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Best Family Office Service Providers

The family office provides a wide range of services to high-net-worth individuals or families. The primary goal of A family office is to provide a holistic view of a family's trust, estate planning, taxation, shareholder agreements in holding companies, and wealth management . We at Numbro have end-to-end in-house capabilities to cater to the needs of the entire family.

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    These family offices can be categorized into two main types

    1. Single-Family Office (SFO): This type of family office serves a single wealthy family or a closely related group of families. The SFO is entirely dedicated to the specific needs and preferences of that particular family and provides personalized services accordingly.
    2. Multi-Family Office (MFO): A multi-family office, as the name suggests, caters to the financial and wealth management needs of multiple high-net-worth families. By pooling resources and sharing costs, MFOs offer similar services as SFOs but to a group of clients, making them a more cost-effective option for families with significant wealth but not enough to warrant establishing a dedicated SFO.

    What are the types of Family Office Services?

    1. Investment management: Family offices provide investment advisory services, including portfolio management, asset allocation, and investment strategy development. They aim to preserve and grow the family’s wealth by investing in a diversified range of assets such as stocks, bonds, real estate, private equity, hedge funds, and more.
    2. Financial planning: Family offices assist in developing comprehensive financial plans that take into account the family’s long-term goals, risk tolerance, cash flow needs, tax considerations, and estate planning. They help families create strategies for wealth transfer, charitable giving, and generational wealth preservation.
    3. Tax planning and compliance: Family offices have expertise in tax planning and work closely with tax professionals to optimize tax strategies, minimize tax liabilities, and ensure compliance with applicable tax laws and regulations. They help families navigate complex tax issues related to investments, estates, trusts, and cross-border transactions.
    4. Estate planning and administration: Family offices assist in developing estate plans to ensure the smooth transfer of assets from one generation to the next. They help families create and manage trusts, establish philanthropic initiatives, and navigate legal complexities related to estate administration.
    5. Risk management and insurance: Family offices analyze and mitigate various risks faced by affluent families, including property and casualty risks, liability risks, and personal security risks. They provide guidance on insurance coverage and risk management strategies to protect the family’s assets and interests.
    6. Lifestyle management: Family offices offer concierge-like services to help manage the personal and lifestyle needs of the family. This may include travel arrangements, event planning, private staffing, philanthropic coordination, and other personalized services tailored to the family’s preferences.
    7. Philanthropy and social impact: Family offices assist families in developing and executing philanthropic strategies. They help identify charitable causes aligned with the family’s values, establish charitable foundations or donor-advised funds, and manage philanthropic initiatives to make a positive social impact.
    8. Family governance and education: Family offices provide guidance on family governance structures and facilitate communication and decision-making among family members. They may organize family meetings, offer educational programs on financial literacy and wealth management, and help foster a shared vision and values within the family.

    It’s important to note that the services provided by family offices can be highly customized to meet the specific needs of each family. Some families may choose to establish a single-family office dedicated exclusively to their needs, while others may opt for a multi-family office that serves multiple families with similar wealth management requirements.

    Who Typically Uses A Family Office?

    Family offices in India are typically utilised by wealthy individuals and affluent families who have substantial financial resources and complex financial, investment and personal requirements.

    For instance, let’s look at Reliance Industries Ltd CMD Mukesh Ambani’s family. The Ambani family is one of the wealthiest in India and has diverse business interests in sectors such as petrochemicals, telecommunications and retail.

    The Ambani family office provides them with a dedicated team of professionals who assist in managing their investments, optimising their tax positions, managing philanthropic activities, among others.

    How Does A Family Office Differ From A Traditional Wealth Management Firm?

    The key distinction between a family office and a wealth management firm lies in their client focus. A family office serves one or a small number of UHNI families, offering personalised and comprehensive services tailored to their specific needs.

    On the other hand, wealth management firms cater to a broader clientele comprising several affluent investors, providing more standardised services to meet their financial goals.

    What Role Do Family Offices Play In Startup Investments?

    As startups gain recognition as a lucrative asset class, traditional family offices are embracing the trend and allocating a portion of their portfolios (typically around 10%-20%) to startup investments. According to a 2021 report by 256 Network and Praxis Global Alliance India, family offices invested over $5 Bn in Indian startups in the last few years.

    There are several reasons behind family offices increasing their investments in Indian startups. First, the Indian startup ecosystem is maturing and there are a number of promising startups with soaring valuations (read unicorns) that are attracting the attention of family offices.

    Family offices are also looking for new investment opportunities, and startups offer the potential for high returns. Besides, they are looking to back new generation entrepreneurs who have the ability to bring disruptive technologies in traditional sectors.


    Q: What is the purpose of a family office?

    A: The purpose of a family office is to provide comprehensive support and guidance to high-net-worth families in managing their wealth and addressing their financial needs. Family offices offer a centralized hub where families can access a wide range of services and expertise, allowing them to navigate complex financial matters effectively and achieve their short- and long-term goals.


    Q: How are family offices structured?

    A: Family offices can have different structures based on the needs and preferences of the family. The two main types are single-family offices (SFOs) and multi-family offices (MFOs).

    • Single-family offices (SFOs): These are dedicated to serving a single affluent family and are typically established when a family’s wealth reaches a significant threshold. SFOs provide personalized services tailored to the specific needs of the family.
    • Multi-family offices (MFOs): MFOs serve multiple wealthy families, providing shared services and pooling resources. This structure allows families with lower levels of wealth to access comprehensive services that may be more cost-effective than establishing individual SFOs.


    Q: Do family offices provide legal or accounting services?

    A: Family offices may provide coordination and oversight of legal and accounting services, but they typically do not offer these services directly. Instead, they work closely with external professionals, such as attorneys and accountants, to ensure that the family’s legal and accounting needs are met. The family office acts as a central point of contact and helps coordinate the efforts of these external service providers.


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