1. Recruiting professionals:
Family offices need to hire asset management, investment, tax and legal professionals. These professionals will be responsible for developing and executing wealth management plans, tax planning and legal compliance matters, among others.
2. Develop a wealth management plan:
The family office will formulate a wealth management plan according to the needs of the family. The plan will include investment objectives, risk tolerance, asset allocation, tax and estate planning, and more.
3. Determine the budget of the family office:
Family office expenses include staff salaries, rent, equipment, software, insurance, etc. A detailed budget needs to be developed to ensure the sustainability and well-functioning of the family office.
4. Determine the structure of the family office:
Family offices can be single-family offices, multi-family offices or hybrid structures. Choosing the right structure ensures the smooth functioning of the family office and best meets the needs of the family.
5. Determine the goals and responsibilities of the family office:
Before opening a family office, it is necessary to clarify the goals, responsibilities and expected results of the family office. Family offices can manage family wealth, coordinate investments, and provide services such as tax planning and estate planning.

Family Office Fee Requirements:

The cost of a family office depends on many factors, including the size of the office, the number and professional skills of the staff, the scope and quality of services, etc.
As a result, fees can range widely. Some large family offices may need to invest millions of dollars, while the fees of small family offices may only be a few thousand dollars.