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What does it really cost to manage multi-generational wealth effectively? Are my wealth management costs in line with other family offices like mine? In the years following the financial crisis, wealth owners continue to ask these questions and are paying attention to the costs associated with managing their wealth. They want assurance that the value they receive merits the cost.

Compensation and benefits costs are consistently the biggest line item in the family office budget, and turnover is costly in human and financial terms. Devoting the time and resources necessary to develop a competitive compensation and benefits structure and encourage the success of each employee is a worthwhile investment in the future of the family and the office.

The ultra-wealth advisory firms poised for greatest success recognize that this business is a developing business—distinct from investment, private banking, financial planning and trust—that requires its own set of operational practices. The lessons of these firms provide a road map for those seeking to build enduring wealth advisory enterprises.  

What is a Family Office? The family office is a unique family business that is created to provide tailored wealth management solutions (from investments to philanthropy) in an integrated fashion while promoting and preserving the identity and values of the family.

When wealth owners are asked what challenges them most, their first answer is frequently, “helping my children become productive adults.” Parents want their wealth to be a source of satisfaction and opportunity for their children and want to ensure that their children are prepared for the responsibilities that come with wealth. Getting this right is not easy, but those who have committed to educating the next generation will tell you that the return is well worth the investment.

Each family office’s menu of services is reflective of the goals and priorities of the family it serves. Some offices focus heavily on the investment process and rely on the expertise of a chief investment officer and investment staff to oversee the deployment of the family’s financial assets; others focus on recordkeeping, reporting, and compliance and outsource the investment process.

Starting with the macro trends, this Investment Management Resource Toolkit provides insights and best practices to help you make informed decisions to achieve your investment goals—from starting a family office direct investment function to building winning portfolios and discovering how venture capital positively disrupts intergenerational investing. Learn from the families, advisors, and thought leaders of the FOX community as you move forward on your investment journey.