5 services you may not have expected…

Deciding if a Family Office is right for your situation can be difficult. Is there enough wealth to warrant such a structure? And is our family complex enough that we need help navigating the management of our wealth? Both common questions, but the reality is that a family office can be anything you want it to be – it just depends on the goals and needs of the family. The image below depicts the main different reasons that Family Offices are usually established and whilst estate planning, tax planning and investment services are the more well known needs, there are 5 others that are becoming prominent in the services required.

1.  Education of younger generations – imperative in the maintenance and growth of the wealth.

2.  Attending to both personal and financial goals of family members – every family member is different and have their own set of values and needs, amongst that of the larger family group.

3.  Document management – if there are multiple entities, structures and agreements set up for the family, it’s important to know where the supporting documents are located. This also applies to estate planning documentation, investment planning strategies and passwords.

4.  Family meetings – regular discussions, as a whole family group, to ensure plans are still serving the required needs of the family as a group and individuals, as well as providing the opportunity to discuss other matters that may arise.

5.  Philanthropy – if giving back is an important part of your family legacy a Family Office can support this process.

Having everything centralised so that all generations can be involved in discussions and decisions is a key success factor for a Family Office.

At Paxton Bridge, we have introduced the concept of a Virtual Family Office for anyone who has created a level of wealth, that has evolved over time, and needs help managing the further activation of that wealth and transfer to future generations.

We are the primary contact and collaborate with the team of experts chosen by you.

The strategy developed by your chosen team of advisors constantly has the “bigger picture” for your family in mind and provides a clear pathway for decision making, growth and wealth transfer.

Every family is different, so in the set up you will have the opportunity to determine who from the family is involved and how, plus the rules that will govern the Virtual Family Office. For example, a funds distribution strategy – who will receive how much and how often? The other scenario might be common expenses amongst the family. What is taken care of through the Virtual Family Office and what will be left for everyone to consider?

The benefits?

Peace of mind that your wealth is being activated by a team of experts who will provide a strategy for you and your family to grow, share and protect the money and assets you have accumulated.

Additionally, having one trusted point of contact for any family member to call if the unexpected happens allows you the comfort of knowing that your loved ones will be supported by your team of advisors.

If this is something you would like to discuss further, please contact us.

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Stay connected.