{"id":1280,"date":"2021-09-05T09:44:44","date_gmt":"2021-09-05T09:44:44","guid":{"rendered":"https:\/\/aspentrust.com\/?p=1280"},"modified":"2023-01-04T15:49:51","modified_gmt":"2023-01-04T15:49:51","slug":"preserving-a-legacy-with-our-family-office-services","status":"publish","type":"post","link":"https:\/\/aspentrust.com\/preserving-a-legacy-with-our-family-office-services\/","title":{"rendered":"Preserving a Legacy with our Family Office Services"},"content":{"rendered":"\n

Establishing a family office can provide a wide range of beneficial services crafted to the needs of high-net-worth individuals and their families. Family office services<\/strong> tend to be a one-stop shop for a complete package of wealth management assistance. A member firm can offer philanthropy work, wealth transfer, tax solutions, investment management, and even insurance.<\/p>\n\n\n\n

These can be both single-family offices as well as multi-family offices that allow for cost-sharing and pooling of resources among several clients. Unlike traditional private wealth management options, family offices can deal with non-financial aspects, including education, travel arrangements, and household affairs.<\/p>\n\n\n\n

The Aspen Trust Group<\/u><\/a> breaks down the varying components of family office planning as well as critical factors when selecting the right jurisdiction for quality, tailor-made family office services.<\/p>\n\n\n\n

The Start to a Tradition<\/h2>\n\n\n\n

The Rockefeller family<\/u><\/a> shaped many aspects of modern wealth planning. In the 19th<\/sup> century, they were also the first family to champion the first family office for the management and preservation of wealth.<\/p>\n\n\n\n

Room 5600 of the Rockefeller Center in New York was the birthplace of family offices. Here, the advisors managed the expanding family\u2019s tax and legal concerns. The suite was the headquarters for philanthropy endeavors by the family and the epicenter of insurance policy negotiations. All this to say that the operation was a quiet, one-room financial planning hub for John D. Rockefeller, the oil baron that would shape so much of the finance world, and his family since 1882.<\/p>\n\n\n\n

From the birth of the concept by the Rockefellers, family office services gradually became increasingly popular. Successive generations, mindful of the demands and complexities of family businesses and community projects, looked to the administrators overseeing the Rockefeller financial empire, which led the expanding operation to move to a nearby building. Thus, the Rockefeller Financial Services was born and a new way of envisioning wealth preservation and wealth management. In the 1980s, wealthy families again began to seek out the benefits of family offices to help meet the goals of the family and a resurgence of interests in services surfaced.<\/p>\n\n\n\n

With the new millennium, the rise in family offices has increased exponentially<\/u><\/a> as the era of technology has brought in diverse, modern avenues for wealth creation<\/u><\/a>.<\/p>\n\n\n\n

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Different Aspects of Family Office Services<\/h2>\n\n\n\n

The scope of family office services is beyond the capability of one single financial advisor; thus, a member firm can combine the professional expertise of a team to coordinate the entire range of family wealth needs. From investment, business, legal, real estate, insurance, tax, charity, philanthropy and education the team\u2019s collaboration ensures that every aspect of a family’s life is covered not only in the current generation but also for successive generations<\/u><\/a>.<\/p>\n\n\n\n

Cash management, asset management, risk assessments and management, financial planning, tax optimization and lifestyle management are all significant factors that shape family office services and their clients. Strategic coordination is a necessary component to guarantee that the complexity of family governance and the transfer of wealth is met with a streamlined and effective process to minimize familial conflicts or disruptions to legacy desires.<\/p>\n\n\n\n

Family Ownership is Like a Business<\/h2>\n\n\n\n

Preserving family legacy is much more than just preserving family wealth. Families are complex socio-economic ecosystems that center around unique values and traditions as well as goals for the future. Family office services provide families greater control over the continuation of important family dynamics throughout generations and establish the core values and communication pathways that play a pivotal role in the success of a family\u2019s legacy.

In many ways, the management of a family is similar to the management of a business but with many more layers of social and emotional factors. Determining the schooling of children, responsible investment opportunities, and coordination of significant travels are just a few of the many responsibilities of family office services.<\/p>\n\n\n\n

Four key business areas become the foundation of family office planning:<\/p>\n\n\n\n

Establishing Values and Assets<\/strong> \u2013 Just like any business, a family must define and set some of its core values as a whole. From this, the decisions of the family will have better guiding principles and assessments for decision-making situations whether it be for investment opportunities or lifestyle choices. The commitment to a unified set of family values and significant assets helps families stay focused and on target while navigating the challenges and rewards of daily life.<\/p>\n\n\n\n

Enhancing Processing Abilities<\/strong> \u2013 Any good business needs to be able to adjust and weather difficult and unexpected situations. Family office services offer the same flexibility and quick response preparation for families to respond to changing environments with tools and systems in place to ensure the family makes the best move. Moreover, family offices can also improve the efficiency of taking advantage of great opportunities that might otherwise be missed.<\/p>\n\n\n\n

Building Better Protections<\/strong> \u2013 There are always going to be unforeseen risks surrounding the business of family investments and operations. Family offices help assess these risks and make preparations to lessen the possibility of threats \u2013 be it reputation, residency, personal safety, or data and cybersecurity.<\/p>\n\n\n\n

Staying Ahead <\/strong>\u2013 Some trends come and go while others become key evolutions in investment strategies, locales, governance, and more. Preserving family legacy also entails deciding what to hold onto and what to capitalize on. A family office generates understanding and access to the latest advice and options across several areas to keep a family moving forward.<\/p>\n\n\n\n

Factors to Consider<\/h2>\n\n\n\n

There is no one-size-fits-all package for family office services. A family office could be a single-generation with a common goal of the family or it could be a multigenerational family with conflicting, but intersecting objectives. Single family offices often serve the needs of one large, ultra-affluent family, while multi-family offices coordinate the services between a few families in order to provide greater resources, more diverse range of services, and cost-saving advantages.<\/p>\n\n\n\n

The core foundation of any family office should meet the needs and challenges of:<\/p>\n\n\n\n