[su_quote cite=”Robert Louis Stevenson”]That man is a success who has lived well, laughed often, and loved much.[/su_quote]

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What is a family office?

A family office exists for the centralized planning and intentional organization in the realm of family, health, and wealth.

We all know that whether it is a business, an affluent family, or a high performing athlete, it is unlikely to be able to have maximum impact and lifestyle satisfaction in a state of disorder.  Therefore, the intentional organization of the myriad of facets involved can create a sense of harmony within the home life.

Furthermore, proper organization can allow managers to prioritize and execute on the different facets that touch an individual’s life.  This allows the individual or family to enhance their level of influence by focusing on their relationships and the strategic initiatives most critical to their ongoing success.

 
 

 

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History and evolution of the family office

The idea of the family office originated long ago, when kings assigned stewards to manage the royal wealth. Today, family offices can operate in a similar fashion.

A family office can be comprised of a single family or as a collection of families that set up formal structures to organize and steer the entire family unit towards wellness in the areas of family, health, and wealth.

Typically, the family office discussion begins when a family sells a privately-owned business, or begins to see the financial windfalls associated with professional sports or entertainment.  The concept of the family office has become increasingly more common in the last ten years, although terminology has been widely misused and exclusively relegated to the financial matters of the family.  Because the costs associated with operating a fully diversified family office might average around $1mm USD per year, the traditional single family office usually forms when a family has assets around $75-100mm USD.

As single family offices grow and perfect their operations, generally they start merging with other families to create a multi-family office.  As momentum builds and wealth increases, the ideas and investment opportunities for other families can increase as well.  At the moment that the multi-family office opens up investment management for a non-family member, they are then required to comply with the SEC.  Due to compliance issues and operational complexities, the multi-family office generally evolves into a fully commercialized Registered Investment Advisor.  However, the focus typically has an over-emphasis on the financial aspects of the family or individual.

 

A next-generation multi-family office…

Today the most mature family offices offer a wide range of services tailored to fit the individual needs of each person to see them flourish in their family, health, and wealth.  The main benefit of the family office is centralized planning and management congruent with the family’s goals and values.  Living Well is a next-generation multi-family office that is committed to seeing our clients flourish for generations to come.

 

 

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