“When I was young, I thought that money was the most important thing in life;
now that I am old, I know that it is.” — Oscar Wilde
The world has changed much since Wilde. Many of the institutions he depicted have evolved and been reimagined. While his quip about the importance of money still rings true, there have been substantial changes in the way we think about and manage our wealth. In its most rudimentary form, a family office is a system through which the day-to-day affairs of a household are managed.
Wealth is a fundamental aspect.The quantification of ‘wealth’ is relative. If you have money, then regardless of its amount, it needs to be managed. It also comes with regulatory responsibilities, must be reported to family members and passed from one generation to another.
It is a misconception that family offices are exorbitant establishments meant only for super-wealthy individuals with complex needs. They come in many shapes and sizes to meet the needs of different types of families. In essence, everybody needs a “family office”.
An office setup, whatever its scale, helps you track, consolidate and invest money, and supervise its risk & returns. Therefore, in effect, a family office is nothing but a tool for a family’s financial well-being.
This handbook is designed to bring you knowledge accumulated by the world’s leading experts in family office management. Whether you are a wealthy individual, a family principal or a professional managing a family office, it will provide you with invaluable information about setup and governance, operations and decision-making.
