What is a virtual family office?

What is a virtual family office?

by Richard C. Wilson & Family Offices Group Association Team

Question: What is a virtual family office?

Answer: A virtual family office seeks to offer the family office experience through a range of different services from tax and accounting to investment advising by out-sourcing service fulfillment to service providers and consultants.

The solution for most with less than $20M in assets under management is to join a multi-family office that accepts smaller clients, join a wealth management firm that is trying to climb up to “family office” levels of service, or form your own network of a CPA, wealth manager, life insurance professional, etc. and be a manager of sorts of your own “virtual family office.”   While you can attempt to run your own virtual family office, most highly successful professionals already have more than a full-time job’s worth of responsibilities

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