Answer: Family offices of every size rely on service providers. These service providers can include auditors, accountants, attorneys, risk consultants, insurance consultants, private jet brokers, investment bankers, fund managers, institutional consultants, and more. The type of business model a family office employs will change depending upon whether the family office is really just a handful or dozens of service providers.
While many of these service providers are large organizations, such as a big global accounting firm, others are highly specialized and provide solutions exclusively to family offices and no other type of client. The benefits of a global brand, such as a global accounting firm, are of course client recognition, potentially 1,000′s of employees worth of support, and a unlimited supply of resources as it may seem to meet the family office’s needs. The advantage of working with a service provider that focuses only on family offices is that the family office can be more certain that their needs and immediate challenges can be directly addressed and listened to, and a custom solution will be provided.
The world of family office focused service providers is growing, and it will continue to grow as the industry as whole continues to thrive. We recently interviewed several family office executives who now own industry service providers that cater exclusively to the industry, including Tim Calveley from FORS Limited, which provides reporting solutions to family offices, and Thomas Handler of Handler Thayer, LLP, which provides taxation, estate planning, and asset protection to family offices. Richard Wilson Capital Partners, LLC, our own business of bringing best-of-breed fund managers to family offices, is another example of how the family office space is large enough to support these types of custom solutions for the industry.
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