A traditional family office is a business run by and for a single family. Its sole function is to centralize the management of a significant family fortune. Typically the businesses manage the family’s investments, attend to tax matters, philanthropic activities, act as trustees, fulfil the accounting and payment functions and see to other legally related matters. The purpose of the family office is to effectively transfer established wealth across generations.
Modern and mini family offices have evolved into a hybrid of one or more of the traditional family offices functions. People who established and created wealth may not have the time, inclination or skill set to be actively involved in the day to day management and running of that wealth. They then choose to outsource all or some of the necessary activities to professional advisors.
These professional advisors need to have a varied skill set that covers wealth and financial planning, tax and legal knowledge, investment expertise, accounting know how and most importantly the ability to relate to the family and to be their trusted advisor. They must at all times have the family’s best interests at heart and often need to be an independent arbitrator or sounding board when important family decisions have to be made. Activities are varied and range from paying the grandkids school fees, advising on what car to purchase and how to finance the vehicle, to mentoring junior members of the family in wealth management and stop just short of walking the dogs.
People having the skill set necessary to act as a trusted advisor and fulfil the family office function together with the passion for helping people are few and far between. Tony Barrett has over a number of years established himself in this niche market and takes a tremendous amount of job satisfaction from seeing families successfully transfer wealth from one generation to the next.
Contact Tony to find out more about a family office set up.