The importance of a family office
Looking to the future, many families consider a family office as a method for meeting their financial needs, providing greater control over their wealth, and handling their affairs. Since every family has its own unique set of requirements and goals, you need a unique and flexible partner like WFS that provides a broad range of services: from basic administrative support to, importantly, investment management and coordination of the family’s financial and lifestyle needs.
Once a family office is established, it is likely to continue serving multiple generations—across which there may be a range of different needs which require various wealth management strategies. WFS builds and successfully integrates these strategies to ensure they support the goals of the family as a whole.
Why create a family office?
Family offices have evolved to address a range of challenges and needs:
- Protecting family wealth
- Managing investment risk
- Philanthropic undertakings
- Improving family cohesion and generational transition
- Clarifying governance over how the family stewards its wealth
- Managing the personal affairs of family members
How WFS can help set up your family office
Setting up a family office starts with understanding and defining your vision for the office, the function it serves for the family, and its wealth. Once we understand the purpose and needs of the office, we’ll help you build on this foundation to design each of the individual components so they seamlessly work together in supporting your family’s legacy. This includes operations, technology, staffing needs, advisors, and governance.
