Some families reach a point where effectively managing their accumulated capital may be best served through setting up a single family office.
Smith & Williamson is experienced in guiding the decision-makers of substantial private capital, whether by inheritance, business growth or exit, as to their options and the benefits and challenges of setting up a family office.
The efficient and professional management of wealth for the benefit of the whole family is often a major driver.
Properly established, a single family office can also firmly institute the purpose and processes required to protect and enhance family businesses, income and capital for future generations.
These processes and discussions are key to success of a single family office. They ensure that wherever they are located, or whatever stage of life they are at, family members understand the purpose and direction of the family office and what it can, and cannot, do for them.
We help you answer these critical questions to establish an effective family office:
- What is the long term purpose and vision of the family office?
- What roles should each family member play?
- What governance mechanisms need to be in place to ensure long term effectiveness and delivery against objectives?
- How will you evaluate success and adapt if needed?
- How can the next generation engage with the family office and the responsibilities that they may inherit?