Hiring successfully for a Family Office is not an easy task, not when there are unique issues and challenges.
We are in a period of extraordinary wealth creation and accumulation that is driving the need for more family offices and expanding the breadth and depth of what is expected from them. This article contextualizes the impact those changes are having and why offices need to be built for the long run.
The dramatic growth of the family office industry in the 1980s was sparked by new liquidity running through hundreds of business-owning families. In an effort to preserve and expand their wealth, they needed a professional financial office so they could focus on broadening their business endeavors or living unencumbered lives.
Dr. Alexander Koeberle-Schmid, family business expert at PwC, has helped more than 100 entrepreneurial families from around the world navigate the complexities of communal investing. In this episode of The Family Business Voice podcast, Koeberle-Schmid speaks to Ramia M. El Agamy about the three fundamental requirements of a family office and the five questions family members should ask themselves when considering a family office structure.
A common question that a family often asks prior to building a family office is “What is a family office anyway and does my family actually need one?” The answer depends on the family’s goals, as well as understanding the four different types of family offices that are commonly used: (1) single family office, (2) family business office, (3) family virtual office, and (4) multi-family office.