12 Advisors for Elevating Family Office's Success and Prosperity

The success of a family office relies heavily on the external professionals and advisors that it works with. These professionals provide the necessary support and expertise to the family office CEO and help them manage the family's assets effectively. The prioritisation of these external professionals and advisors depends on the specific needs and objectives of the family office. Each family office will have unique requirements, and it is important to work with the right professionals to meet these needs.

Investment Advisors: are essential external professionals for many family offices. These professionals provide investment advice and help the family office CEO manage the family's investment portfolio. Investment advisors may include financial analysts, portfolio managers, and other financial professionals. They help the family office CEO develop investment strategies that align with the family's goals and risk tolerance.

Tax Advisors: are another critical external professional for family offices. These professionals provide tax planning and compliance services to the family office. They help the CEO manage the family's tax liabilities and ensure that they comply with applicable tax laws and regulations. Tax advisors help the family office maximise tax efficiency and minimise tax liability, which is essential for preserving and growing the family's wealth.

Legal Advisors: provide legal advice and support to the family office on a wide range of issues. They play a critical role in estate planning, contract negotiations, and regulatory compliance. Legal advisors help the family office CEO navigate complex legal issues and ensure that the family's interests are protected.

Wealth Planners: work with the CEO to develop and implement strategies for preserving and growing the family's wealth across multiple generations. They may also provide advice on philanthropic giving and family governance. Wealth planners help the family office CEO manage intergenerational wealth transfers, estate planning, and other wealth management issues.

Family Business Advisors: are critical external professionals for families that own businesses. These advisors provide guidance on strategic planning, succession planning, and other business-related issues. They help the family office CEO manage the family's business interests and ensure that the family's values and vision are maintained over time.

Risk Management Advisors: help the family office CEO identify and manage risks associated with the family's investments, business interests, and other assets. They help the family office CEO develop risk management strategies that align with the family's goals and risk tolerance. Risk management advisors are essential for preserving and growing the family's wealth over the long term.

Accounting and Bookkeeping: A family office may outsource accounting and bookkeeping functions to an external accounting firm to manage their financial records and transactions. This can include managing accounts payable and receivable, preparing financial statements, and providing tax compliance and planning services.

Real Estate Management: Family offices may outsource real estate management services to professionals who can manage their real estate investments, including property acquisition, leasing, and property management. This can help family offices maximise the value of their real estate holdings and minimise the risks associated with owning and managing properties.

Concierge Services: Family offices may engage concierge services to manage the personal and household needs of family members, such as travel arrangements, event planning, and other lifestyle management services. This can help families manage their busy schedules and ensure that their personal needs are taken care of.

Art Management: For families with a significant art collection, they may engage in art management services to manage their collections, including acquisitions, valuations, conservation, and sales. This can help families preserve and grow the value of their art holdings and ensure that they are properly managed and cared for.

Private Banking: Family offices may engage private banking services to access specialised banking products and services, such as customised lending solutions, credit facilities, and specialised investment products. This can help families access specialised financial products and services that are not available to the general public.

Insurance: Family offices may engage insurance advisors to evaluate and manage the family's insurance needs, including property and casualty insurance, life insurance, and liability insurance. This can help families mitigate the risks associated with their assets and protect themselves from potential financial losses.

From investment management to insurance, there are a dozen key advisors that can help family offices achieve their long-term goals and ensure the success of their wealth management strategies. It's important for family offices to consider each of these advisors and prioritise them based on their specific needs and objectives. By working closely with these advisors and developing a comprehensive strategy, family offices can navigate the complex landscape of wealth management with confidence and ease. As family offices continue to grow and evolve, these key advisors will only become more important, and 2&20 will look to reflect their importance more across our website, journals, and our lists throughout 2023.