April 09th, 2020

What Is Family Office And Do You Need One?

The term “Family Office” has been emerging over the past few decades and become extremely popular in the last few years. To shed some light on the subject for those unfamiliar with the term, a family office is a company or a structure which looks after an affluent family's wealth and interests.

There are traditional single family offices that are run by and for a single family, and multi-family offices that serve up to several hundred ultra-high-net-worth clients.  ​

The function of a family office is to offer a complete, holistic wealth management solution for a significant family fortune; to manage, preserve and increase the family's wealth for both current and future generations. Normally, such organisations employ staff to manage investments, properties, taxes, philanthropic activities, trusts, legal matters, while also offering personal services such as managing household personnel and making travel arrangements.

It is commonly considered that single family offices are founded by families whose high net worth is $50-100 million or more. Single family offices are extremely private organisations, this is why choosing the right people for key positions is a matter of paramount importance. 

With some variations, a family office may be made up of a Chief Executive Officer, a Chief Financial Officer, a Chief Operations Officer, Accountants, Analysts, Portfolio Managers, Investment Managers, Tax Advisors, an Executive Assistant, a Secretary / Administrator, etc. 

Typical duties of family office staff would include: 

• Managing administration (invoices, bank statements, expenditure, accounting etc.)
• Managing communications and correspondence 
• Managing business affairs, property portfolio, fortune and assets
• Acting as liaison between suppliers, sub-contractors, staff etc.
• Project management
• Managing and recruiting household staff
• Planning and organising family and social events (birthdays, holidays, evening events etc.)
• Providing astute tax and fiscal advice
• Organisation of all administrative documentation

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Morgan & Mallet International team has a wealth of experience in working with family offices and recruiting personnel for them. If you would like to find a position in a family office or you would like to hire new staff for a family office, please feel free to get in touch with our offices worldwide and we will be happy to assist.

This article was written by
​Marina Shevchenko​
from
Morgan & Mallet International Agency

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