Each family has a unique set of people, investments, cash needs, long term goals and pressing challenges. As a multi-family office, Morrows caters to all these issues for families by providing a totally integrated service package.
Family businesses account for around 70% of all Australian businesses, employing 50% of the workforce1. Whilst Australia is heavily over-represented when it comes to single family offices, where a firm provides financial services for a single family, multi-family offices are relatively scarce in Australia compared to the US and Europe2.
They are now becoming more common in Australia as wealthy families recognise their needs for co-ordinated financial and legal assistance as well as tailored family dynamic coaching to work with their new responsibilities. Morrows has been operating a multi-family office service for several clients for many years covering taxation, accounting, superannuation, portfolio construction and investment guidance, family coaching, asset protection, estate planning, philanthropic strategies, legal advice, concierge services and full estate administration if needed.
The benefits of using Morrows as your family office include:
- One point of contact so that you only have to tell your story and family vision once
- Control of your time by minimising paperwork duplication, travel and co-ordination requirements
- Peace of mind that complex family issues and differing needs of specific family members are monitored and managed
- Security that your family group still controls your money
- Comfort that services are appropriate for and tailored to your family’s needs
- Engagement with younger family members through education and involvement
- Satisfaction that more responsible second generation behaviour is being fostered
- Moderation of the desire of older generations to maintain control of younger generations
- Comfort that your family has a respected advisory group on which to rely, no matter what happens
To find out how we can help you, please contact Morrows or email businessandtax@morrows.com.au.
References:
² Family Business Magazine, ‘How Australia’s ultra-rich manage their money’, Cliona O’Dowd.
Disclaimer: The information provided in this communication is general in nature and not intended to be advice. You should contact our office for further information or for a tailored solution to your needs.