How does a private office work?
Chris Broome – Chartered Financial Planner
A private office is a private wealth management entity that serves a single wealthy family, providing financial, investment, tax, legal, and other services to manage and preserve the family’s wealth.
A private office typically provides services such as:
1. Investment Management: Private offices handle the family’s investments, including managing portfolios, allocating assets, and selecting investment managers.
2. Tax and Legal Planning: Private offices provide tax and legal planning, including estate planning, tax preparation, and philanthropy.
3. Wealth Preservation: Private offices help preserve the family’s wealth by managing risks, such as estate planning, insurance, and risk management.
4. Family Governance: Private offices help families establish and maintain governance structures, such as family councils and boards, to manage and preserve the family’s wealth and legacy.
5. Philanthropy: Private offices help families establish and manage charitable foundations and other philanthropic endeavours.
6. Specialised Services: Private offices may provide specialised services such as travel planning, executive and relationship/family coaching, plus many others.
Longhurst provides a private office service, to a limited number of households, catering to an extremely specific wealth management and advisory need.
Our Legacy® service takes an innovative approach to wealth management, defined by the purpose of what wealth means to you.