Family Office Wealth Management Services

A family office could be any family entity driven by a common purpose that binds family members across generations. Family offices are created to provide the necessary structure and governance to effectively manage a family's assets, uphold shared values, and ensure a lasting legacy. While the concept of a family office might seem straightforward, they can vary significantly in form and complexity, reflecting the diverse goals and dynamics of each family we serve.

In the realm of family offices, the saying goes, “if you’ve seen one family office, you’ve seen one family office.” Each family office is as unique as the family it serves, and there is no universal solution. Establishing and maintaining a family office typically requires substantial financial and personal resources. In general, the minimum investable assets typically required to start a free-standing family office can range from $250 million to over $1 billion. But staff compensation, finding and keeping high-quality talent, and the rising costs associated with a physical office is pushing that minimum closer to $750 million. Size does not always matter—even multi-billion dollar families may choose to outsource a majority of their needs. Family offices come in many forms, including those who: outsource select services that resemble a family office to address added complexities; outsource all services or create a virtual office, while tasking a single professional with administration or a liaison role; create a family office inside their operating business and need to outsource select services; have an existing family office and seek a partner for investment strategy fulfillment.

Establishing a family office that aligns with your family's goals begins with a clear understanding of your objectives and the associated costs. Instead of leading with the structure, it's important to help families define their purpose and values. What does wealth mean to us individually and collectively? What do we care about? What purpose does our wealth serve? Leading with purpose and a holistic approach allows the best model to come into view.

Family offices are often established to manage investments, provide wealth advisory services, and reduce administrative burdens. Yet today, our family office services have expanded beyond tax planning and investments to encompass a wide range of needs, from lifestyle and estate planning to philanthropic and governance services. Built around a trusted team, they essentially create a mirror, reflecting the professional services that best meet a family’s unique needs, values and goals.

At Bernstein Private Wealth Management, we recognize the critical importance of safeguarding your wealth and privacy. We are committed to providing robust security measures and guidance to help protect your assets from potential risks. Our approach includes a focus on cybersecurity, fraud prevention, and privacy protection, ensuring that you can have confidence in the security of your family's financial affairs. We strive to offer peace of mind through our comprehensive strategies and unwavering dedication to your family's security and privacy.