Unlike conventional financial institutions, family offices are a unique animal where the main focus is to preserve generational wealth in the smartest, most strategic ways that allow the legacy to live on, and many times it’s helpful for family offices to bring in outside consultants to provide a unique perspective on where they’re headed and what they should do in the future. This ties back to one of the common questions we see around family office consultants and the value they provide. Below are some of the most common questions and our feedback:
What is a family office consultant?
Family offices hire outside consultants for a wide variety of initiatives, though when it comes to making critical financial decisions that can affect the family in the future you have to make sure you play your cards right. And that’s where hiring a family office financial consultant for $50k is worth the money if it can save you $5M or maybe turn that into $50M.
Should my family office hire an outside consultant?
This is a loaded question because it depends on the particular roadblocks you’re facing ranging from hiring to marketing, etc. and our core expertise is in the financial space around guiding investment strategies for family offices, global financial institutions, etc. Before you look outside of your family, think about what exactly you’re trying to achieve and will someone from the outside add value in that area.
How much does a financial consultant for family offices cost?
The cost for financial consultants varies across the board and when it comes to family offices and other high-net-worth individuals there’s a demand for consultants that bring something fresh to the table and help you win, and that goes back to the old saying around you get what you pay for. A financial consultant for family offices may cost $100/hr on the low end while a consultant guiding top family offices around the world may charge $1M/month – it’s all relative.
In a nutshell, this is a quick snapshot of what we’re seeing in the market and inquiries we’re getting. Hopefully it sheds some light on your questions and if you want to link up and explore more let’s connect.