A family office can provide assistance on various services but there are select offices that offer almost or all that the client or family is looking for. Services that does not only safeguard the family’s wealth but also allows it to increase. It is crucial to find a family office that offers the services in relation with the family’s objectives.
Some family offices mainly offer strategic financial and investment services. Others cover everything from strategic philanthropy to convenience services. There are family offices that are not only set up to manage money for the wealthy but to also support them with every aspect of their daily lives. It is interesting to note that recently, the number of billionaires in the world is increasing. In effect, the opportunities grow for people to provide the needs of affluent families but keeping it modest as possible. The increasing demand of family offices is also parallel to the increasing need for employees who are trustworthy and abide to the confidentiality agreement between the firm and its client.
There are family offices that offer a robust set of services. They can be customized in order to manage a family’s enterprise effectively. Remarkably, some offer protection services wherein facilities include an operation center to monitor people and property. Security strategies on this service should include necessary personal protection to clients so that they may enjoy a balanced, safe and secure lifestyle. It is a must to offer a variety of security risk management services. Personal security threat can surface at any given time and place. It is important that security services must include layers of personnel having former military experience or even law enforcement backgrounds. Some may even employ officers that are in charge with background checking on staff or managing the travel of the family with consideration to airport security. To add, there are clients who wish to avail maritime security while on board their yacht. One way to ensure security is to either follow the vessel along its course or identify security and safety issues at each port of call. It was known however that communicating with the port of call seems relevant and efficient especially to clients who wish to maintain privacy.
For the security services, it will vary depending on the client’s needs. The family office will be able to determine the appropriate action by performing a threat assessment of the risk that the client may experience. Assessing the threat level is done by reviewing the amount of public exposure of the family. By reviewing, it pays careful attention to any past security incidents, performing evaluation to employees and to persons that the family interacts with on a regular basis. As a result, the family office should provide recommendation and practical improvements to security. Also, there is a need for the firm to practice due diligence by conducting a full-scale background of financial partners, corporate entities and even potential employees.
Of late, identity theft is becoming rampant. A family office could also provide continuous credit monitoring and recovery or restoration services for identity theft matters. Operational security is another service that can be availed and can help ensure the integrity of information at home or in the office while the family is on travel. If needed, a comprehensive evaluation of current security measures shall be conducted. A personal security training can also be offered to the clients and staff. This extensive training includes instructions on identifying and avoiding probable threats and also, protective measures to the individual.
The client’s enterprise may entail occasional travels. A good family office offers various services which addresses on the risk of traveling in today’s time. This also includes assessment of the current safety plan if this is available. An orientation can also be conducted by providing travel intelligence as well as training the family members thru practical travel security. In order to carry out protection, the family office should employ highly trained professionals with law enforcement or military experience who can provide utmost protection.
Apart from addressing the individual or family threat, a family office can provide necessary steps to confidential threat investigations. Risk assessment is also needed with proper investigation and eventually leads to identify the offender which can initiate police and legal action.
It is observed that most of the family offices lean towards on one or limited kinds of services. Some are specialized in asset management or investment. Others are focused on real estate management or even with philanthropy. The training, education and experience of the founders of the family office are the drivers on the type of service that the firm will put emphasis on. It is integral then that a client finds the family office with focus on the services that can address the issues.