Family Offices - The Next Frontier of Governance
Family Offices have become a very sought after structure over the past decade. Family entprises are looking to consolidate their assets, harmonise their wealth management, professionalise their charitable activities and overall work towards long-term sustainability.
The Tharawat Family Business Forum has started several projects to help families better understand the concept of Family Offices and work in the following areas:
- To provide insights into the form, function and purpose of the Family Office
- To explore some of the motivations and challenges involved in setting up a Family Office
- To develop relevant tools to determine if a Family Office can be useful and what form is right for each family.
As can be seen from the following chart there are several main types of Family Offices:
In order to benefit from the advantages that Family Office structures can bring, it is very important that the right questions are asked and that a clear strategy is created from the outset.