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Chicago, IL (Headquarters)100 S. Wacker Drive, Suite 800Chicago, IL 60606info@familyoffice.comPhone: 312.327.1200Fax: 312.327.1212 San Francisco, CA100 Pine Street, Ste 2700San Francisco, CA 94111info@familyoffice.comPhone: 312.327.1265Contact: Kristi Kuechler,President, FOX Private Investor Center New York, NY370 Lexington Ave, Suite 170...
Contact: Marvin J. Pollack press@familyoffice.com 312-327-1285
We have identified seven common office types and have found that many Family Office Exchange members describe themselves as a combination of two or more of the ones defined here.Founder's OfficeThe founders office supports the activities of entrepreneurs who are running or have sold the operating company(s). It is organized around the goals o...
Each family office has a unique focus defined by the family’s goals, the goals for the office, how the staff spends its time, and whether the services are delivered by in-house staff or by external advisors. We have identified common office types and have found that many Family Office Exchange members describe themselves as a combination of two (or...
What is a family office?A family office is the organization a family creates, often after the sale of a family business or another realization of significant liquidity, to support the financial needs of a specific family. While no formal data exists, we estimate there are between 2,500 and 6,000 family offices in the United States, and that another...
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Families and individual private investors may decide not to set up their own family office because they do not want to be responsible for managing a financial services business. Or, they may prefer the continuity offered by an established institution where they can evaluate the quality of financial services before they choose to become a client.&nb...
Q. What are the greatest challenges faced by family offices?A. Here are the greatest challenges faced by family offices:Succession of leadershipFamily agreement on purposeAccess to strategic advice“Penny-wise and pound-foolish”Managing members for partnershipsConsolidated reportingQ. What criteria should I use to evaluate an advisor?A. Here are the...
The first step in opening a single family office is to think of it as a business. As such, you’ll need to develop a business plan. Here are some of the questions you’ll need to answer while formulating your plan:Why do we want to work together as a family to manage our wealth?How will we make decisions together as a family?What are our goals (and m...
Family groups decide to start offices for many different reasons. A family typically starts a family office to invest the assets generated by the sale of the family business. FOX research indicates that it can make financial sense for a family with US$100 million or more in assets to consider a dedicated family office if the family has a desire for...
Some family offices offer strictly strategic and investment services while others offer everything from strategic philanthropy to convenience services. Below is a list of commonly provided family office services. For more details, see 50 Best Practices for an Enduring Family Enterprise and Family Office Primer: Purposeful Management of Famil...