World’s Smallest Family Office
Discussion
Does anyone who isn’t a 10x millionaire have anything like a family office, or some sort of mega private PA that takes care of their life/admin/finances for them?
I basically want to never have to open another letter, fill out another form, renew a passport, do my taxes, find a new cleaner, manage investments again etc etc. Just focus on my work and my family 100%.
I can’t afford to employ a team of people to do it like a proper family office would, and it feels like it’s too broad a range of skills for a single assistant to cover, even if it wouldn’t actually be that time consuming. I’d also worry about giving any individual complete access to my online banking etc.
Does a service like that exist? Is it practical if your net ultra wealthy? What is it even called?
I basically want to never have to open another letter, fill out another form, renew a passport, do my taxes, find a new cleaner, manage investments again etc etc. Just focus on my work and my family 100%.
I can’t afford to employ a team of people to do it like a proper family office would, and it feels like it’s too broad a range of skills for a single assistant to cover, even if it wouldn’t actually be that time consuming. I’d also worry about giving any individual complete access to my online banking etc.
Does a service like that exist? Is it practical if your net ultra wealthy? What is it even called?
Steve7777 said:
Does anyone who isn’t a 10x millionaire have anything like a family office, or some sort of mega private PA that takes care of their life/admin/finances for them?
I basically want to never have to open another letter, fill out another form, renew a passport, do my taxes, find a new cleaner, manage investments again etc etc. Just focus on my work and my family 100%.
I can’t afford to employ a team of people to do it like a proper family office would, and it feels like it’s too broad a range of skills for a single assistant to cover, even if it wouldn’t actually be that time consuming. I’d also worry about giving any individual complete access to my online banking etc.
Does a service like that exist? Is it practical if your net ultra wealthy? What is it even called?
yep, some call it a suitable wife. I worked overseas in multiple locations often at short notice for years ....and she filled that role as much a legally possible ( you have to sign your own passport , taxes etc for example but legwork done before ) . Like a full time PA ....expensive ! I basically want to never have to open another letter, fill out another form, renew a passport, do my taxes, find a new cleaner, manage investments again etc etc. Just focus on my work and my family 100%.
I can’t afford to employ a team of people to do it like a proper family office would, and it feels like it’s too broad a range of skills for a single assistant to cover, even if it wouldn’t actually be that time consuming. I’d also worry about giving any individual complete access to my online banking etc.
Does a service like that exist? Is it practical if your net ultra wealthy? What is it even called?
I have known lots of individuals / families utilising this service - it is an old fashioned PA - or personal assistant... often also just referred to as a secretary
think of it like a nanny for adults
- lots of families where someone comes in for a few hours each day, or a couple of days a week
how to find - simply need to find someone organised - very often a good job for a local mother (not intended to be sexist) - there are in many places a number of women who stay at home due to young children but who used to have good jobs prior to that / are very capable, but are often bored between 9.30 and 2.30 each day...
lots of those I know who have these staff have had them for 20-30+ years... tends to be one of those roles where they become a part of the family
think of it like a nanny for adults
- lots of families where someone comes in for a few hours each day, or a couple of days a weekhow to find - simply need to find someone organised - very often a good job for a local mother (not intended to be sexist) - there are in many places a number of women who stay at home due to young children but who used to have good jobs prior to that / are very capable, but are often bored between 9.30 and 2.30 each day...
lots of those I know who have these staff have had them for 20-30+ years... tends to be one of those roles where they become a part of the family
The generally accepted halfway house is a concierge service. Very few would touch the investments however, for regulatory purposes.
For a number of years my father had an assistant to run his private office who was a retired RLC Major. She was excellent and covered most of the things that you mentioned.
A friend of mine has a chap who he - rather grandly - calls his factotum. Effectively a modern-day valet/'gentleman's gentleman' who runs all of said friend's personal admin and household
For a number of years my father had an assistant to run his private office who was a retired RLC Major. She was excellent and covered most of the things that you mentioned.
A friend of mine has a chap who he - rather grandly - calls his factotum. Effectively a modern-day valet/'gentleman's gentleman' who runs all of said friend's personal admin and household
ClaphamGT3 said:
The generally accepted halfway house is a concierge service. Very few would touch the investments however, for regulatory purposes.
For a number of years my father had an assistant to run his private office who was a retired RLC Major. She was excellent and covered most of the things that you mentioned.
A friend of mine has a chap who he - rather grandly - calls his factotum. Effectively a modern-day valet/'gentleman's gentleman' who runs all of said friend's personal admin and household
Factotum. A new word for me For a number of years my father had an assistant to run his private office who was a retired RLC Major. She was excellent and covered most of the things that you mentioned.
A friend of mine has a chap who he - rather grandly - calls his factotum. Effectively a modern-day valet/'gentleman's gentleman' who runs all of said friend's personal admin and household
If you want the investment side and are not quite at Family Office level then there are some Multi-Family Offices out there that will look after several families for a lower overall cost.
The issue when you move beyond PA services is that people capable of handling proper investments, with proper sized portfolios, want proper compensation. As a result a good FO costs real money to run (unlikely to be viable even if you're "only" an entry level UHNWI).
MFOs are obviously less personal but still, in theory, mean you access staff of the right calibre.
If you don't want the investment side then a good PA and concierge service will get it done unless you complicate it by having many other staff, overseas property, or a busy travel schedule.
The issue when you move beyond PA services is that people capable of handling proper investments, with proper sized portfolios, want proper compensation. As a result a good FO costs real money to run (unlikely to be viable even if you're "only" an entry level UHNWI).
MFOs are obviously less personal but still, in theory, mean you access staff of the right calibre.
If you don't want the investment side then a good PA and concierge service will get it done unless you complicate it by having many other staff, overseas property, or a busy travel schedule.
Steve7777 said:
Does anyone who isn’t a 10x millionaire have anything like a family office, or some sort of mega private PA that takes care of their life/admin/finances for them?
I basically want to never have to open another letter, fill out another form, renew a passport, do my taxes, find a new cleaner, manage investments again etc etc. Just focus on my work and my family 100%.
I can’t afford to employ a team of people to do it like a proper family office would, and it feels like it’s too broad a range of skills for a single assistant to cover, even if it wouldn’t actually be that time consuming. I’d also worry about giving any individual complete access to my online banking etc.
Does a service like that exist? Is it practical if your net ultra wealthy? What is it even called?
My brother has one but is currently sailing around the Greek islands on a yacht - I’ve msg’d him for details but it doesn’t even seem to have been received. Personally I tend to put most post in a drawer which is free and effective - although history may change that one day I basically want to never have to open another letter, fill out another form, renew a passport, do my taxes, find a new cleaner, manage investments again etc etc. Just focus on my work and my family 100%.
I can’t afford to employ a team of people to do it like a proper family office would, and it feels like it’s too broad a range of skills for a single assistant to cover, even if it wouldn’t actually be that time consuming. I’d also worry about giving any individual complete access to my online banking etc.
Does a service like that exist? Is it practical if your net ultra wealthy? What is it even called?
akirk said:
I have known lots of individuals / families utilising this service - it is an old fashioned PA - or personal assistant... often also just referred to as a secretary
think of it like a nanny for adults
how to find - simply need to find someone organised - very often a good job for a local mother (not intended to be sexist) - there are in many places a number of women who stay at home due to young children but who used to have good jobs prior to that / are very capable, but are often bored between 9.30 and 2.30 each day..
it has been said, ......... If you want something done, ask a busy person !think of it like a nanny for adults
how to find - simply need to find someone organised - very often a good job for a local mother (not intended to be sexist) - there are in many places a number of women who stay at home due to young children but who used to have good jobs prior to that / are very capable, but are often bored between 9.30 and 2.30 each day..
I suspect there is a opportunity for such a service to exist. I do miss having a very good EA as I had when I worked full time.
As it is I do have a top-grade investment manager and a very good tax accountant, so that is a lot of the heavy lifting.
I drop off my own dry cleaning, book my own appointments for doctor, dentist, car dealer etc pretty much like most people. Most of my bills are on line so it is a breeze to do them on my laptop. I do my own credit card renewals and passport renewals.
I have a good Amex concierge for travel, restaurant bookings etc and have private banking where I can so almost anything on a phone call - The only reason I go to the bank is for foreign currency which they have ready for me.
I do miss the instant filing and retrieval of information as I still work on boards, but in most cases these days there is an on-line board portal where all of the stuff exists.
Still, it is a lot of individual services rather than one overall.
As it is I do have a top-grade investment manager and a very good tax accountant, so that is a lot of the heavy lifting.
I drop off my own dry cleaning, book my own appointments for doctor, dentist, car dealer etc pretty much like most people. Most of my bills are on line so it is a breeze to do them on my laptop. I do my own credit card renewals and passport renewals.
I have a good Amex concierge for travel, restaurant bookings etc and have private banking where I can so almost anything on a phone call - The only reason I go to the bank is for foreign currency which they have ready for me.
I do miss the instant filing and retrieval of information as I still work on boards, but in most cases these days there is an on-line board portal where all of the stuff exists.
Still, it is a lot of individual services rather than one overall.
Why not put an ad in the local newsagents in the posher villages/end of town, suggesting part-time work for a retired PA/secretary. Gut feeling says that advertising on social media would be opening a massive can of worms, plus you are likely to get bombarded by agencies.
Listing some of the tasks required. Words such as polite/organised/meticulous/discreet/proactive should feature. You could start at, say, two hours a day, or a couple of days a week, and increase/decrease this as necessary. To do the job effectively, they will need access to you email and bank accounts. Are you willing to do this?
It shouldn't take long to determine if you have the right person.
Listing some of the tasks required. Words such as polite/organised/meticulous/discreet/proactive should feature. You could start at, say, two hours a day, or a couple of days a week, and increase/decrease this as necessary. To do the job effectively, they will need access to you email and bank accounts. Are you willing to do this?
It shouldn't take long to determine if you have the right person.
I’ve always wondered about a service like this, if I was a multi millionaire I wouldn’t want to do a single bit of admin bollo@x ever again. But then I’ve also thought it would be rife for temptation. Like the previous poster said they would have access to your bank accounts so you would then have to employ another person to check up on your admin assistant.
Mrs W does this for someone. Not the investment bit, but most of the rest including accounts etc. She used to have quite a big job so is used to the dynamic, and is very discreet. She does it now because she’s organised, can do fairly complex book-keeping and has some spare time. Requires significant trust and not being too bothered about big egos and being asked to do trivial stuff without batting an eyelid.
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