People with low incomes sometimes think that high revenues would save them a lot of problems. However, the more capital a family has, the more time and effort goes into managing it. Many issues related to the management of finances must be resolved just in time so that unpleasant situations and causes for concern are not created:
- Correct payment of taxes;
- Development of investment strategies, as well as the study of numerous analytics and reports on their performance;
- Payment of numerous utility bills for all properties;
- Timely insurance coverage of all risks;
- Participation in charitable activities, and much more.
Effective Solution to Wealth Management Challenge
Attentive and responsible performance of all these tasks requires so much time that there is often no time left for more interesting and inspiring ones. At the same time, the price of a mistake is very high because any miscalculation can lead to a chain reaction.
Fortunately, this dilemma between a large fortune and the tediousness of its maintenance has long been effectively solved by the organization of family offices. They completely free high net worth families from the worries of wealth management and allow all family members to maximize their talents in their chosen areas.
What Specialists Are Involved in the Functioning of the Family Office?
Taking care of the assets of affluent families includes not only financial but also legal, technological, and even political aspects. To ensure maximum professionalism in the management of clients’ unique situations, the family office unites the knowledge and efforts of specialists in various fields. Moreover, since the level of responsibility for managing large amounts of money is very high, only highly qualified specialists are accepted to family offices. For example, employees of the high net-worth family office Certuity LLC are regularly featured on Best-In-State Wealth Advisors lists due to their deep expertise and impressive performance.
Among the most common professional categories that are represented in family offices, the following can be found most often:
| Specialist | Duties | Job Position |
|---|---|---|
| Head of a family office | CEOChief Executive Officer | |
| Financial Advisor | Chief Financial Officer | |
| Legal consultant | CLOChief Legal Officer | |
| Investment managers | ||
| Tax specialists | CTOChief Tax Officer | |
| Business consultants | CBOChief Business Position | |
| Property Manager | CPOChief Property Officer | |
| Security specialists | CSOChief Security Officer | |
| Lifestyle Manager | CLOChief Lifestyle Officer |
Certuity company uses an integrative approach to family office management. Wealthy families who trust the experienced and innovative team of the company will be serviced on all matters important to them without the need to contact other companies or find other contractors. All family members will receive the maximum realization of their plans and interests, from business and investment to charitable, educational, etc.
Non-Financial Services Provided by the Family Office
The range of services provided by family offices is not limited to the management of the client’s assets. Depending on the composition and needs of families, they can take care of many other non-financial tasks:
- Travel arrangements;
- Drawing up programs for the prevention and treatment of diseases of family members;
- Organizing private parties and social events;
- Private schooling;
- Product quality check;
- Repair of equipment and appliances in the house;
- Drawing up plans to increase longevity;
- Lifestyle management, etc.
New Times — New Challenges
Family offices have over 140 years of glorious history, helping to preserve and increase the wealth of famous affluent families. But this is not a reason to stop its development, as the new digital age makes demands and conditions for the training of additional specialists for family offices. Here are just a few of the tasks that must be given extra attention in today’s world:
- Ensuring cyber security, including the security of software and personal data stored in digital format, business and personal correspondence, etc.;
- Psychological stability and digital conflict management;
- Family representation on social networks;
- Internet of Things governance, and much more.
The development of family offices and the improvement of the services they provide are influenced by the demands of high net worth families. Cooperation, mutual understanding, and the creation of a corroborative environment lead to unique results and support the prosperity and growth of affluent families.