Why Do You Need a Family office?

Protecting, managing, and transferring your finances and assets often requires the help of a professional with expertise. Working with a family office can provide you and your family with the security and knowledge of experienced financial experts who aim to create a personal relationship and plan to manage your funds and assets. These offices also allow you to track and handle all of your finances in one place, making it simple and reliable. Keep reading to learn why you need a family office and how the team at Pasquesi Sheppard LLC., in Lake Forest, Illinois, can offer a great fit for you.

What Is a Family Office?

Numbers and Finance by Ken Teegardin is licensed with CC BY 2.0

A family office is a private wealth management firm, typically catering to wealthy clients. These firms employ and draw expertise from a team of finance experts who focus on various aspects of the financial field to create a well-rounded and personalized wealth management plan for clients. Many families and individuals use a family office to handle their assets all in one account and office, rather than working with multiple outside firms, banks, and legal offices.

What Services Does a Family Office Provide?

Many clients use a family office to handle all of their financial planning in one place. These offices use a team of advisors who focus on different areas of finance to provide a well-rounded plan for clients with the ability to perform and offer a wide variety of services. Some common family office services include:

  • Taxes.
  • Investment portfolio management.
  • Legacy planning and management.
  • Generational wealth transfers.
  • Financial planning.
  • Lifestyle management.
  • Charitable giving.
  • Estate planning.
  • Insurance and risk management.
  • Travel planning.

Why Do You Need a Family Office?

Having a family office can give you peace of mind and allow you to get the most out of your financial planning and current assets. In particular, those who have multiple stocks, bonds, and investments may benefit from the expertise and range of services that a family office offers. These complex holdings can often be too complicated for a personal financial advisor, making it more efficient and beneficial to work with a family office where a team can work together to provide the best services for you.

Not only can a family office provide you with a more well-rounded team of advisors, but it can also ensure that the advice and services offered remain unbiased. In a typical personal or financial firm, the advisors may often earn commissions from certain services, banks, and investment opportunities. However, family offices don’t offer or take commission payments, making them completely unbiased and allowing you to know their recommendations offer the best options for you. 

How Can a Family Office Benefit You?

A family office can offer a variety of benefits for clients looking to protect, maintain, and manage their wealth with ease and expertise. You can experience personalized services and advice at a family office, as you may have one or two specific advisors who work with you and communicate continuously over time to develop a personal relationship and make recommendations that match your specific goals and abilities. 

Family office clients also enjoy the benefit of having one central firm, location, and contact for all their financial needs. Since family offices handle a variety of services, you can save the time, money, and effort associated with handling your funds through multiple banks, advisors, and offices. This centralization can also offer a more cost-effective way of managing your assets, as you can bypass the need to pay fees to multiple offices or advisors.

Who Needs a Family Office?

Not everyone requires the high level of expertise and services of a family office, but some can benefit from the services. Those with high net worth and individuals with complex financial portfolios are most likely to require a family office. Many experts recommend that those with a net worth of over $100 million consider using a family firm, and those with upwards of $250 million make even better candidates. 

In addition, you can consider factors such as the complexity of your investment portfolio and the extent of your financial planning to determine whether a family office can benefit you. If you have multiple stocks, bonds, estates, and liquid assets, it may help to have a family office to provide centralized protection, advice, and services. You can meet with a firm for a consultation or perform your own evaluation of your assets and portfolio to assess whether a family office can provide benefits for you.

Why Trust Pasquesi Sheppard LLC.?

Founded in 1975, the offices at Pasquesi Sheppard LLC., have offered financial advising and a wide range of high-level expertise in the Lake Forest and Chicago area for over 45 years. Our team includes a variety of talented and qualified certified public accountants who have experience and expertise in every aspect of financial operations, so we can handle anything you need. Our family office services offer you financial concierge services so you can relax while we coordinate your funds with your insurance agents, attorneys, and outside advisors to centralize your financial management.

Aside from our expertise, our personal and friendly customer service and advice have made us a trusted and respected staple in the community. Each of our advisors and consultants works to make a personal connection and understand the needs, values, and best interests of every individual or family. We know your finances mean a great deal to our clients, especially for those looking for a family office, and we eagerly aim to serve your every need and help you get the most out of your money.

Every family or individual looking to secure, manage and utilize their wealth and assets can benefit from the expertise, service, and personalization of working with a family office. You can contact the team at Pasquesi Sheppard LLC., in Lake Forest, Illinois, today for more information or set up a meeting so we can get you and your finances on track with the best service around.