What is a family office India?

Family Office is a private wealth management advisory service offered to ultra-high net worth investors to centralize focus and control over family finances, legal matters, tax and administration issues. It is an outsourced solution to manage the financial and investment affairs of individuals or families.

How do family offices work in India?

In its simplest form, a family office is a private office for a family with considerable wealth. These entities are said to be very private in their approach. Some of its functions include wealth management, investing, managing corporate and family governance issues, performing administrative and concierge duties.

Can you set up your own family office?

Creating a family office is very similar to establishing any other business entity, in which developing an organizational structure is the first move. Involve CPAs and attorneys in the process to provide input on how to structure the family office, as there are many legal and tax issues involved.

What Makes a family office?

Family offices are private wealth management advisory firms that serve ultra-high-net-worth individuals (HNWI). They are different from traditional wealth management shops in that they offer a total outsourced solution to managing the financial and investment side of an affluent individual or family.

How many family offices are there in India?

Today, there are close to 200 family offices in India and according to an Edelweiss Financial Services and Campden Family Connect report—which surveyed 78 wealthy families in India—practically half (49 per cent) rely on family office services.

How much money do I need to start a family office?

A family office can cost over $1 million a year to operate, so the family’s net worth usually exceeds $100 million in investable assets. Some family offices accept investments from people who are not members of the owning family.

How does a multi family office work?

A multi-family office simply expands on the same concept. Instead of working with just one family or individual, a multi-family office provides holistic wealth management services to a variety of different families and other ultra-high-net-worth individuals.

How do I start a family office?

Below are five tips to consider before setting up a family office.

1. Understand Your Capital.
2. Delegate Responsibilities.
3. Seek out the Services of an Independent Family Specialist, Business & Wealth Adviser.
4. Clarify Your Vision for Investment.
5. Take a Pro-Active Approach to Succession.

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