Family Offices Are on the Rise

High net worth advisors are increasingly important.

Since the Rockefeller family office founded in 1882, family offices have grown in popularity for high net-worth individuals and global institutions. What exactly is a family office?
Simply defined, a family office is used to look after the wealth of high net-worth individuals and families. Since they were created, family offices have meant something different for every person. There are single-family and multi-family offices.
There are a couple of variations of family offices. A family office can be for a smaller family that is focused on their most significant asset, a family business. A family office can assist this business in business administration and personal matters such as hiring domestic labor and making travel arrangements. For larger families, a family office can be utilized as wealth managers, investment advisers, lawyers, and property managers.

Why are family offices on the rise?

Both single and multi-family offices are continuing to expand as more high net worth individuals are looking to increase the capabilities of their wealth. They are also looking for more than just wealth management, legal help, and creating family governance.
Many investors and wealthy individuals want hands-on guidance of their wealth and establishing a mission and values, having these guidelines to adhere to allow families to stay on track with their wealth management plan. Further, having wealth becomes more complex every day. New regulations are created, many individuals want to take wealth offshore, and family offices are preparing to advise their clients on a broader range of issues.
Families are realizing the complexities of having many expensive assets. As complexities increase, the higher the need for a family office. Whether it is to have a more organized personal life or hands-on investment advice, family offices have a service for every wealthy family.

What are family office services?

To get a better idea of what we are talking about, let us take a look at the services that are offered by a family office. You will find that services often reach beyond asset management and play a significant role in the lives of the ultra-wealthy.

Wealth Management

With the help of financial planning and wealth management individuals are able to predict where they will be in the years to come by evaluating where they are currently, what sources of income they plan to have in the future, investments they plan to make, and their retirement plans.
To achieve financial success, having a well-managed portfolio is vital. A family office will optimize a portfolio, selecting the proportions of assets to be held in a portfolio so that the portfolio performs well. Paired with a high performing portfolio, a risk management plan will set you up for success. Wealthy investors need to protect their private assets. Risk management can be applied to personal finances, managing business, and family investing.

When the right assets are selected, they are used to either maintain or grow wealth. Do not let creditors get their hands on them. An asset protection plan is vital.
Another wealth planning services offered by a family office is retirement planning. Retirement should be the most stress-free time of your life, but the amount of planning that goes into it is significant.

Tax Planning Services

Family offices ensure that high net-worth clients have the proper tax planning they need to succeed. When it comes to tax planning, there are many different plans one can pursue to enhance their tax experience. Additionally, with the numerous factors that go into thorough preparation, it’s nearly impossible to do it on your own.

Depending on the goals of an individual, their level of income, and the lax laws of their current home country, there are various ways to optimize taxes. Since there are so many factors, a financial advisor is always recommended for an individual with high income and numerous investments.

High net-worth individuals can rest assured that they are saving the most they can on their taxes. Experts work with clients and their portfolio to figure out what will work best for you. Taking wealth offshore is a significant part of many tax optimization plans. Leaving home can mean leaving behind the tax burdens many are tied down to.

Expatriating and Relocation

Along the lines of taking wealth abroad for tax purposes, many individuals choose to take their personal lives abroad as well. This can open up financial and personal freedoms, a higher quality of life, and an overall better life experience.
Family office teams of lawyers and financial planners can help individuals choose the perfect jurisdiction for them. Then, they play a hands-on role in assisting clients to achieve their offshore living goals, from acquiring visas to purchasing a home as a foreigner.

Private Services

Along with financial and investment services, family offices typically offer secretarial services including services that will make the life of our clients easier like cash management, personal advisory, and party planning.
Ensuring your future family has the education they need to succeed is one of the many privileges of being financially savvy. Family offices often create a next-generation education plan that adheres to families values. Incorporating savings for next-generation education in your overall financial planning will ensure you can meet these goals.
Private services can also include managing personal collections such as fine art and classic cars as well as yacht and jet management. These can be great tools to grow wealth and make for a more exciting personal life.

Family Office of Goldbach Capital

Are you looking for all of the amazing benefits of a family office? Goldbach Capital has the knowledge and resources to become the trusted partner of wealthy families. We offer a comprehensive range of services, by combining proprietary expertise with an external pool of first-class advisors.
Each client can decide which modules he/she wants to engage Goldbach Capital on. Thanks to its efficient and cost-effective solutions, Goldbach Capital is a credible alternative to existing or projected in-house organizations.
Goldbach Capital utilizes close interaction with our clients as the heart of our process to fully integrate each family’s vision and core values. We pride ourselves on being a fully independent entity, able to activate all external resources and competencies needed in order to deliver services with asset protection, growth, and monitoring, life simplification, and cost-cutting at the forefront of our strategies.

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