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I've had an office in every home for decades. For about 12 years, my ex and I shared back-to back hightops and all resources such as printers. It worked well for us. Even when playing MMO's.
A shared desk or two for the minor partners is probably a sensible option.
Assume you are talking about someone to manage your money and pay the bills etc.??? If yes then I have to assume your assets hit at least 8 figures????
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Assume you are talking about someone to manage your money and pay the bills etc.??? If yes then I have to assume your assets hit at least 8 figures????
It’s very cost prohibitive and doesn’t make sense unless you have a billion plus assets
You can do it at any asset level you want but c level executives aren’t cheap let alone the rest of the employees. If you “only” have 25mm to manage hiring a ceo and cio alone are going to be a hefty cost on a base of 25mm
Has anyone here set up a family office? Or participate in a multi-family office (MFO)? Thoughts?
We participate in what might be called a Multi-Family Office. Cost is $30/month. No that is not a typo, cost is equivalent to 1-1/2 pizzas per month. There is also a very low fee assigned to investments managed. I scour the annual disclosure agreements to identify these costs and they are mere tenths of a percent, some even less. For the convenience offered I am OK with these fees. The MFO has Certified Planners, CPAs, Lawyers, a Bank, their own Licensed Researchers/Vetters for investment opportunities, Insurance Agents, all co-located. We don't use their Bank as there is a Chase branch within walking distance of our home, nor do we use their Insurance Agents as we continue the use the same Independent Agent we have used for 40 years. We price check him too.
We pay all our own bills. I guess the traditional definition of Family Office meant that the FO paid all household expenses and arranged for any specialized services required. What we participate in is more of a "One Stop Shop for all Personal Financial Services Needs".
We have been with this MFO for ~20 years and find it reassuring that everything is in one location with one point of contact. This arrangement makes it easier for us now and for our children in the future.
We participate in what might be called a Multi-Family Office. Cost is $30/month. No that is not a typo, cost is equivalent to 1-1/2 pizzas per month. There is also a very low fee assigned to investments managed. I scour the annual disclosure agreements to identify these costs and they are mere tenths of a percent, some even less. For the convenience offered I am OK with these fees. The MFO has Certified Planners, CPAs, Lawyers, a Bank, their own Licensed Researchers/Vetters for investment opportunities, Insurance Agents, all co-located. We don't use their Bank as there is a Chase branch within walking distance of our home, nor do we use their Insurance Agents as we continue the use the same Independent Agent we have used for 40 years. We price check him too.
We pay all our own bills. I guess the traditional definition of Family Office meant that the FO paid all household expenses and arranged for any specialized services required. What we participate in is more of a "One Stop Shop for all Personal Financial Services Needs".
We have been with this MFO for ~20 years and find it reassuring that everything is in one location with one point of contact. This arrangement makes it easier for us now and for our children in the future.
That may be true but you aren’t participating in anything remotely close to a family office or multi family office. No one would run one such a thing for 30.00 a month per family. How would an attorney, accountant and investment guy survive not to mention any staffing? You more than likely have a wealth management group
...but I now think this is a far more esoteric question than it first seemed. sigh
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