Many families consider a family office as a way to meet their financial needs, to provide greater control over their wealth and to handle their affairs. Since every family has its own unique set of requirements, there are as many types of family offices as there are families. Some provide basic administrative support while others oversee the management of investments and coordinate all of the family's financial and lifestyle needs.

Once the family office is established, it is likely to serve multiple generations, across which there may be a range of different needs that require various wealth management strategies. A well-run family office successfully integrates these strategies to ensure that they support the goals of the family as a whole. Here are the features of family office -

• ·         Protecting family wealth 

• ·         Managing investment risk 

• ·         Improving family cohesion and generational transition

• ·         Clarifying governance over how the family stewards its wealth 

• ·         Managing the personal affairs of family members