Generational wealth requires management and the right expertise to ensure it fulfills family goals and stands the test of time. Often, that expertise is best deployed through a family office – like the one offered by PNC Private Bank Hawthorn®.
Generally, a family office is most effective for families with significant assets – $100 million or $200 million and above. A family office can help support lifestyle management, assist with day-to-day finances and investments, and support longer-term financial goals for high-net-worth families based on the family’s mission, values, and needs.
There are several ways to structure a family office. A single-family office will be focused entirely on one family. This structure can come with significant costs, challenges, and responsibilities since all aspects are managed in-house. Multi-family offices take on the role of a family office but serve multiple clients. These may not be as customizable but are generally more cost-efficient and have the benefit of employing the infrastructure and talent of an established firm. And lastly, a hybrid approach may include managing most services in-house but outsourcing certain tasks to an experienced provider such as PNC Private Bank Hawthorn.
One unique offering has been helping families work through their mission and values to identify purpose-giving opportunities. Managing generational wealth and family dynamics can be a tremendous challenge and running a successful family office is about so much more than just managing money and risk management. PNC Private Bank Hawthorn®, through its Hawthorn Institute for Family Success® is focused on educating families, helping them communicate better about family wealth and finding purpose through each family’s mission, values and giving.
Find out what our brilliantly boring philosophy can do for your wealth.