The family office concept
Although family offices are unique in their kind and as individual as their owners, respectively the families behind them, there are common pillars to all of them:
- All-encompassing coordination: As the strategic partner of the owner, respectively the family, the family office maintains the central overview over the entire wealth structure including non-bankable assets, i.e., strategic stakes, real estate, art, yachts and planes.
- Successful asset management: The definition of a strategic asset allocation and stringent monitoring processes provide the basis for long-term success.
- Profound risk management: The family office performs the role as a risk manager in regard to not only financial, but operational risks as well.
- Bespoken succession structures: The family office may act as the central coordinator for family institutions and structures, i.e., foundations, trusts, education of the next generation.
- Highest level of flexibility: Ideally, the family office develops alongside family and business structures over the different generations.