What are operating costs in a family office?
Operating costs in a family office refer to the expenses incurred in managing its daily functions. These costs include salaries, office rent, technology, legal and accounting services, and other administrative expenses necessary for the smooth operation of the family office.
Components of operating costs
Operating costs can be broken down into several components, such as personnel expenses, office infrastructure, professional services, technology and software, and compliance costs. Each component plays a crucial role in ensuring the efficient management and support of the family’s financial and personal affairs.
