What Does A Family Office Do

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Spending time trying to define the differences between a “Private Office”, a “Private Investment Office”, a Single or Multi “Family Office”, is largely an exercise in futility. They are all labels that started with clarity but overtime have diffused into a host of different products, services and relationships serving the needs of HNW and UHNW individuals. There is no faculty. Today, there are hedge funds (SAC), private equity firms (Blue Pool Capital), investment firms (George Soros), lifestyle and concierge service firms, lawyers (DLA Piper), accountants (KPMG), search firms and a host of others morphing into one or more of these labels.

If you are establishing such an organisation today, seeking to utilise their services or do business with them, it is far more valuable to powerfully state, “we are an expert in …..” or ask “what exactly are you an expert in?” A great response, “We are the market-leading expert in accelerating the preservation of UHNW clients’ inter-generational wealth and the generation of income to support their lifestyle needs.” A lousy response, “we are an expert in financial and non-financial needs of UHNW clients including….(a laundry list of services)”

The listener wants to quickly know why THEY should give you the time of day. If you cannot peek their interest quickly, perhaps you are a commodity they can do without or you don’t value your own services highly? Which is it?

© James Berkeley 2016. All Rights Reserved.

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