Supporting clients across all aspects of their life, rather than just financial planning, succession or their will, is one of the reasons which I enjoy family office work.
It enables me to offer high net worth individuals a whole-life plan to manage their wealth in a way that is specifically tailored to them, and to pass it on to future generations with confidence.
Dealing with private wealth in this way takes me beyond traditional private client work which tends to focus on events in a person’s life; birth, marriage or death. Dealing with complex issues across borders, including property, investments, taxes, philanthropy, charitable foundations and estates, I combine complete confidentiality and approachability with a focus on workable solutions.
Outside work, my own interests are just as varied as my clients – I love sports cars, especially British brands, and I also love country pursuits, including fishing, riding and walking – but my training in classical ballet means that I continue to support the ballet wherever possible.
1) A well run family office bucks the third generation rule, which says that the first generation makes the money, the second increases it and the third dissipates it. A family office bucks this trend by allowing not only wealth, but family ethos, to pass from generation to generation, adapting and developing with each new generation. Now thanks to technology, the virtual single family office opens the concept of family office to a new range of clients.
2) Always contact your lawyer prior to making an important decision, whether this is buying a house or bidding on a collection piece. If we know beforehand, we can advise on the best and most tax efficient manner to carry out your wishes. Having to make corrections after the fact is costly.
3) Clients always ask when is the best time to consider succession, as if death and succession are the same thing. The answer is now – succession is about lifetime planning, not death, so the sooner you put a plan in place, the sooner you have peace of mind.
Aren’t family offices only for ultra-wealthy families like the Rockefellers?
No, not now. This used to be the case because having a family office involved complicated structures employing numerous employees to carry out each function for the family. Nowadays the hybrid virtual Single Family Office allows more modest families to use the benefits of the family office structure without the need to employ an army of staff as services are contracted out.
Does the family office cover everything including both business and private family affairs in the places where we reside and have interests worldwide?
Yes, a single family office can be as comprehensive a tool as the family wish it to be. Some merely look after a family’s investment portfolios and wealth planning, while others take over the entire running of the family’s lifestyle from managing financial affairs, to setting up philanthropic concerns, to overseeing property acquisitions and holding valuable collections of art or other collectables.
I run the family office to ensure all of your business and family lifetime planning is arranged for you, either by my UK office or via local professionals whom I manage on your behalf, ensuring you are free to enjoy peace of mind that the future of your family is protected.