Do I need a family office?
As global wealth continues to rise, many HNWIs are seeking a customised solution outside of traditional wealth management and considering forming a family office. However, to determine whether a family office is a viable option, it's necessary to understand what a family office is, the types of family offices that exist and the costs involved.
Strategy Updated on October 31, 2022

Global wealth is on the rise with $463,6 trillion global wealth according to a report from Credit Suisse. The number of families and high-earning business individuals who have sold their companies has also grown and many of them are looking for customised solutions outside of their traditional wealth management advisors to preserve their wealth and meet their investment needs. Starting a family office or joining an established multi-family office is an immense solution every (ultra-) high-net-worth individual or family should consider.

However, it is vital to understand what a family is, along with the costs involved, and the different types of family offices to determine whether a family office is a feasible choice.

What is a family office?

While the term family office itself might evoke thoughts of a family business where family members come to work each day, the term family office in the financial industry has a much broader meaning. Family offices can refer to different structures that service a family’s business and their needs. Family offices are private companies that are created to assist individuals and families with their wealth and investments including their ‘soft assets’, such as next-generation engagement, succession, and their greater goals.

What are the types of family offices?

About the Authors

Francois Botha

Francois Botha

Simple founder & strategy advisor

Francois believes that the next generation of family leaders need new, simple tools and trusted experts with a fresh outlook.

Connect with Francois Botha

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