When it comes to managing extensive wealth and complex lifestyles, the question of external support arises.
In the following article, we will address the question of what Family- and Private Offices are, what they have in common and what are the differences, and which solution might be best for whom.
The similarity
Both, Family- and Private Offices are aimed at (ultra-) high-net-worth individuals.
In addition, both are usually the first point of contact for all external parties and have a solid basis of trust with their clients.
The difference
While Family Offices traditionally focus on wealth management, the focus for Private Offices mostly is on managing the personal and business aspects of a clients' life, without providing financial and banking services.
The best solution for you
Which solution is best for you depends on your individual preferences. If you require support in structuring and managing your investments and have little need for assistance for your everyday life, a pure Family Office probably is the best choice.
If, on the other hand, you maintain a complex lifestyle and oversee your assets mostly yourself, a Private Office is recommended.
The golden way
At Schöning & Partners we believe that a combination of both is the golden way. That is why we cooperate with leading Family Offices and wealth managers to provide our clients with their profund knowledge and experience.