Ultra-high net worth individuals (UHNWIs) often find themselves overwhelmed when it comes to setting up their own family office. Setting up a structure to handle investable assets of about $100 million or higher, with operational costs from anywhere between $1 – 2 million, is no small feat. However, digital family offices can provide a good alternative and an easy entry point.
What is a digital family office?
Digital family offices, as the name suggests, are like online versions of traditional family offices. They offer financial and administrative support to UHNWIs and their families. The main difference, however, is that digital family offices use technology to connect to clients and offer their services.
There are several benefits to using a digital family office. Since they are digital, they’re fully remote and have lower overhead costs, resulting in lower operational expenses. Below are some of the key services they offer UHNWIs:
