Costs of Running a Family Office
While the term “family office” might evoke images of high costs and exclusivity, the running costs are only one part of the equation. The most important figure is the bottom line. Nonetheless, finding and staffing a private family office is a huge challenge, both in terms of difficulty and costs.
In reality, running a family office is an investment that pays off handsomely. You will streamline different aspects of the family’s business and personal finances, ultimately saving money by enhancing efficiency and mitigating risk.
Belgrade Family Office offers a multi-family office platform, ideal for starting a family office for the first time. You will gain the benefits of a private family office, without the need to hire staff.
Outsourcing to a multi-family office is a strategic move if your wealth justifies it. Far from costing you money, engaging Belgrade Family Office will save you money. Many timers, our clients simply don’t realize how much they are paying, for example, in fees to private banks, investment managers. Even with today’s transparency rules, it is very hard to analyze where fees and costs may be hidden. By using professional platforms to access banking and investment services, a multi-family office can access banking-as-a-service that costs a mere fraction of what a traditional bank will charge you directly.
As your independent consultants, we can review your wealth management statements and almost always suggest cost savings that can pay for our services almost instantly.
That said, to justify the costs of using Belgrade Family Office services, your asset portfolio should generally be in the region of 5 million euros or more. If you just need limited services like company formation, bank account opening or residence, then this does not apply as such services can be purchased a la carte. Please contact us to discuss your requirements in detail.
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