Some high net-worth individuals may want to open a family office. Family Office offers a greater range of services tailored to the needs of HNWIs. From asset management to nonprofit consulting, family offices offer complete financial solutions for high-net-worth people. You can also look for the best family offices in UAE via https://www.ubs.com/global/en/global-family-office/home.html.
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In addition, family offices can handle non-financial matters such as private education, travel arrangements, and various other household arrangements.
A family office is usually defined as a single-family office or a multi-family office – sometimes also called an MFI. Single-family offices cater to only one wealthy family, while multi-family offices are more intimately associated with traditional private wealth management practices and seek to build their business by serving multiple clients. Multi-family offices are more common because of economies of scale that allow costs to be shared among customers.
The many disciplines of the "family office"
Providing advice and services to extremely wealthy families as part of a comprehensive wealth management plan is far beyond the capabilities of a professional advisor. This needs a well-coordinated, collaborative work by a team of legal, insurance, investment, real estate, business, and tax professionals to provide the required level of planning, advice, and resources.
Most family offices combine wealth management, cash management, risk management, financial planning, lifestyle management, and other services to provide every family with the basic elements to deal with the most important issues they face in the complex world of wealth-oriented management.