioning into consolidating their businesses, realigning independent and business wealth and keeping their first foot forward towards professional overall asset management, it’s advisable to hire a Family Office Advisor rather than setting up their own family office. This “Family Office Advisor” who offers you full-fledged Family Office Advisory services works as your “mini single-family office” – For the first few years till the family believes that it’s time they set up a fully functional single-family office for themselves or join a multi-family office model.
Vedicology Family Business Advisors are one of the finest family office advisors in India. We are a team of family office advisors, private bankers, chartered accountants and attorneys with vast experience in advising multigenerational families. Family Office Advisory can be an effective bridge between the family, family’s businesses, senior management employees across geographies, auditors, lawyers, tax consultants, doctors, business associates and so on.
