July 2, 2012
Family Estate Planning Offices
Family Offices are offices that designed to fit the professional needs of wealthy families, and are divided into two different types of offices, Single-Family Offices (SFOs) and Multi-Family Offices (MFOs). A SFO handles the affairs of one family, while a MFO handles the affairs of multiple families. A person might want to consider hiring the services of a family office if would like to coordinate the different professionals that would most likely be working on the family's finances.
A family might want to consider only hiring an SFO if that family has more than $250 million in assets. However, if the family has between $25-250 million, then that family might want to consider using a MFO. The primary reason for this is cost. It is going to cost much more to hire a SFO, but those who can afford to solicit their services might want to consider it because SFOs can be invaluable allies. Generally, there are several advantages to hiring a family office. These types of offices can provide:
- Better, coordinated services at what could be more competitive prices
- Convenient service
- Comfortable and personal service
See Jack Waymire, Do You Need the Services of a Family Office?, Worth.com, June 27, 2012.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
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