The Importance of a Family Office
ALKA offers a wide spectrum of services tailored to meet the particular needs of wealthy families and their future generations.
We provide private, outsourced accounting services, tax and financial advice, and technical support to high net worth individuals and family offices of all forms and sizes.
Many families are turning to family offices as a way of meeting their needs and having better control of managing their wealth. There are different types of family offices as each family has its own unique set of needs. Some just provide standard support while others provide oversees asset management or run the family’s day-to-day affairs.
Once a family office is up and running, it will accommodate multiple generations; across which there may be different needs that demand new wealth management strategies. A well-run family office incorporates the best strategies needed to satisfy the family’s wealth management goals.
Why You Need to Create a Family Office
There are a lot of complexities involved in the growth, management and protection of family wealth. Family offices have adopted new techniques to deal with the challenges of:
- Protecting family wealth – ensuring it is structured and is in compliance with relevant legislation and regulatory requirements.
- Spreading investment risk – by finding new ways to invest and diversify family wealth
- Improving family cohesion and general transition – by debating and coming up with strategic asset allocation and key investment decisions
- Managing personal affairs of family members – making life easier
As ALKA, our team of specialists is well-equipped and capable of helping with the process of forming a family office. We provide services such as:
- Establishing the overall organizational structure and resource needed for the family office
- Analysing financial system needs, setting up general ledgers and subsidiary accounting ledgers, and assisting with the selection and implementation of appropriate technology
- Establishing and implementing policies, procedures and internal controls
- Organizing the development of budgets and forecasts
- Designing dependable financial and management reporting packages
- Developing and applying cash/banking structure, opening accounts, ordering checks, etc.
- Facilitating the flow of information through service providers (e.g., payroll companies, banks)
- Developing filing systems
- Structuring for income tax efficiency
We are dedicated to helping our clients find balance in the years ahead by offering better solutions to help them meet their objectives.