A family office is a wealth management service that oversees and coordinates all aspects of a family's financial affairs. They are most commonly employed by those with a high net worth who have financial planning needs that are more complex than those handled by traditional money managers. Below, learn more about family offices and the wealth management benefits they provide.

Types & Services

There are two types of family offices. One is a single-family office, in which a group of financial services professionals focuses on the needs of just one affluent family; the family sets up this arrangement themselves and hires the people they find best-suited to the scope of the job.

The other type is a multi-family office, in which the professionals serve more than one family, and the costs of wealth management services are shared among all members of the office; multiple families might set this arrangement up together or a new family might join an existing multi-family office.

The services provided may be performed in-house or outsourced to other trusted industry experts. The team collaborates with the family to identify financial goals and plan for the future. They also provide guidance on tax preparation and planning, investments, insurance coverage, and management of assets, cash, and risks.

Benefits

The exact nature of the services rendered can be tailored to the unique needs of the family, which is one of the primary benefits of a family office. With higher wealth comes more in-depth financial concerns and a dedicated team of professionals is on hand to provide focused attention. They are experienced in money management issues beyond the basics of financial planning and can advise on everything from charitable donations to legacy design. They also offer convenience by offering so many services in one easily accessible place.

If you're considering setting up a family office, the wealth management advisors at Economic Strategist are here to help. Serving the Dallas-Fort Worth, TX, area, they offer comprehensive financial support and guidance. From asset protection to tax benefits, they understand your unique fiscal goals. Your privacy and confidentiality are assured at every step. To schedule a consultation, call (214) 383-1350 or visit their website today.