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About the Family Office

Family Office introduction

Family Offices as a flexible response to individual family requirements

The development of the Family Office business as a platform for wealth management services is a response to the growing demand from high net worth individuals (HNWIs) and ultra-high net worth individuals (UHNWIs) for a more structured and tailor-made approach to serve their diverse needs and interests. There is no clear-cut definition of what constitutes a FO. According to Luxembourg law, the profession should be defined by the activities that can be performed by FOs. These consist, in general, of professional services and wealth management advice to natural persons, families or estate management entities regarding their wealth, with a clear long-term horizon and a strong focus on professionally managed wealth preservation, growth and development.

Client needs and key characteristics of a Family Office

The needs of Family Offices are as varied as the origin of their clients. The majority of Family Office topics include financial aspects concerning the family’s assets and trans-generational issues but also personal issues related to aging. Coaching, philanthropic planning, mediation between family members and governance are just a few areas that are central to professional Family Office wealth management. Furthermore, a professional setup of wealth management, structuring and consolidation services as well as well-defined, efficient and discrete operating models are all key criteria Family Offices must deliver to attract the attention of HNWIs.

Key Criteria for Families when considering Family Office solutions:

  • Maintain and enhance family’s wealth
  • Independent advice on complex asset solutions
  • Demand for integrated approach and solutions
  • Trusted relationship / high confidentiality and exclusivity
  • Coordination of diverse family interests and needs (school, relocation, etc.)
  • Financial and succession planning

Source: Deloitte Family Office Survey: Measuring the market 2012

Contact

  • Ruth Bültmann
    Partner - Family Office Services Leader

More Learn more

  • 2014 Private Wealth Outlook Championing growth | Whitepaper
    In 2014 the private wealth industry is expected to be as competitive as ever. While worldwide wealth is growing, there is an increasing number of institutions competing.
  • Family Offices - A new perspective for Luxembourg
    With the adoption of the law on family office activities, Luxembourg has become one of the first countries worldwide to implement a specific regulatory framework.
  • Article
    Family office survey - Measuring the market | Whitepaper
    In light of the future supervision of the FO sector, we present the results and trends of our survey conducted on the family office market in Luxembourg.
  • Family Offices and Wealth Management - 31/05/2012
    Earlier this month, Deloitte Luxembourg held a conference on ‘Family Offices and Wealth Management’ with the support of the L.A.F.O.
  • Our integrated Family Office services - Tailored to your needs | Brochure
    Deloitte provides a central point of contact for family office services, coordinated by one team for a seamless approach that suits your family’s needs.

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