A family office, in its most generic sense, is a wealth manager established by a family to address its specific wealth and investing needs. 1 At a minimum, family office investing services include asset allocation and third-party investment manager selection, with bigger family offices occasionally offering internal investment management as well. You can check FOAHK as well.
The initial hiring is frequently a chief investment officer (CIO), who, in the case of smaller family offices, also acts as the day-to-day CEO. Larger family offices often have a CEO, a Chief Investment Officer (CIO), and investment teams that the CIO selects and supervises. They also have operations specialists who are responsible for investment implementation, trading, reporting, and the systems that handle these and other procedures.
Many family office businesses also offer wealth management and other services such as accountancy or other financial services. Those that provide wealth planning and accounting have attorneys on staff who advise on trusts and estates as well as family entities such as limited partnerships, as well as accountants.
Others have specialists specialising in a wide range of services ranging from bill payment to aircraft finance and maintenance, depending on the demands of the family members and the services they wish to pay for. The amount of experts hired is also affected by the extent of insourcing vs outsourcing. The option to select the services that the family wants to include is a significant advantage of having a family office. This is something you need to know about family office.