What is a Family Office?
A structure & team to preserve wealth and wellness of a family
Aster defines a family office as a structure & team dedicated to preserving a family’s wealth and wellness. Every entrepreneur is physically and mentally healthy and has a strong purpose. This allows him/her to endure an arduous and sometimes treacherous entrepreneurial journey. He/She knows something others do not know (intellectual capital) and starts a business, gets help from people (social capital) along the way, and achieves his/her success (financial capital).
Once people achieve their success, their memory of how they got there fades and they put strong emphasis on financial capital, their end result. To support a big financial capital, you need bigger intellectual and social capital. You need executives and family members who are physically and mentally healthy and have a clear purpose. That’s the best way to preserve wealth, create impact and build harmonious relationships.
Financial capital is a lot more vulnerable than intellectual and social capital. That’s why we hear the phrase “shirtsleeves to shirtsleeves in three generations” which happens if the family pays attention only to financial capital and not enough care to intellectual and social capital. A few coins in a pocket jingles and a pocketful of coins make holes.
A sense of fulfillment and happiness are ultimate life goals and they come from integrated wealth (intellectual, social, and financial) and complete wellness (mind, body, and purpose).