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Reasons To Set Up A Family Office

Family Office is a private asset management advisory firm that supports ultra-wealthy (UHNW) investors. They differ from traditional wealth management businesses in that they provide complete off-site solutions for managing the finance and investment side of wealthy individuals or families. You can also visit UBS global family office to know more about the family office.

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More and more family offices are being set up by wealthy families.  Below are some reasons to start a family office.

Time-Saving

Most wealthy families immediately realize that with high wealth comes the burden of maintaining that wealth. With this in mind, time is precious and the family office can be used to manage private homes, luxury items, organize travel, and sometimes handle sensitive tasks.

Cost savings

Not only can a family office offer a more holistic solution, but it can also be more cost-effective than using multiple external consultants.

Accountability

HNWI wants employees who report to it to be directly responsible for their actions. Employee consistency and a "longevity" employer-employee relationship mean that family office employees understand the long-term impact of their roles and actions.

Dedicated staff

SFO employees are fully committed to one customer's family and can therefore easily prioritize their workloads. It is increasingly common for MFIs to hire dedicated staff for only one client.

Flexibility

Since employees report directly to HNWI at SFO or under a special service agreement at MFO, their roles and responsibilities can be designed flexibly and vary according to HNWI needs.

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