Financial planning: How family offices are becoming essential for first-generation entrepreneurs and CXOs

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High Net Worth Individuals (UHNIs). Acting as back offices, they cater to families and individuals with investible corpus over ₹5 crores, either as single-family offices for a specific family or as multi-family offices serving multiple families. First-generation entrepreneurs and top management professionals are now turning to family offices for wealth management.

This article delves into the role and scope of family offices for first-gen entrepreneurs and CXOs. Vaishali Lale, Executive Vice President of TrustPlutus, said these individuals typically come from humble backgrounds. "While Family office as a concept is used for large business families with intergenerational wealth, there is a bigger need for family offices among accomplished individuals who have experienced profound shifts in their fortunes through their hard work in successful organisations and entrepreneurial journeys.

Today, they have achieved significant wealth, and having someone independent to look at their financial affairs has become a key requirement for these individuals," said Lale. As the requirements of these individuals become complex, a family office can offer them services beyond investment advice. "Family offices are ideal for those with wealth over 100 crores.

The transition from standard wealth management to a family office is about seeking personalized, comprehensive financial strategies that align with their complex financial realities, beyond just investment advice. A family office does much more than investment management; it looks after every aspect of a family's financial well-being, from portfolio structuring and execution to risk management, which most advisors overlook. It covers everything, even details like opening international