All of us desire a stable financial future for our families. It can be difficult to manage your wealth, particularly if you have a large number of assets that need your care and attention. However, with the aid of a family office, and professional service, you can now manage your wealth successfully.
What is a Family Office?
A family office is a private wealth management company that provides high-net-worth individuals and families access to a range of financial services. A family office’s main objective is to give the family full financial support and see to it that their financial objectives are met. Investing management, tax planning, estate planning, risk management, and charitable planning are a few of the services that a family office often offers.
Family Office vs. Traditional Wealth Management
Traditional wealth management focuses on managing assets, such as stocks, bonds, and mutual funds, for an individual or family.
Family offices, on the other hand, provide a more comprehensive approach to wealth management. It offers services such as financial planning, tax planning, estate planning, philanthropy, and family governance.
Family offices may also have a team of professionals with expertise in various areas, such as investment management, tax law, and estate planning. This team of experts works together to provide the family with a holistic approach to wealth management.
Importance of Family Office
For high-net-worth families, setting up a family office is crucial because of the advantages it offers. The fact that a family office offers a more thorough approach to asset management is one of the biggest advantages of using one. A family office can also assist families with wealth protection, tax planning, and investment management.
A family office can also assist families in preserving their money for future generations, which is another important advantage.
In order to ensure that their assets are transmitted to their heirs without any problems, families can benefit from the assistance of a family office by creating an extensive estate plan.
Moreover, a family office may assist families in navigating the complicated world of philanthropy and creating a giving plan that is consistent with their values.
Work with a financial advisor
If you are considering creating a family office, it’s a good idea to work with a financial advisor.
A financial advisor can help you understand the benefits of a family office and guide you through the process of creating one.
When choosing a financial advisor to work with, keep in mind to choose someone who has experience working with high-net-worth families. Look for an advisor who has expertise in areas such as investment management, estate planning, and tax planning.
If you are considering creating a family office, our financial advisors at Robert Emmer with Silversage can help. Our team has extensive experience working with high-net-worth families and can provide you with the guidance and support you need to manage your wealth effectively.
Contact us today to schedule a consultation and learn more about our family office services.
DISCLAIMER:
This information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of the author, and not necessarily those of Raymond James. Every investor’s situation is unique and you should consider your investment goals, risk tolerance and time horizon before making any investment. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Be sure to contact a qualified professional regarding your particular situation before making any investment or withdrawal decision. This material is for general information only and is not intended to provide specific advice or recommendations for any individual. Financial and investment planning inherently involve potential tax and legal implications, with which we are generally familiar. We do not, however, practice as lawyers or CPAs and cannot give specific legal or tax advice. You should always consult with your tax advisor, or your attorney, when making complicated legal or tax decisions, however, we’re glad to work with your tax or legal professional to help you meet your financial goals. Raymond James financial advisors do not render advice on tax or legal matters.