By Anthony Glomski and Russ Alan Prince
Your $5-Million High-Net-Worth Practice
When it comes to their financial and personal lives, the wealthy are increasingly attracted to the family office model. At the very high end, there is a strong preference to create a single-family office. For the wealthy for whom the costs of a single-family office are unreasonable or do not want the management or oversight responsibilities, there are multi-family offices and virtual family offices.
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With the family office model, you are providing a broad array of expertise holistically. Consequently, you can deliver substantial value to the wealthy. Many accounting firms provide family office services. While family office is in the name of these practices, a large percentage of them are offering a limited menu of single-family office capabilities. The services tend to comprise business management expertise and other accounting and tax-related capabilities.