Learn when and why affluent families move from private banking relationships to a dedicated family office structure.
Many wealthy families begin by relying on private banks for investment advice and custody. As assets grow, complexity increases—tax planning, governance, succession, and alternative investments require a more customized approach.
Reasons to transition:
- Desire for unbiased, conflict‑free advice
- Need for multi‑jurisdictional tax planning
- Preference for consolidated reporting and control
- Managing family dynamics through formal governance A family office builds institutional infrastructure around your wealth, often saving costs and reducing risks in the long term.
FAQ:
Q: Do I need $100M to start a family office?
A: No, multi‑family offices accept clients with lower AUM.
Q: Can I keep my private banking relationships?
A: Yes, family offices often coordinate multiple banks.
User Comments:
- “Our family office negotiates better terms with banks on our behalf.”
- “The transparency has been a game changer.”
Editor's Note:
Private banking serves products; a family office serves your legacy.
Tags: family office transition, wealth growth, HNWI planning, private banking
(Editors: admin)