Lifestyle Management for Family Offices

When affluent families want to live life to their fullest, the lifestyle manager and family office often work hand in hand to run the operation. The responsibilities are high because ultra-high net worth families often have multiple estates, wine cellars with rare vintages, and fleets of exotic automobiles. 

In most cases, the family office will outsource these duties to experienced staff but will oversee the performance following the old adage "inspect what you expect." 

Lifestyle managers need to protect assets

Because the lives of wealthy families are so complex, the lifestyle management duties are often run by a separate division of the family office, sometimes called Private Service. The responsibilities of the department are vast as they manage many sprawling estates, private jets, rare artwork, and sometimes superyachts. 

The depth and breadth of the duties are often so complex that sophisticated family office managers need to ensure that missteps aren't happening, and assets are protected. The risks must be mitigated, and asset protection must be evaluated by a very responsible broker. ​

Lifestyle management includes adequate staffing 

In order to properly engage in lifestyle management for UHNW families and billionaires, the family offices need to have a robust organizational structure put in place. Additionally, evaluations would regularly need to be conducted to ensure that the stability of the network in place is as effective as it should be. Strengths and weaknesses need to be identified. These are just some of the questions that should be asked by the staff in the family office:
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• Are the technology systems in place adequate to protect the assets, or is there an antiquated system that compromises safety and security? 
• Is the insurance covering the assets robust enough to ensure no shortfalls are present?
• Are there enough staff members to guarantee a high level of service?