In this video we talk answer the question “what is a family office?” We talk about the definition of a single family office, why they exist and what functions they perform for ultra-wealthy individuals and families. Learn more at http://SingleFamilyOffices.com or download our report at http://FamilyOfficereport.com Hello, it’s Richard Wilson come to you from Prague, Czech Republic. You can see the castle up on the before me. This bridge, and pretty much this whole city is from the 1200s, 1300s, 1400s, so a lot of great things to see here, and a lot of family office-esque type buildings. What I wanted to talk about here is single family offices. You know, what is a single family office? This is a very basic question, so it’s going to be a one minute video. Basically, a single family office is a holistic full 360 financial wealth management solution for the ultra wealthy individual or family. You might then ask what’s ultra wealthy? Well, if you have $20 million or more, you might qualify for a multifamily office, but typically to have your own single family office, even a virtual family office, you need to have $30, $50, $70 million minimum to have more of a fully fledged family office. Typically you need to have a $100 million, $300 million, $500 million is more average. And then, if you have over a billion dollars, many people do start their own single family offices. So a single family office, in other words, is the most holistic financial wealth management solution possible for somebody with a lot of money. So it’s gonna manage their insurance, budgeting, multi-generational wealth planning, their investments, both real estate as well as public market, private equity, hedge funds, bonds, cash management, charitable giving, philanthropy. It can be a very focused single family office and only help you with one thing, but typically family offices are created to help you with 360 degree solution for your finances if you’re ultra wealthy. So, this is Richard Wilson coming to you from Prague, just at sunrise here. So I hope you enjoyed this quick video on what is a family office. And I’ll see you again soon.
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