SERVICES FOR FAMILY OFFICES
INTRODUCTION AND PURPOSE – TO PROTECT FAMILY PATRIMONY
The main purpose of a family office is the protection, growth and management of the family patrimony.
A family office is generally a private capital management firm that offers a range of personalized services that go beyond investment management or financial planning. It differs from a typical financial advisory relationship in its breadth as it often provides a range of concierge services that greatly eclipse any single stand-alone service required by wealthy families. Family offices provide a wide range of services, including financial planning, bespoke or direct investment opportunities, investment management, consolidated reporting on both managed and outside investments, budgeting, insurance, reporting on both managed and outside investments, budgeting, insurance, philanthropy and charitable giving, estate planning, tax services, bill paying and cashiering and engagement with the next generation.
TYPES OF FAMILY OFFICES
It is important to determine the type of family office that would best serve the needs of the family. In general, there are two types of family offices:
- Traditional family office: A traditional family office has a staff of experts dedicated to the financial planning and other needs of one family. The staff are employees of the family
- Multi-family office: A multi-family office serves the needs of more than one family. Families are clients of the firm, which offers selected services including financial advisory, accountancy, legal and others. This structure may be more suitable for families that require fewer resources, are not interested in establishing a business to manage their finances or prefer to share the costs of these services with other wealthy families.
FUNCTIONS OF A FAMILY OFFICE
The family office can provide important support and advisory services to the family so they can better manage their investments and business. The family office can provide integrated professional services for a variety of family needs, including:
- Investment portfolio management and asset management: Financial advisors can monitor the family’s existing market investments while looking for new opportunities. Asset managers can oversee real estate or business holdings.
- Tax guidance: Accountants and lawyers can help manage and limit a family’s tax obligations.
- Estate and wealth transfer planning: Estate attorneys often coordinate with outside counsel to prepare documents and implement structures to efficiently manage wealth that will be passed to future generations.
- Family governance and engagement with next generation: Family office experts can teach younger family members to understand and responsibly manage their wealth.
- Philanthropy management: Advisors can help the family navigate philanthropic goals and interests in a tax-efficient manner.
- Legal matters: Lawyers can help the family navigate legal matters related to real estate, trusts, investments, and other potential issues.
FGA ADVISORY AND SUPPORT FOR FAMILY
FGA provide comprehensive and integration advisory services to family offices in the USA, Mexico and Latin America. We have a team of attorneys, accountants and financial advisors to assist in the growth and protection of family patrimony. We provide the following advisory services to family offices:
- International tax planning and compliance
- Estate and succession planning for future generations
- Asset protection and legal structures to protect family patrimony
- Investment and business analysis and valuations
- Mergers and acquisition for business and investments
- Financial and accounting support for investments and business
- Tax compliance for individuals and companies in the USA
- Immigration and residency consultations and compliance
- General legal and tax consultations for transactions and operations