The more wealth you accumulate, be it stocks, real estate, corporations, art, or a combination of the above, the more complex and responsible you will become when dealing with nuanced regulations.
Many wealthy people turn to family offices to create one comprehensive source of information about their finances, especially when working with multiple professionals. You can also look for the best family offices in the US via https://www.ubs.com/global/en/global-family-office/home.html.
A family office isn't a must for everyone – but there's good reason to consider whether it's right for you.
1. Balance between external and internal consultants
You have lawyers, financial advisors, and auditors – you're all set, right? Maybe. For wealthy families, situations may arise that require special services. For example, complex industry-specific taxation may be outside the CPA's wheelhouse.
In this case, your family office's internal accountant can call on an external specialist and handle it for you, while assuring that you get the specialized advice you need. That way, you can use resources as needed instead of trying to build a permanent team to take care of everything.
2. It's the little things
Your wealth should be something you can enjoy and use to improve your life and the lives of others – not an endless source of permits, claims, and paperwork.
Whether it's a seamless experience or additional perks such as concierge services, travel arrangements, and reservations, family offices can help you reduce the discontent and hassle of your financial lives so that you can get back to enjoying the things that you want to do in your day-to-day life.