Your wealth affords you many options, including establishing your own family office structure. As you take these options into consideration, recognize some challenges facing family office owners, including:
Family office owners also must acquire complex financial accounting systems or services for tax, fiduciary, family partnership, and charitable foundation accounting and reporting. Certainly you could engage any number of wealth management firms for these services, but they can be costly, inflexible, and provide limited asset management options.
While FOLEY Private Office is not a substitution for a freestanding family office, it is important to evaluate the expenses, risks, and challenges associated with operating such an organization in order to determine whether that is the best solution for your situation. Ask your Foley attorney about the benefits of leveraging our considerable knowledge and applied experience.