The wealth management industry is evolving to meet the new needs of HNWIs. As a consequence, a new trend has emerged over the last years in the United States, in Europe, including in Switzerland, and in Asia : the virtual family office. Though it is expanding rapidly, it is still quite confidential and rarely discussed in conferences.
What is a virtual family office ?
A virtual family office is a solution for those wealthy families who want the services of a top tier family office without having to afford the costs related to a single family office or to work with a multi-family office.
The virtual family office coordinates a certain number of professionals and experts who work outside the organisation. They are contacted when their expertise and knowledge is required : financial planners, investment advisors, tax advisors, accountants, attorneys and business or other consultants.
How does it work?
The “virtuality” refers to the organisation but not the service. The different experts do not share an office, and most of the time work as independent professionals or part of another company.
Virtual family offices can therefore be seen as a structured network of experts whose talents can directly serve HNW clients. They can operate as a single family office or a multi-family office.
On an operational level, virtual family offices and virtual multi-family offices provide the same services as traditional family offices, in terms of portfolio management, compliance control, performance monitoring or reporting.
Willing to create you own virtual family office?
Discover KeeSense, our business-oriented solution for traditional and virtual family offices.
To learn more, please contact the Team of KeeSystem.