Family Office Services

We have prepared a number of articles dealing with family offices and the services they provide to the high-net-worth individuals they are catered for. In this article, we will further explore the nuances of the types of family offices available, the services they offer to high-net-worth families, and the crucial role they may play in simplifying the lives of the families.

Family offices offer a wide range of services beyond traditional investment management that may include the following: wealth management, asset allocation, investment advisory, financial planning, tax optimization, estate planning, philanthropy coordination, lifestyle management such as bill pay functions, and family governance.

Understanding Family Offices

Families who decide to join or establish family offices gain access to a wide range of professionals who provide services that manage and preserve the family’s wealth across multiple generations.

A variety of specialized services may be provided by family offices that can adapt to fit the needs of their clients. Many ultra-wealthy families have different needs when it comes to their asset allocation, objectives, and goals, as well as their risk appetite for investment. Private banks and other financial institutions may not provide the flexibility and financial services to their clients that family offices do. In addition, family offices provide a cheaper alternative for investing the wealth of these families, preparation of a succession plan, and facilitation of the successful wealth transfer between the generations.

What Are Family Offices?

A Family Office is a private wealth management firm established to cater to ultra-high-net-worth families by providing a comprehensive array of personalized financial services.

1. What is the Primary Role of a Family Office?

The primary purpose of a family office is to centralize and coordinate various aspects of a family’s financial affairs. By having a dedicated team of professionals, including financial advisors, investment managers, tax specialists, lawyers, and other experts, a family office provides personalized solutions and strategies to protect, grow, and transfer wealth for succession planning and family governance.

2. What is the Structure of a Family Office?

As family offices are highly specialized entities, they have varying structures depending on the interests and personalities of the families to whom they provide services.

3. Family Office Formation and Governance

Successfully creating and managing a Family Office can prove to be demanding, as each operates with distinct structures and investment philosophies. Moreover, the diverse financial interests and personalities within wealthy families can lead to complex decision-making processes, potentially slowing down investment decisions or introducing conflicting objectives.

Balancing the need for transparency with the Family Office’s desire for confidentiality can also present challenges in maintaining an open and productive relationship. Additionally, the potential lack of external regulation for Family Offices may pose risks in terms of governance and accountability. Overcoming these hurdles requires patience, adaptability, and a profound understanding of the Family Office’s operations and the family’s specific goals and fostering a strong foundation for a successful long-term partnership.

The Many Disciplines of a Family Office

A Family Office is a multifaceted institution that encompasses a wide array of disciplines to effectively manage and preserve the complex wealth of high-net-worth families. At its core, the Family Office is responsible for providing comprehensive financial services tailored to the unique needs and objectives of each family. This entails investment management, where skilled portfolio managers design and implement customized strategies to optimize returns while managing risk.

Tax planning and optimization play a vital role in preserving wealth, minimizing tax burdens, and ensuring efficient estate planning for future generations. Additionally, estate and trust administration ensures the smooth transfer of assets and adherence to the family’s legacy wishes.

Furthermore, philanthropic efforts are coordinated to fulfill the family’s charitable goals, making a positive impact on society. Beyond financial aspects, the Family Office often delves into concierge services, managing personal affairs, and providing lifestyle solutions to enhance the family’s well-being. Cybersecurity, risk management, and legal compliance are also crucial disciplines to safeguard against potential threats and regulatory challenges. By integrating and excelling in these diverse areas, a Family Office can truly serve as a dynamic and indispensable partner for high-net-worth families on their wealth management journey.

List of Family Office Services

Being extremely specialized entities, the Family Office Services that are offered can vary greatly depending on the family’s needs and objectives. The services that are typically offered include financial services such as wealth management, asset allocation, investment advisory, financial planning, tax and estate planning, philanthropy coordination, lifestyle management, family governance, succession planning, risk management, and wealth transfer.

Asena Advisors focuses on strategic advice that sets us apart from most wealth management businesses. We protect wealth.

What Type of Family Office is Right For You?

There are three types of family offices that are available to families, and the type of family office that is required depends on the needs of the family in question.

1.  Multi-Family Office

A multi-family office is a comprehensive wealth management firm that serves multiple high-net-worth families and aggregates its services to cater to the needs of several affluent families. By pooling resources and expertise, multi-family offices offer access to specialized professionals, allowing each family to benefit from a customized wealth management strategy while sharing the costs with other clients. This arrangement fosters collaboration and knowledge sharing among the families, creating a dynamic environment for effective wealth preservation and growth.

2. Single Family Office

A single-family office is a bespoke wealth management entity that is solely dedicated to overseeing the financial affairs of a single affluent family. These offices provide a direct and intimate relationship between the family and a team of specialized professionals, which can include investment advisors, legal experts, accountants, and more.

This setup allows for a high degree of customization and confidentiality, as the services are crafted to align with the family’s specific goals, values, and financial intricacies. Single-family offices are designed to provide comprehensive support to navigate the complexities of substantial wealth, ensuring that the family’s financial legacy is managed and passed on according to their wishes.

3. Virtual Family Office

A virtual family office is a modern approach to wealth management that harnesses technology to deliver comprehensive financial services to high-net-worth families without the need for a physical presence. Unlike traditional family offices that require dedicated office spaces and staff, virtual family offices leverage digital platforms, communication tools, and remote collaboration to provide tailored solutions to affluent families’ financial needs.

By eliminating the physical constraints of a traditional office, virtual family offices can offer greater flexibility, cost-efficiency, and access to specialized professionals from around the world. This model enables families to receive personalized attention and expertise while benefiting from the convenience of remote interactions. Virtual family offices are particularly appealing to global families with diverse assets and locations, as they facilitate seamless coordination and management of their wealth across borders and time zones.

3 Factors to Consider

When determining if a family office is a viable solution, there are 3 key features the high-net-worth family needs to consider.

No. 1: The Size of Your Wealth

The magnitude of your financial resources plays a pivotal role in determining the necessity of a family office. As wealth increases, so do the intricacies of managing and preserving it. A family office can provide the specialized expertise required to navigate complex investment strategies, tax optimization, and estate planning, ensuring that your wealth is both preserved and grown effectively. Family offices are ideally suited for families who have a net worth that exceeds $50 million.

No. 2: The Complexity of Your Life

As an affluent individual, your life likely involves numerous financial dimensions, from diverse investment portfolios, real estate, and intricate business interests. A family office can streamline these complexities by coordinating various aspects of your financial life, offering integrated solutions that align with your goals. This can encompass everything from managing family assets and liabilities to orchestrating philanthropic endeavors.

No. 3: The Priorities of Your Family

Each family has its own unique aspirations and values. A family office can be tailored to address your family’s specific priorities, whether they involve intergenerational wealth transfer, philanthropy, education funding, or lifestyle management. A well-structured family office aligns its services with your family’s vision, ensuring that your wealth serves as a tool to achieve the objectives most important to you.

Key Takeaways

In summary, navigating the realm of wealth management and preservation requires careful consideration of several essential factors. Whether you’re considering a single-family office, a multi-family office, or a virtual family office, understanding the size of your wealth, the complexity of your financial situation, and the unique priorities of your family are of utmost importance.

These factors collectively shape the path a family should take in managing their assets, investments, taxes, estate planning, and philanthropic endeavors. By aligning these considerations with their long-term objectives, a family can make an informed decision about the type of family office that best suits their needs, enabling them to effectively manage, grow, and pass on their wealth in a way that reflects their values and aspirations.

Why Create a Family Office?

Creating a family office can offer a range of compelling advantages for affluent individuals and families. One of the primary motivations is the need for comprehensive and tailored wealth management solutions that address the unique complexities of substantial assets. A family office provides specialized expertise, which ensures that the family wealth is strategically managed and preserved.

Additionally, a family office allows for personalized attention and customization, aligning financial strategies with your family’s goals and values. This can extend to intergenerational wealth transfer, ensuring a smooth transition of assets to the next generation. By centralizing financial management, a family office brings efficiency to your financial affairs, enabling you to focus on other important aspects of your life while entrusting your wealth to a team of skilled professionals.

Moreover, a family office can foster collaboration and coordination among family members, promoting effective communication and decision-making. Overall, the creation of a family office can serve as a strategic tool to optimize the management, growth, and legacy of your wealth for generations to come.

The Importance of a Family Office

A family office holds significant importance for affluent individuals and families by offering specialized expertise, and it serves as a central hub for personalized financial services, aligning wealth with family values, and promoting intergenerational communication. Through its dedicated professionals, a family office empowers informed decision-making, risk management, and opportunities for wealth growth, ultimately ensuring financial prosperity and family unity across generations.

Who Is Ensuring That Your Team’s Efforts Align With Your Goals?

To ensure that your goals are understood by the family office, you must ensure that your family maintains a close relationship with the family office and maintains a specific point of contact that is always available.

Is Your Family Office Safe From Fraud?

Ensuring the security of your family office against fraud is of critical importance in safeguarding your wealth and financial well-being. Given the complexities and substantial assets typically managed by family offices, they can become attractive targets for fraudulent activities. Implementing robust security measures is crucial, involving a combination of strong internal controls, thorough due diligence in selecting professionals, and advanced cybersecurity protocols.

Regular audits, stringent monitoring of financial transactions, and effective risk assessment can help identify and mitigate potential vulnerabilities. Educating both staff and family members about common fraud schemes and promoting a culture of vigilance further strengthens your defense against fraudulent activities. By adopting a proactive and comprehensive approach, you can enhance the safety of your family office and fortify your financial legacy against potential threats.

How Asena Can Help

Asena is able to provide turn-key wealth management, financial reporting, and compliance support for families that do not have the desire or capacity to operate their own family office. We have supported a number of family offices that have invested and moved in and out of the US over the last decade.

1. Our Expertise

At Asena, our experienced staff understands the need to have a global outlook and an organizational structure that accommodates the needs of a globally mobile family. Our team also consults on family office tax advisory, compliance, financial reporting, and administration.

In addition to the consulting services provided to family offices, we also offer services for families that do not have the liquidity or the desire to manage a family office on their own. We also provide non-financial administrative support for global families who require assistance with the responsibility for all aspects of their family office to an outsourced team that is independent of their investment advisors.

2. Setting Up a Family Office

The dedicated staff at Asena are able to set up a family office for the high-net-worth families who require our services. We recommend a consultation with one of our specialized consultants to set up a family office that will cater to the values, objectives, and goals of the family.


1. How Much Money Do You Need For a Family Office?

The amount of money needed to establish a family office can vary widely, but it typically requires a significant level of wealth, with the minimum net worth being $50 million.

2. Is a Family Office Worth It?

The cost of setting up and managing family offices can be quite expensive, and a family considering a family office as an option needs to ensure that they have the liquidity and wealth to sustain the family across multiple generations.


Schedule a consultation with one of our advisors via the Contact Us section to the right.

Jean-Dré Tombisa

Peter Harper