5 benefits a family office can offer your high-net-worth clan paid Whittier Trust
With time, they get more complex. So the family head will enlist investment, legal, tax and other advisors.
Beyond performing what Frasca-Delaney calls the “bread-and-butter” duties of managing a wealthy family’s finances — from keeping the books for businesses and investments to dealing with tax matters — the office will help it prepare for its future, assuming such tasks as estate and tax planning, risk management and succession planning.A holistic approach to asset managementA family office isn’t selling financial products itself, so its staffers can offer the solutions that best fit each family.
A family office will also prepare a monthly balance sheet with which each family can track its assets, its spending, and its business and personal income.That job includes keeping an eye out for red flags. If a family member tends to overspend, for example, the family office can enlist a neutral party to intervene.
If older family members experience cognitive decline or illness, the family office can make sure that everyone is well taken care of — and that transitions due to incapacity or death are as easy as possible. Such knowledge lets a family office act tactically. When a family is defined by a powerful matriarch or patriarch, for example, Whittier might supplement a team with members similar in age to the matriarch or patriarch’s adult offspring — the better to reassure those offspring that they have a personal contact and advocate they can turn to.Philanthropic planning tailored to a family’s needs and interestsHigh-net-worth families are often committed to charitable giving.
The overriding benefit of working with a family office is the level of attention that it can devote to your clan.
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