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Essay / Family Office Essay - 926
Essentially, three questions will help you determine your possible success in starting a family office: • Do I have enough expertise to satisfy my clients? As the list of services shows, wealthy families are looking for a comprehensive manager and advisor. In order to generate interest in your family office, you need to be able to highlight your expertise in many areas. Additionally, you need to offer something different from countless other wealth management companies in order to attract clients and convince them to work with you. • Do I have enough connections to start? As mentioned above, competition for customers in the industry is tough. Since you're essentially asking a wealthy family to trust you with their money, you need a strong network of people who already trust you and know your abilities. • Do I have enough money? Starting a family business requires a certain amount of wealth. You must also be able to meet the legal requirements to start your