Family Offices – What Are They Now?

The concept is quite broad. Basically, it is an organization that manages the assets of a particular family or families in which the family owns significant assets. The intent or purpose is to preserve and/or increase the wealth of the Ultra-High-Net-Worth (Ultra-HNW) family so that it can be passed on to future generations. You can also take a look at this site to know more about the family office in Hong Kong.

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In practice, the Family Office (FO) may take part in the management of each component of the asset that affects this family property, and thus its services in its various forms can provide expert financial advice, real estate management, and practical administration.

This service can be provided in various areas. When families have business interests, the office can be an integral part of overseeing those interests or even managing their business directly; while other families may require consulting and administrative services to maintain and/or develop investment portfolios. 

Others may simply require specialized advice and administrative services to facilitate the smooth running of all aspects of their property, from tax administration to operations management.

Family offices can generally be classified into one of two categories: those established and designed for asset management only for one family are called single FO (SFO) – and specialized companies that provide services to multiple family customers are called multiple FO ( MFO).