For any wealthy family, managing its assets can be a full time job. Ultra-high net worths will typically have a wide array of investments arranged through differing structures which require oversight and reporting. They also need extensive tax, estate, and philanthropic planning.
The complexity of performing all these functions can be overwhelming, which is why an increasing number of ultra-high-net-worth families are hiring externally to source the right expertise in performing these tasks.
That's not to say a family office can't keep it in the family or has to give up control - we are regularly advising families on how to achieve the balance whilst still benefiting from the many advantages a family office can bring.