Family Office: What Does It Mean?

When wealth accumulates in a family and is passed on through one generation to another, the complexity of wealth management and preservation increases.

Legal, tax and financial aspects are all the considerations you need for managing, growing and protecting assets. Organisational and management skills are also required, not to say entrepreneurial thinking. A Family Office provides that ‘one stop shop’ to manage this process and give you a peace of mind.

Benefits of a Family Office

• Fee Structure

Family Office regime can avoid the many layers of expenses you are exposed to when you deal with individual providers.

• Coordinated Communication

You receive coordinated advice, strategies, services and solutions because the professionals at the Family Office can easily communicate with each other.

• Convenience

With all the services and tasks being completed, you can spend more time on other activities and enjoy your chosen lifestyle.

• Inheritance

If you make it your priority to pass on family enterprise to the younger generations, Family Office can help you start early to prepare the transition process of the leadership and the ownership.

What services are provided?

Typical services provided by Family Office include: investment management, report and record keeping, life management and budgeting, risk management, strategic estate planning, succession and educational planning, trusteeship, charitable giving, lifestyle management, closely-held business management, concierge and foundation management.

Family Offices also have advisory roles, such as tax and legal advice, compliance and regulatory advice.

Family Office provides a range of services, but your overriding consideration should be: what would be better off if outsourced?

How to find a trusted provider?

Working with a Family Office involves building a long-term relationship and mutual respect. If you have contacts from other wealthy families, you can ask for their advice. You can also consult with professionals you already work with, such as your accountant or lawyer.

As your family’s needs and demands increase, the importance of gathering a team of professional advisors will sure increase. A support team with financial and legal professionals is imperative to ensure that all the independent elements – from wealth planning and real estate services to business succession planning and charitable giving – are working together in the most effective and efficient manner.

Every family has a unique set of people, investments, cash needs, long term goals and pressing challenges. Our specialist teams in Linton Advisory Group can give you access to a complete range of professional services to grow and protect your family wealth.

If you would like to find out more please contact us on 02 9299 4520, or email: contact@linton.com.au.