There’s a saying in the wealth management industry that “if you’ve seen one family office, you've seen one family office,” because the structure and function of these enterprises can vary extensively.
There is no set pattern for how a family office provides many of the services rich families need, from tax planning and investment strategies to fiduciary services and risk management. You can also know more about private-family office in Hong Kong through various websites.
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However, single-family offices typically fall into the following categories, often with some overlap:
1. Coordination Office: This family office has a light workforce of one to three employees, such as administrative assistants or former employees of the finance or legal department of the family company. This type of family office usually handles the administrative affairs of subordinates, provides concierge services for families, and coordinates external consultants.
2. Within the family business: Sometimes employees who work for family businesses spend part of their time providing family office services. They often work in the finance department and typically focus on administrative matters, fiduciary services, tax and real estate planning, and leading external consultants. In this structure, the external provider usually takes over investment management.
3. Investment Management Office: Employees in this type of family office are mostly investment professionals with experience and expertise in various investment fields. Sometimes the Investment Management Office will focus on one asset class, such as investing in private companies and outsource others.