Create your own Family office

Multiple responsibilities, different roles in limited time takes up most of our mind space leaving little time for taking up something new. Higher posts comes with more responsibilities at work. So, when it is actually time to give attention to your earned money, we remain busy we tend to neglect it. So, is it fair to leave our money unattended and let is rot in a bank account? Identifying this lacuna, the concept of Family Office was initiated.Family Office is nothing but a firm that helps in daily administration and management of the funds of a super wealthy family. It can be from paying your utility bills, your children school fees, managing your home expenses, planning your vacation, buying a stake in any company,making purchase of fine art as investment,estate planning or even planning your taxes. In short, it a group of people especially hired for managing your wealth ,headed by Chief Financial Officer, with intention to preserve it, grow it and pass it on to next generation.

Till now, it is only the wealthiest lot of people, who use this kind of service. Also, it still has to gain momentum in India, in western countries, this concept is already flourishing. India has a handful family offices for the creme dela creme. Like Premji Invest takes care of Azim Premji's wealth, Catamaran Ventures for Narayan Murthy of Infosys.

But the main intention of our discussion today is who all actually needs this kind of services? Who needs services of experts to manage their lives? A probable list could go like as follows

Kind of People	Probable Reasons
Senior Citizens/ Retired Individuals	Unstable Health, Limited knowledge of new technologies
Wealth received in Inheritance	Lack of knowledge, disinterest, habituated to easy access to everything.
Single Parent	Limited time, Limited knowledge of probable requirements for children
Single Women	Majorly disinterest in money matters, high spending.
Anyone else who prefers to focus on his/her work	Prefer expert services for their requirements at a small price.

So,how can we create a concept of similar to family office for this kind of people by applying any of the following:

a) Set up an automated payment channel for all our expenses like home bills, utility bills, monthly investments or reminders for other expenses.

b) Appoint an Investment officer to take care of all investments.

c) Get an Accountant to oversee bank accounts and taxes.

d) Appoint a Financial Planner to plan your goal requirements and oversee your taxes, investments and in future, estate plan.

Thus, family office is nothing but a service, which lets you have complete focus on your business or service, while they care of your personal wealth.

However, this comes with a word of caution as money belongs to us,so timely review is also necessary to see if the arrangement is really working for us.