{"id":51239,"date":"2024-02-16T08:00:00","date_gmt":"2024-02-16T14:00:00","guid":{"rendered":"https:\/\/taxprocenter.proconnect.intuit.com\/?p=51239"},"modified":"2024-02-09T10:34:42","modified_gmt":"2024-02-09T16:34:42","slug":"how-a-family-office-benefits-your-practice","status":"publish","type":"post","link":"https:\/\/accountants.intuit.com\/taxprocenter\/advisory-services\/how-a-family-office-benefits-your-practice\/","title":{"rendered":"How a family office benefits your practice"},"content":{"rendered":"\n

In the late 19th Century, the first family offices served wealthy families with a net worth equivalent to $100+ million today as a separate entity from the family business. Their CEOs, usually well-versed financial executives supported by teams of bookkeepers and personal assistants, handled matters of accounting, law, investment, and risk management, assembling subject\u00ad-matter experts for other concerns. Family offices often assisted with company valuation and succession planning<\/a>, as well as more mundane tasks such as monthly reports and tax planning<\/a>. They even functioned as “pseudo-parents,” arranging for personal care of travel arrangements.<\/p>\n\n\n\n

Multi-Family office<\/strong><\/p>\n\n\n\n

In contrast, today’s family offices usually take the form of the multi-family office: for-profit, professional service firms that serve more than one family. But their primary responsibility is the same: centralized management of the family’s financial affairs. They compile monthly reports on financial assets, properties, and asset holdings, overseeing family estate plans, entity structures, and philanthropic activities. These firms often share a strong personal relationship with the family\u2014especially its founding or senior members\u2014and may serve in other capacities as well, including personal and business concierges.<\/p>\n\n\n\n

Firms who wish to offer multi-family office services should consider the following:<\/p>\n\n\n\n