These are the 21 advisors, accountants, and lawyers to know if you''re thinking about starting your own family office
Summary List Placement Despite two financial crises and a once-in-a-century pandemic, global wealth surged to $418.3 trillion at the end of 2020 from $117.9 trillion in 2000, per Credit Suisse . Whether they''re rags-to-riches entrepreneurs or old-money heirs, many of the wealthy have created their own family offices to oversee their assets. Citi estimates that as many as 15,000 family offices have been created in the past two decades alone. These offices vary in size and purpose, from hedge-fund-esque vehicles with chief investment officers and hundreds of employees to small operations with a few employees who handle bill pay and outsource services like wealth management. It''s pricier than going to multifamily offices even billionaires balk at paying a CEO $500,000 but for some, it''s worth it to have complete control and confidentiality. Insider spoke with more than a dozen family-office professionals to find out who the wealthy go to when deciding to set up their own shops. Whether they''re lawyers or wealth managers, here are 21 must-know family-office experts.
These are the 21 advisors, accountants, and lawyers to know if you''re thinking about starting your own family office
Summary List Placement Despite two financial crises and a once-in-a-century pandemic, global wealth surged to $418.3 trillion at the end of 2020 from $117.9 trillion in 2000, per Credit Suisse . Whether they''re rags-to-riches entrepreneurs or old-money heirs, many of the wealthy have created their own family offices to oversee their assets. Citi estimates that as many as 15,000 family offices have been created in the past two decades alone. These offices vary in size and purpose, from hedge-fund-esque vehicles with chief investment officers and hundreds of employees to small operations with a few employees who handle bill pay and outsource services like wealth management. It''s pricier than going to multifamily offices even billionaires balk at paying a CEO $500,000 but for some, it''s worth it to have complete control and confidentiality. Insider spoke with more than a dozen family-office professionals to find out who the wealthy go to when deciding to set up their own shops. Whether they''re lawyers or wealth managers, here are 21 must-know family-office experts.