{"id":80691,"date":"2020-11-30t12:00:18","date_gmt":"2020-11-30t17:00:18","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=80691"},"modified":"2020-12-02t13:26:30","modified_gmt":"2020-12-02t18:26:30","slug":"the-family-office-model","status":"publish","type":"post","link":"\/\/www.g005e.com\/2020\/11\/30\/the-family-office-model\/","title":{"rendered":"the family office model"},"content":{"rendered":"

\"family<\/a>also: three drivers of exceptionalism.
\n<\/strong><\/p>\n

by anthony glomski and russ alan prince<\/i>
\nyour $5-million high-net-worth practice<\/i><\/a><\/p>\n

when it comes to their financial and personal lives, the wealthy are increasingly attracted to the family office model. at the very high end, there is a strong preference to create a single-family office. for the wealthy for whom the costs of a single-family office are unreasonable or do not want the management or oversight responsibilities, there are multi-family offices and virtual family offices.<\/p>\n

more: <\/b>guiding clients through covid<\/a> | help your referral sources become thought leaders<\/a> | what the wealthy want<\/a> | the essential process for building a high-net-worth practice<\/a> | 4 components of a high-net-worth practice<\/a>
\n\"goprocpa.com\"exclusively for pro members. <\/span><\/strong>log in here<\/a> or 2022世界杯足球排名 today<\/a>.<\/span><\/p><\/blockquote>\n

with the family office model, you are providing a broad array of expertise holistically. consequently, you can deliver substantial value to the wealthy. many accounting firms provide family office services. while family office is in the name of these practices, a large percentage of them are offering a limited menu of single-family office capabilities. the services tend to comprise business management expertise and other accounting and tax-related capabilities.
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\nkeep in mind that you can adopt different business models to build a $5 million high-net-worth practice. the family office model \u2013 and there are many variations of how the model can be implemented \u2013 is only one possibility. nevertheless, because of its high potential, we will describe it in this post.<\/p>\n

let us now look at the three basic types of family offices.<\/p>\n

single-family offices<\/h3>\n

the super-rich (net worth = $500 million or more) have historically embraced the single-family office approach going back to the sixth century when the king\u2019s steward played a dominant role in managing the royal wealth. today\u2019s single-family office is traced back to the 19th century with the likes of morgan, rockefeller and carnegie.<\/p>\n

with the vast increase in private wealth even through the covid-19 crisis, the single-family office\u2019s appeal is probably stronger than ever before. a single-family office is an organizational structure that manages the financial and personal affairs of one wealthy family. because a single-family office is driven purely by the needs and preferences of the one family, there is no standard for how one should be structured.<\/p>\n

some single-family offices, for instance, are lean enterprises that focus exclusively on investing with a skeleton crew. in contrast, others are robust organizations with in-house staff, numerous vendor relationships and a broad platform of services. this disparity means it\u2019s challenging to establish hard and fast criteria for how a single-family office should be defined, other than its dedication to a sole family.<\/p>\n

at the same time, single-family offices are expanding beyond wealthy families. we are working with a growing number of unrelated but strongly connected individuals to help them establish their version of a single-family office. for example, we have assisted some religious orders and communal organizations in creating structures that closely mirror what a single-family office provides.<\/p>\n

all said, single-family offices are still the template for other types of family offices that cater to those less affluent. by examining the offerings of a large percentage of single-family offices, you can gain perspective on what your high-net-worth family office practice can offer.<\/p>\n

expertise provided by single-family offices<\/strong><\/p>\n

single-family offices, broadly speaking, tend to provide two principal categories of expertise: those that relate to managing wealth<\/strong> and those that relate to family support<\/strong>. under the umbrella of wealth management, we often find investment management and wealth planning. included in family support services are often administrative and lifestyle services, as well as special projects. here is an overview of the types of expertise typically provided by single-family offices:<\/p>\n

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administrative services:<\/strong> all accounting firm family office practices provide administrative services for which they are particularly adept. examples of administrative services include:<\/p>\n