The family office industry has grown tremendously over the last couple of decades. The immense rise in assets under the management of individual family offices has highlighted the importance of providing a continuous and thorough insight into the financial picture of their clients and their entire portfolio. This has made consolidated reporting one of the basic necessities for developing an effective wealth management plan.
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The Importance of Financial Reporting for Family Offices
Before we get into consolidated reporting, we must first understand the modern-day necessity of family office financial reporting as a whole.
Family offices have an extremely complex operational structure that is personalised to handle the extremely sensitive needs of their ultra-high-net-worth clients and their stakeholders. These services, in a broad sense, can be divided into investment management, wealth transfer, tax services, family meetings, and administrative services.
