A family office is a private construct (usually a company) that serves as a centralized hub for managing the financial and personal affairs of affluent families. It deals with more than just the family financial capital. It also helps preserve and grow family social, human, intellectual, infrastructure and environmental capital. It brings together experts from various disciplines under one roof to provide comprehensive outcomes to meet the unique needs of wealthy individuals and their families.
In this thought leadership piece, we explore the key advantages of a family office and provide valuable insights to help you assess whether establishing a family office could be beneficial for your financial situation.
Increase in Family Offices in Australia:
In recent years, Australia has witnessed a significant rise in the establishment of family offices. This trend reflects the recognition of the benefits that family offices provide, including customized solutions, privacy protection, and comprehensive services. As more families seek to optimize their legacies and streamline their wealth management, the family office model has emerged as a preferred choice in Australia’s affluent landscape.
Here at Rawlings Bolton, we have had an intergenerational involvement in the successful establishment and evolution of both single and multi-family offices. We have seen both spectacular successes and failures across the generations. We leverage this experience and trusted intermediaries to support your family increase success and mitigate risk.
A Principles based approach and checklist:
Use this 5 point checklist to assess your need for a Family Office.
☐ Family Cohesion and Legacy Planning:
- Are you interested in fostering family cohesion and involving multiple generations in decision-making?
- Do you see value in establishing shared values and goals for your family’s wealth and legacy?
- Is succession planning important to ensure the effective transfer of wealth to the next generation?
☐ Personalized Service and Attention:
- Would you benefit from having a single point of contact for all your family’s financial and personal needs?
- Do you prefer a higher level of personalized service and attention?
- Are you looking to simplify your life and focus on your core interests and passions?
☐ Tailored Wealth Management Solutions:
- Does your family have unique financial needs and objectives?
- Would a cohesive investment strategy aligned with your long-term goals be beneficial?
- Do you require personalized risk management and liquidity management?
☐ Privacy and Confidentiality:
- Do you value privacy and confidentiality in managing your financial affairs?
- Are you concerned about the risk of leaks or unauthorized access to sensitive information?
- Would a secure environment for managing your financial matters be beneficial?
☐ Comprehensive Financial Services:
- Do you require a wide range of expertise in areas such as investment management, tax planning, estate planning, legal advice, and risk management?
- Have you just had (or are you about to have) a significant value realisation event from a business asset or gift?
- Would consolidating these services under one roof be more efficient and effective for your wealth management?
By considering the above checklist, you can assess whether a family office would be a suitable solution for optimizing your family’s financial future, providing customised wealth management, enhanced privacy, comprehensive financial services, family cohesion, and personalized attention. If you answered ‘Yes’ to a number of these we welcome your call to further discuss how we can help.
We manage capital responsibly for generations to come. We call this Good Capital.
Contact us today to find out how we can make this a reality for you.
