> When does it make sense to have a family office?
When your networth is high enough such that paying for a professional money management means you get to recoup back the time you otherwise would have to spend to do so.
Family offices often deals with more than just finances, but also things like butler/chauffeur and other utilities (like gardening etc), and if they are truly rich, they would provide a fixer type service (e.g., somebody to get you what you want - like if you wanted a yacht/mansion/luxury goods, they'd be the one doing the looking and present to you the good options without you having to sweat).
That makes sense, although of course most people with significant assets pay for professional money management (there are several "tiers" of this kind of service, e.g. wealth managers) without actually having a family office.
The tl;dr seems to be "when it saves you time/effort," vs. "here is a financial threshold where a family office is more financially efficient than a traditional wealth manager." Right?
When your networth is high enough such that paying for a professional money management means you get to recoup back the time you otherwise would have to spend to do so.
Family offices often deals with more than just finances, but also things like butler/chauffeur and other utilities (like gardening etc), and if they are truly rich, they would provide a fixer type service (e.g., somebody to get you what you want - like if you wanted a yacht/mansion/luxury goods, they'd be the one doing the looking and present to you the good options without you having to sweat).