Answer: Only you can really know whether you should start a multi-family office but some of the reasons that financial professionals start a multi-family office are: to increase profits, better serve clients, become more competitive in wealth management, attract wealthier clients and close business faster.
I was recently reading a book on the family office industry that surveyed executives on the motivations to start a family office and the most popular reasons were to do a better job for clients and to be more profitable. More recently, economic and certain fiscal realities have led many financial professionals (often working in private banking or at large investment banks serving high-net worth clients) to decide that the multi-family office is the model that best serves their clients’ unique needs.
It’s important to understand why you are considering becoming a multi-family office before you start your multi-family office because it is a highly involved process that is difficult to reverse.
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