COST OF OPERATING A FAMILY OFFICE

1%: Approximate cost of family office expenses in relation to its total active assets (per annum)

General categories of expenses: 1

Internal operating costs: salaries and employment benefits, overhead, telecoms, technology

2

Direct family expenses: homes, art or other collections, travel, administration, consumption, taxes

3

External professional service fees: accounting, taxes, legal, consultants, insurance, and security

4

Investment advisory fees: research and data, aggregated reporting