What is a Family Office?
A family office acts as a personal CFO or chief advisor to successful families, with a dedicated team of professionals who oversee and manage the complete financial affairs of client families.
With origins tracing back to wealthy 19th century European and American families, family offices have a long history of providing a wide range of highly specialized and custom-tailored services.
Family offices have become known for their unbiased advice and objectivity, and the integration and coordination of the services they provide with those of the family’s other advisors. They provide highly customized service for several generations of the same family.
Families usually engage a family office when their assets have grown to a size where full-time professional management is required or could be beneficial.
A relatively recent phenomenon is the multi-family office, where one firm manages the affairs of multiple wealthy families. Northwood prides itself on being Canada’s premier multi-family office, having three times been selected
the ‘#1 Family Office in Canada’ in the Euromoney Global Private Banking survey.
Benefits of the Family Office Approach
- Advice is provided with a complete understanding of all the family assets and liabilities
- Services are provided to the entire high net-worth family
- It ensures all advisors work together in a coordinated manner toward an integrated wealth strategy
- It provides benefits of combined purchasing power, allowing for reduced costs
- Investments are managed in the context of the overall family balance sheet