asora blog

When it comes to managing significant wealth and ensuring its preservation for future generations, many affluent families turn to a specialised entity known as a family office. While the term might be unfamiliar to some, family offices have been a part of the financial landscape for decades. So, what is a family office? And what are its functions and benefits? 

In today's rapidly evolving world, where data and information play a crucial role in decision-making, it is imperative for family offices to embrace technology and establish efficient systems. With the right infrastructure and family office technology, one can streamline operations, enhance data management, improve collaboration, and ultimately secure long-term success.

In the third part of our How to Start a Family Officeblog series, we explore the key areas where technology can revolutionise family office management and offer insights on how to become a technology leader rather than alaggard. 

Establishing a family office is a significant decision for affluent families looking to manage their wealth and preserve their legacy. Once you’ve defined the purpose of your family office, the next step is to consider whether to opt for a Single Family Office (SFO) or a Multi-Family Office (MFO) structure. Both options offer unique benefits and considerations, and making the right choice requires careful evaluation.

In the second part of our How to Start a Family Office blog series, we will delve into the key factors to consider when choosing between SFO and MFO for your family office.  

Defining the purpose of your family office is like setting the compass for your journey. It's all about determining the core objectives and goals that your family office will strive to achieve. In the first part of our How to Start a Family Office blog series, we will explore the significance of defining the purpose of your family office and delve into the key considerations that will shape its mission.  

In his book, Start with Why, Simon Sinek says,

"All organizations start with WHY, but only the great ones keep their WHY clear year after year".

Keeping the purpose of your family office clear helps maintain long-term orientation to the goal, get strategic direction, and engage stakeholders through a shared purpose. It allows family offices to differentiate themselves, create lasting impact, and sustain their greatness over time.

Here are some key points to consider when defining the purpose of your family office:  

 

Starting a family office is a significant undertaking that involves careful planning, organization, and implementation. A family office is a private advisory firm that serves one or more high-net-worth families and provides a range of services, including investment management, financial planning, tax planning, estate planning, and philanthropy. The main purpose of a family office is to preserve and grow family wealth over multiple generations.

This 7-part series is a guide on how to start a family office, where we discuss each part in detail every week.  

In today's digital age, technology plays a significant role in every aspect of our lives, including how we do business. The family office is no exception. Family offices need to stay up to date with the latest technologies to stay competitive and efficient.  

However, many family offices lag in technology adoption, putting themselves at risk. Here, we discuss the four ways being a technology laggard threatens your family office and why it is essential to keep up with technological advancements.  

Josh Baron and Rob Lachenauer’s Is Your Family Office Built for the Future? delves into how you canset up yourfamily office for long-lasting success. It carefully considers the root of tensions within a family office and what key decisionsmust be made to ensure longevity and success.