According to Forbes single-family offices are booming. Many of the super-rich from the likes of tech entrepreneurs and hedge fund managers to ultra-wealthy inheritors and successful business owners are all establishing single-family offices.
There are many reasons for them to do so and the top three are: control, intense customization, and tight oversight of providers.
Topping the list is a very strong desire for control. According to Steffianna Claiden, founder and editor-in-chief of Family Office Review, “A single family office is an ultra-high-net-worth family’s best chance at hitting the 8% Club – being among that blessed group that holds its wealth through generation three and beyond. If done properly, the control an SFO offers is unmatched. But when there is a failure to get the structure and personnel selection right – a botched SFO isn’t a pretty sight.”
The exceptionally wealthy are able to design and set the management parameters – the policies and practices – in place for their single-family office. This results in a boutique organization that delivers highly personalized expertise. What’s so very telling is that this motivation powerfully impacts all the other motivations to create a single-family office.
(…) A single-family office proves to be an excellent means to maintain the level of supervision that is presently demanded by the majority of the super-rich.
If you want to read more go to Forbes.
If you want to learn more how to set up and manage a successful family office attend Eureka Financial course on Managing Family Office & Wealth.
Eureka Financial offers over 100 public and in-house training courses in banking and finance, corporate finance and M&A, risk management, operations, investments, wealth management, soft skills and management. For more details visit: www.eurekafinancial.com