The family office is the sensible solution that families find to delegate their administrative, financial, and future activities to a centralized and coordinated team that they oversee.
Family offices have developed over time to give a variety of benefits – both financial and non-financial – to support an owning family. You can also hire the best family services in Switzerland through various online sources.
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Benefits of family office
Lower costs: A family office can be more cost-effective than not having a dedicated organization. This is true as long as the family assets are sufficient to cover the financial and operating costs of the company, which often requires the right balance between a dedicated internal team and the use of external consultants/experts.
In general, having a family office centralized in asset management and control helps families avoid duplication of work and achieve greater efficiencies, as the addition of other family members is marginal in many activities.
Higher likelihood of achieving financial goals: When a family forms the important factors of their wealth and family business in a structured family office, they are more likely to have important conversations about goals, values, time horizon, willingness to take risks, and mission and a shared vision for what they built together.
Identifying these goals and guidelines and using an investment management system to monitor performance allows families to make targeted investment decisions based on their important goals.