Rich families have money, investments, and shares in companies to deal with. We might think, "Oh, what kind of work should a rich man do?" But wealth requires nurturing. Families must take care of legal and financial obligations, plan inheritance, develop an operating structure for the family business, and develop regular means of communication between family members.
It may be difficult for members to coordinate if they live in different cities or different countries. However, for a family business to run smoothly, there must be proper forms of communication between members. The private family office in US was set up to handle all of these questions.
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The family office is the only family advisor. He advises the family financially and advises them on personal matters. The personal services offered here can be minimal, such as: Taking care of housekeeping staff hired by friends. This includes hiring, firing, or restructuring household staff. Personal services may also include advice on creating and drafting a will according to individual needs. It can include other personal goals of family members.
The office handles core aspects such as asset management, accounting, and legal matters. Wealth management would include looking after family investments, for example. The office helps families set investment portfolio goals. Do you want to invest in a safe and risk-free product with guaranteed returns? Or does the family want a high return on investment? Once investment goals are set, the office can help with appropriate investments to provide them with the required returns.