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For wealthy families looking to preserve and manage their significant wealth, establishing a family office could be the key.

This dedicated entity provides tailored wealth management solutions and strategies, crucial for the family's wealth preservation and growth.

This guide will help you navigate the process of setting up your own family office.

Understanding the concept of a family office

A family office is an exclusive entity designed to manage the financial affairs of affluent families. It offers a broader service suite, including investment management, estate planning, tax optimisation and more.


The ultimate goal is to protect and enhance the wealth of family members while maintaining the family legacy.


Conducting a comprehensive needs assessment

The first step of how to set up a family office is conducting an in-depth needs assessment. Understand the family's goals, risk tolerance and long-term aspirations.

Then, tailor the family office's role and services to meet these specific needs.

Formulating a family office structure

Family office structure is crucial. Define the decision-making processes, roles, and responsibilities within your family office.


Establish clear guidelines to ensure effective communication and smooth operations.

Hiring experienced professionals

Assemble a team of experienced family office employees. They should have expertise in finance, law, tax and investments.

These professionals will play an integral role in managing your family's assets and family business holdings effectively.

Selecting the right service providers

Carefully choose your external service providers, like legal and accounting firms, that align with your family's wealth values and objectives. Building a reliable network of service providers is critical for a successful family office.

Image by Benjamin Child

Implementing robust technology solutions

Invest in advanced technology that streamlines operations and enhances efficiency in your family office. Opt for software and systems that facilitate reporting, data analysis and document management.


Establishing investment strategies

Develop comprehensive investment strategies that align with your family's goals and risk tolerance. Diversify investments across various asset classes for optimal returns and effective risk management.


Ensuring compliance and risk management

Adherence to regulatory compliance and stringent risk management protocols is crucial for maintaining the reputation and wealth of many wealthy families.


How much does it cost to start family offices?

The cost of setting up a family office can vary significantly depending on the complexity of the family's financial affairs and the level of service required.


What do I need to set up a family office?

To set up a family office, you need a clear understanding of the family's financial goals, a well-defined governance structure, a team of experienced professionals and robust technology solutions.


What is the best structure for a family office?

The best structure for a family office depends on the family's needs and goals. It could be a single family office, a multi-family office or a hybrid model.

Choosing between a single family office and a multi family office


When it comes to selecting the type of family office, the choice between a single family office and a multi-family office largely depends on your family's specific needs and circumstances.

A single family office is entirely dedicated to one family, offering highly personalised services and confidentiality but may require more significant capital and resources to operate.

On the other hand, multi family offices serve multiple families, allowing for shared operational costs and access to a broader range of expertise, but potentially sacrificing some level of personalisation and control.


If privacy and bespoke service are paramount, a single family office might be the right choice.

However, if cost efficiency and diverse financial expertise are more important, a multi family office could be a better fit.

It's essential to weigh these factors carefully when deciding which type of family office aligns best with your family's goals and values.

What is the minimum value for a family office?

The minimum value for a family office varies widely. However, it's generally recommended for families with assets of £50million or more.

Setting up a family office to protect and nurture family wealth involves strategic planning, careful hiring, and meticulous execution of processes. By establishing a well-structured family office, you can achieve efficient wealth management and secure a prosperous financial future for future generations.

Our team is always available to provide further guidance on setting up a family office. Please reach out to us for any additional information or assistance you may need.

What is a family office?

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