Thank you!

Anonymous wrote:Is rather meet the guy taking money OUT of the family office for trips, homes and fun.

Lol

Anonymous wrote:What does that mean? Someone mentioned part of their monthly budget as contributing to "Family Office"

this part makes zero sense.

You either misheard or miswrote.

Anonymous wrote:Rich people stuff

This. 🙂

It's like a corporate C suit -- but there isn't a corporation it is a rich family with many business interests. The family members are like the shareholders or partners or something in between depending.

An invetment entity tied to the family's wealth. Traditionally took the form of a 'single family office', which is funded by a single family and has its own investment staff.

At the richest end (Waltons, Bill Gates, Michael Dell, etc) it takes the form of a large investment firm with a bunch of employees who work to invest/manage the billions of dollars of family wealth. Investing in whatever the family wants - stocks, real estate, pe, etc. The less wealth the less employees.

More recently financial advisor firms have started advertising as "multi-family offices", which do the investing as a third party for multiple/dozens/hundreds of families.

Is rather meet the guy taking money OUT of the family office for trips and homes and fun.

They do different things based on the family but it’s basically when you have significant joint assets or assets in trust for an group of people and you want to have your own financial staff for investment, philanthropy, etc. Like they might help coordinate estate planning too.

It’s all services you can get elsewhere but some families want to have their own employees and some don’t.

I think it has also just become a code word for high levels of multi-generational wealth that people like to drop. But there are no rules: it could be one part time person or a team of 20 bankers.

If someone has a family office in their monthly budget, that suggests to me that someone has demanded that beneficiaries pay into the family office but it’s probably just an exercise of sending back money that was distributed to them anyway.

Anonymous wrote:What does that mean? Someone mentioned part of their monthly budget as contributing to "Family Office"

Usually the investments or the patriach/matriarch family contribute money to the Family Office.

The family takes out money for things.

The investment team invests, the accountants do cash flow obligations, and the tax team does the family taxes and transactions too.

They also pay the family’s bills.

We have a customer (well known name) whose credit card bill goes to the family office.

Rich people stuff

It's a financial services firm dedicated solely to a single family or a small group of families. They handle all things financial for the family: investment management, taxes, trust management, sometimes banking.

Anonymous wrote:What does that mean? Someone mentioned part of their monthly budget as contributing to "Family Office"

Ask them?

What does that mean? Someone mentioned part of their monthly budget as contributing to "Family Office"