Given the significant rise in the number of wealthy families around the world, it is no surprise that the family office has come into its own. The exponential growth of family offices has only heightened the demand for reliable information on the topic and best practices.
The way forward for family offices provides a comprehensive, yet practical, overview designed to be as useful to an established family office as it is to a family thinking about setting one up. This paper covers the entire family office journey: from the initial vision and set-up to operation and long-term planning that takes key trends into account.
With research, insight, and fresh findings from a 2021 Credit Suisse global family office survey, this paper offers answers to the following questions:
- What are the main types of family office?
- Which range of services can a family office provide?
- What are the potential benefits and drawbacks of setting up a family office?
- Which decisions are vital in the set-up phase?
- How much does it cost to run and staff a family office?
- How does a family office plan for the future?
- Which investment strategies are being or can be considered for long-term planning and positive societal impact?
- What are the priorities of family offices today?
- Which external factors will shape the family office of tomorrow?
Importantly, every family office is as unique as the family it serves. The intent here is to present the many considerations and options available to family offices today.
