Simply put, they guarded the wealth and managed the affairs of a very wealthy family. Although their history dates back to the Crusades, the "modern" family office in the United States dates back to the 19th century. They were founded by wealthy merchants who hired advisors and associates to oversee money matters and keep their families on business trips. You can also hire the best family office in Hong Kong through various online sources.
A family office dedicated to the great deeds of one family. These are private individuals who take care of the personal and financial needs of the family. But it also serves to promote family cohesion.
A single-family office is a limited liability company. The property can be owned by the family or by a non-family administrator who looks after the family's financial assets.
Typically, the Family Office (FO) handles many things simultaneously, including financial matters, trusts, and charities for family funds.
Value preservation and asset management are at the core of FO. It serves to protect assets. It protects assets from all future creditor claims with the help of legal entities and strategies. Effective asset protection includes a protection plan before claims arise.
Wealth protection can also be achieved through other means, such as risk transfer, wealth transfer, imprisonment (the family starts an insurance company), and the sale of assets to the younger generation for a source of income.
FO has the services of accounting, legal, and investment professionals who are qualified to advise families on taxes, real estate planning, insurance, and corporate finance, acquisitions, and mergers. They preserve the family heritage and pass it on to future generations.