A family office firm is aimed at effectively monitoring, preserving, and growing the wealth of ultra-high net worth families as well as ensuring smooth transfer to their upcoming generation. It also duly factors the family legacy, business institutionalization, and tech entrepreneurship in their deliverables framework.
A family office that supports only one wealthy family is called a Single Family Office whereas one which supports and works for multiple clients is referred to as a Multi-Family Office.
Rockefeller family, Bill Gates, and Fidelity Investments’ CEO Abby Johnson, all have single-family offices to manage their wealth. These family offices have money managers, accountants, estate planners, advocates, and experts from varied domains to manage their wealth and family affairs. The asset sizes managed by these single-family offices are no less than USD 100 million.
Why Does the Indian Family Office Industry Need to Introspect and Evolve?
The current model of family office business is focused to serve only wealthy families and ultra-high net worth individuals.
Amongst multiple challenging and crippling factors, India is positively treading towards an economy of USD 5 trillion. Millennials, technocrats, Micro, Small & Medium Enterprises, and the Indian diaspora (NRIs), who represent more than 50% of the Indian population of 1.37 billion, will play an integral role in helping the country achieve this milestone.
These individuals are the future wealth creators. Hence, these demographic segments must have access to the complete bouquet of bespoke family office services.
Family office advisories which normally enter at the wealth management stage need to step in at the aspiration stage instead and provide continuous handholding in the augmentation process of the aspirants.
Felicity Famille Offices is an initiative with a robust business model, thoughtfully structured to serve not only wealthy and affluent individuals and families, but also all millennials, technocrats, Micro, Small & Medium Enterprises , and the Indian diaspora, who aspire to become rich.
Our mission is to lead our clients from their aspirations to affluence.
For more information, feel free to get in touch with us!