For many high-net-worth individuals, a family office may be familiar, but not without questions on which pieces of your financial life this type of consultant should handle. A family office is a private wealth management firm made up of a team that helps you make financial decisions. They serve high-net-worth individuals and families by providing various services under one roof. Having a team of experts who work together is a great way to ensure you maximize your financial potential and make smart money decisions.

What Kind of Services Does a Family Officer Provide?

Wealthy families have complex financial lives. Managing everything can be difficult while keeping track of spending, insurance policies, and long-term financial goals.

A family office provides estate planning, retirement planning, insurance, private banking, treasury management, wealth management, legacy planning, legal support, and other services. At TSP Family Office, we offer tax-saving strategies to take your money further through underutilized and often unknown deductions.

Your family office can also implement your family’s long-term vision. They help educate your children on financial responsibilities and make transitions easier. Having support and understanding the nuances of your finances is a wise investment for the longevity of your legacy.

Through insurance policies, goal setting, efficient oversight and the management of your investments, a family office will keep you organized. You can sleep well knowing your family is taken care of, and you won’t miss a deadline for anything financial-related.

What Are the Benefits of a Family Office?

Having guidance from a family office gives you the security to make the best financial decisions for your family. They help you determine your values and build a financial plan that speaks to them while building your wealth. Your family office team keeps you accountable for your goals and reminds you of the next steps when you are unsure.

A family office also helps you choose insurance plans appropriate for your unique situation. They outline all the details and give you an overview of what to expect. This team of professionals offers a sense of relief when the decisions and documents seem overwhelming. Additionally, a family office is a one-stop shop, and it’s easy to get ahold of your team when you have a question about anything. Often, relying on one financial advisor can be a hassle when they are busy or don’t return your call.

At TSP Family Office, our team offers tax-saving strategies designed to help you save thousands on your taxes. These savings can be put back in your wallet and used to fund other business ventures, college accounts for your children, or invested. Clients are surprised at how much money was left on the table before working with us.

As your life journey unfolds, it is not unusual to outgrow the capabilities that an individual advisor can offer. The intricacies of your financial world may require an integrated team approach to ensure you’re gaining the most benefit from your hard work. At TSP Family Office, our team is there to accompany and grow alongside you — from one generation to the next.