The Evolution of the Family Office
Innovation underpins the evolution of the family office model. Virtual offices are now able to mirror some of the services traditionally held for Single family offices, while multi-family offices can accommodate the tailored goals of separate families using investment bank and technology providers to maximise cost reductions and administration.
Today’s lower cost entry level illustrates the fact that technology and provision of services are the mainstay of a family office offering, rather than a certain amount of financial assets. In addition, by sourcing the different services such as lawyers, CPAs, Banks, etc., the MFO (and VFO) can function much like an SFO but with added efficiency, since every profession that is involved is a specialist within his respective field, whether working inside or outside an actual physical stand-alone (FO) office.