How do family offices decide which services to offer their family members? Laura Pearson,Deloitte Private US Family Enterprise Leader and partner, Deloitte Tax LLP, says the focus of a family office generally informs the types of services it will offer.
“According to research from Deloitte Private, more than 36% of family offices worldwide anticipate expanding the number and extent of services they offer in the future, so family offices with strong governance will be the best positioned to do so,” Pearson said.
Pearson says that, ultimately, family offices often fall into one of the following archetypes:
| Family office archetype | Services performed |
| Administration and compliance | Accounting and reporting, tax planning and filing, legal services, insurance, travel management and concierge services |
| Business focused | Input on capital distribution, participation in management selection, business financial planning and analysis |
| Portfolio management | Financial planning, asset management, wealth reporting, property management |
| Direct investment | M&A due diligence, alternative investments, start-up funding |
| Next-generation focused | Family education, development of family governance, next gen development |
| Philanthropy focused | Philanthropic strategy, foundation creation and operations, tax planning |