Why the Rich Are Turning to Family Offices

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00:00A 25,000 square foot mansion with 60 rooms and more than 40 staff, that's been a Haralila family

00:06solution for staying close and keeping their clan fairly unified for almost 100 years,

00:13even as it expands to more than 165 family members. The Haralilas built their fortunes

00:19through a string of international hotels. Like many ultra-wealthy families, they're in the

00:24process of starting a family office to manage their finances and affairs. These offices can be

00:30as small as one trusted advisor, or as large as a full team handling everything from charitable

00:36giving to succession and wealth distribution. So how rich do you need to be for a family office to

00:43make sense? Some believe that with tax concessions and new technology, you can start a good one for

00:48as little as $100 million in assets. But other experts say that around $500 million in assets

00:55is the better benchmark. Money alone isn't everything. Running a successful family office

01:00also means setting clear priorities, building the right networks, and navigating a complex

01:06legal landscape. While these offices exist to protect wealth, they run the risk of falling

01:11prey to fraudsters posing as well-connected insiders. When in doubt, remember this. A single family

01:18office should rarely ask for money. It is the money.