Understanding the role of a family office

Typically, we find that high net worths don’t realise they need a family office until they have one, and whilst family offices are nothing new we know that making the leap from a traditional wealth management office to a family office can feel daunting.

In this article we set out some of the key factors that you should consider when selecting a family office.

Why have a family office over a traditional wealth manager?

Wealth management forms a key part of the family office service, but it is just one part. For high net worth individuals we would always recommend considering a family office over a traditional wealth management model as it ensures that all aspects of your family are taken care of, not just its wealth.

Encore is designed to help high net worth individuals and families protect their wealth, and get the most out of it, both for the here and now and for the future.

Our family office not only offers wealth management, but also legacy management, luxury lifestyle management, risk management, philanthropy, and much more. Additionally, a family office is designed for clients who may have a highly diverse set of investments, either individually or across a family unit.

A single family office vs. a multiple family office?

When looking for a family office you may come across the concept of single family offices. This is where a high net worth family has created a family office solely to serve the needs of their family. Obviously there are positives to this model, in that a team is set up solely to service your family. However, the overhead costs for this model  are significant and not cost effective for most.

More commonly we are seeing an emergence of a multiple family office. This is the Encore Family Office model. A multiple family office services multiple high net worth individuals and families. By looking after multiple families, families are able to take advantage of scalable costs meaning that their costs of wealth management and preservation will be lower.

If your interested in learning more about how a family office could help you, get in contact with Encore here [email protected].