Who Needs a Family Office?

Who needs a family office? Anyone whose assets have grown complex enough to need dedicated, comprehensive wealth management could benefit from family office services similar to the experience offered by Avidian Wealth Solutions. In this article, we will get specific about family office offerings, and ask a few questions that can help you know if you should make the jump into the family office environment.  

What is a family office?

What is a family office? A family office is a personal wealth management firm that provides a wide array of financial services, including portfolio and estate management, as well as various concierge services such as travel booking, property management, and more. 

There are two main types of family office structures: the multi-family office structure and the single-family office structure. Single-family office structures are owned and operated by one single ultra-high or high-net-worth family and are designed to manage the wealth of that specific family. Boutique family offices that use the multi-family office structure tend to offer similar family office services but to more than one family. 

Traditionally, multi-family offices are much more cost-effective than single-family offices, because single-family offices involve the significant investments of setting up a family office and hiring your own team of dedicated professionals. 

Who has a family office?

Ultra-high-net-worth individuals and families with the resources to retain a team of financial professionals are generally who own and operate traditional family offices. These people are often multi-generational families with considerable wealth, celebrities, athletes, or other high-profile individuals. 

A single-family office structure provides these individuals and families with personalized, centralized, wealth management services. Because the office and its employees revolve solely around managing their wealth and planning for their future, these individuals can move past the complexities inherent to managing their financial life and focus on whatever is at hand — whether that be a business trip or a fishing trip. 

If this sounds like something that would benefit your family, you may be interested in the family office experience offered by Avidian Wealth Solutions. We offer our clients personalized, centralized wealth solutions and access to a network of multidisciplinary financial professionals, all under one roof. 

Some of the family office services offered by Avidian include:

• Estate planning
• Investment management
• Tax planning
• Charitable giving advice
• Succession planning
• Retirement planning
• Family office risk management

Connecting all the branches of your financial life will set you up to do more with what you currently have, and give you the ability to look forward to your ideal future. 

When should I consider a family office?

We’ve explained what a family office does, and who might have one, but why do you need a family office? What practical circumstances make a boutique family office environment the right decision for your family and your finances?

In that spirit, we’ve put together a few questions that you should ask yourself about your needs to determine if you would benefit from a family office experience.

1. Do I (or my advisor) have adequate time to manage my finances?

Once your wealth grows past a certain point, there is no way that one or two people can handle all of the duties (or sort out the complexities) associated with managing it. High-net-worth individuals looking to continue growing their wealth often need multiple professionals to manage very specific parts of their finances. Within the single-family office structure, all of those professionals work together under one roof, united by the goals of simplifying your financial life and fulfilling your financial dreams. 

2. Could I be getting more out of my financial management?

Whether your financial advisor is at a private firm or is an uncle that inherited the job, here are a few signs that you could be getting more out of your wealth management:

• Your income has recently increased exponentially, or you’re about to make major changes to your finances.
• Changes have been made to your portfolio that haven’t been well-explained. You never want your financial advisor to say “just trust me.”
• You have an unclear understanding of how you’re paying your financial advisor. 
• You don’t regularly discuss your goals or are not regularly achieving them.
• Your financial advisor is difficult to get in touch with. 

One of the most common reasons for high-net-worth individuals to make the switch to a family office environment is that they have outgrown their previous financial management. As your wealth grows, so too should your resources. 

3. Am I confident that my wealth will be well-managed after I am gone?

If the answer is no, you would likely benefit from the deep estate planning services offered by a boutique family office. 

Whether you want to safeguard your wealth so that it can continue to serve all of the people you care about, or are concerned about leaving behind your legacy, estate planning with a team of dedicated financial advisors can help secure the integrity of your estate for generations to come. 

Who needs a family office? With Avidian Wealth Solutions, it could be you.

Both multi-family office and single-family office structures offer high-net-worth individuals a high level of service, an opportunity to optimize their financial lives, and the peace of mind that their finances are prepared for what may come in the future. 

Avidian Wealth Solutions offers high-net-worth individuals a boutique family office experience in both Houston and Austin. Our multidisciplinary team of dedicated financial professionals provides comprehensive wealth management solutions tailor-made for you and your individual goals. 

To learn more about how Avidian offers a cost-effective family office experience, schedule a meeting with us today.

More Helpful Articles by Avidian: 

• How to Survive Inflation as a Small Business
• Small Business Owner Retirement Strategies
• Can You Lose Your 401(k) if the Market Crashes?
• How to Manage Multiple Revenue Streams
• 6 Risks of Entrepreneurship and How to Handle Them

---

Please read important disclosures here