# What is a Family Office?

> A guide to the family office – a management model that centralises all the assets and financial aspects of a family or individual, and how anyone can adopt the idea.

- Canonical URL: https://www.shavve.io/en/articles/family-office-guide
- Category: Budget & money habits
- Published: 2023-07-01 · Updated: 2026-11-03
- Reading time: 7 min
- Language: English
- Shavve - שווה — https://www.shavve.io/en

## The short version

- A family office centralises all your assets and finances in one place – investments, pension, insurance and more.
- The goal: control, saving money and smarter planning for the future.
- What was once reserved for the wealthy is now accessible to everyone with digital tools.
- It's not just managing money – it's understanding it and making smart decisions over time.

"Family office" sounds like something for the rich. The idea behind it is much simpler: **see your whole financial picture in one place**, and manage it on purpose.

## Family office – what is it?

A family office is a management model that centralises in one place all the assets and financial aspects of a family or individual. It can include managing investments, pension, insurance, real estate, estates, inheritances, tax planning and day-to-day expenses.

The goal is a single comprehensive view of the whole picture – to save money, prevent duplication and improve decisions over time. Originally this service was common mainly among owners of large capital, but with technological progress it is becoming accessible to ordinary people too.

**Then**
- A service for owners of large capital
- A team of wealth managers, advisers and accountants
- Information scattered across many bodies and documents

**Now**
- Digital tools accessible to everyone
- All the data – pension, insurance, bank, credit – at the click of a button
- Visual and clear even for people who don't understand finance

## Digital progress changed the game

The technological revolution has changed finance. Today you can reach all your data at the click of a button: pensions, provident funds, insurance, banks and credit – in one place. So the family-office idea no longer needs a large budget, only a smart tool that connects everything together.

That is the essence of a family office in the new era: **not just managing money, but understanding it**.

## It's not just for the rich – it's for everyone

Family-office services used to be reserved for families with large capital. Today, thanks to digital tools, open banking and access to information, you can enjoy these benefits without wealth managers or personal advisers. It is an eye-level approach that suits an employee, a self-employed person, a young family or someone nearing retirement.

Try it yourself: a quick snapshot of assets and liabilities. The numbers stay in your browser.

*A snapshot: what are you worth? (on the website: an interactive calculator)*

Part of being in order is knowing where your income goes. A simple split into needs, wants and saving is a handy starting point – a rule of thumb you can adapt:

*Splitting your income: needs, wants and saving (on the website: an interactive calculator)*

### A personal family office in 5 steps

1. **Map your assets** — Bank accounts, pension, funds, provident funds, investments and property – all on one list.
2. **Map your liabilities** — Mortgage, loans, credit – so you see the net picture.
3. **Check the costs** — Fees, insurance and overlaps – where you can save.
4. **Set goals** — An apartment, children's education, retirement – each with a time horizon.
5. **Set a review routine** — How many times a year you look at the whole picture again.

## Order, control and planning ahead

The big advantage is the comprehensive view. It is not a one-time check of your bank account or pension fees, but an ongoing process of control and monitoring. With everything in one place it is easy to spot gaps, insurance duplication and unmanaged savings, and to prepare for future scenarios.

- Buying an apartment
- Retirement
- Helping children
- Inheritances
- Changes in the market or health

**A periodic review – what to look at**

- [ ] All accounts and savings – is there anything I forgot
- [ ] Insurance – any duplication or gaps
- [ ] Pension and funds – track and fees
- [ ] Loans and credit – rates and repayments
- [ ] Goals for the next year and the next ten
- [ ] Important documents – where they are and who knows

### A suggested review rhythm

- **Every month** — A quick look: Balances, unusual spending and alerts.
- **Every quarter** — Savings review: Tracks, returns and fees.
- **Once a year** — A full review: Pension, insurance, goals and inheritance.
- **When something changes** — Update: A birth, a move, a new job or a change in family status.

## A simple home version: five layers

Ordinary families do not need a team of investment managers. You can adopt the idea in five layers, from the base to the more complex, and move to the next layer only once the previous one is stable.

| Layer | What you do | Result |
| --- | --- | --- |
| 1. Mapping | Gather all assets and liabilities in one place, including pensions and insurance | A full picture of what you have |
| 2. Organised documents | A tidy folder for property, insurance, mortgage and pension papers | Quick access, even in an emergency |
| 3. Insurance and cover | Check duplicates and gaps in family cover | Suitable protection, with no needless payment |
| 4. Planning | Family goals, a budget and saving, an emergency fund | Decisions made to a plan |
| 5. Continuity | Beneficiaries, a will and a continuing power of attorney, with legal advice | The family stays protected even when something changes |

## Which documents to gather

**A basic family file**

- [ ] The latest pension, provident and study fund statements.
- [ ] Insurance policies: life, health, car and home, and the agent's details.
- [ ] Mortgage and loans: the balance and the repayment schedule.
- [ ] Property papers, such as purchase contracts and a land registry extract.
- [ ] The beneficiaries on each product, updated when family circumstances change.
- [ ] A list of accounts and permissions, and who can access them.

## The rhythm of reviews

A successful family office is not a one-off project but a rhythm. Once a month check the budget and cash flow, once a quarter check net worth, and once a year do a full check of pensions, insurance, beneficiaries and goals. After a significant event, such as a birth or a change of job, update everything. You can work out net worth in the [net-worth calculator](https://www.shavve.io/en/tools/net-worth-calculator) and build the budget with the [family budget guide](https://www.shavve.io/en/articles/family-budget-guide).

> **Note — Professional advice**
> Subjects such as a will, a continuing power of attorney, tax and estate planning need a lawyer or licensed adviser. This guide is a general framework and not a substitute for advice.

## A 90-day plan

- **Month 1** — Mapping and documents: Gather assets, liabilities, policies and statements, and organise them in a folder.
- **Month 2** — Check cover and costs: Check insurance, management fees and fixed costs, and decide what to change.
- **Month 3** — Planning and rhythm: Set goals, a budget and a review rhythm, and update beneficiaries.

## Who does what in the family

| Role | What it includes | Tip |
| --- | --- | --- |
| Mapping owner | Updates the list of assets and liabilities | Once a quarter is enough |
| Documents owner | Keeps the family folder and makes sure there is access | Also a secure digital copy |
| Insurance owner | Checks cover and renewals | Once a year |
| Budget owner | Runs the monthly review | Together with every adult |

## Common mistakes

- Running everything in one person's head, with nobody else knowing where things are.
- Organising once and never updating.
- Not updating beneficiaries after a family change.
- Waiting for an event to discover that a document or cover is missing.

## A family emergency file

One of the biggest advantages of financial order shows up exactly when something happens: illness, an accident or a death. Family members need to know where things are, not look for them under pressure. A family emergency file is a single, up-to-date document that gathers what you need to know on the day a member of the household is unavailable.

**What the file includes**

- [ ] A list of bank accounts, credit cards and policies, with the provider's name and the contract number.
- [ ] The details of the agent, the adviser and the accountant, and how to reach them.
- [ ] Where the original documents are kept, such as purchase contracts, a will and policies.
- [ ] Who is authorised to act on each account, and with what permissions.
- [ ] Fixed expenses that must keep being paid, such as the mortgage and insurance.

## How to share financial information in the family safely

- Do not send sensitive documents or passwords in ordinary messages.
- Use a password vault or encrypted storage that the adult members of the household can access.
- Define who sees what: not every family member needs access to everything.
- Update the file after every change, and change permissions when someone leaves the picture.

## When to turn to a professional

- Estate planning, a will and a continuing power of attorney: a lawyer.
- Tax on assets, a business or different incomes: an accountant or tax adviser.
- Choosing pension and insurance products: a licensed pension adviser or insurance agent.
- Large investment decisions: a licensed investment adviser.

A home family-office framework helps you reach the professional prepared: with a full picture, documents and precise questions. That saves time and improves the quality of the advice.

## A half-hour family money meeting: an agenda

A household that runs its money like a family office does not need long meetings. Half an hour at a fixed rhythm is enough:

1. 5 minutes: what changed since last time, such as income, a large expense or a change at work.
2. 10 minutes: a look at the numbers: net worth, this month's budget and the emergency fund.
3. 5 minutes: upcoming dates, such as insurance renewals, report dates and planned withdrawals.
4. 5 minutes: who does what before the next meeting.
5. 5 minutes: one thing to improve this month. Only one.

Write each decision down in one line. When older parents or adult children are part of the picture, add a question: does anyone need help, or authorised access to accounts in an emergency?

After about three meetings, check what is not working. If the meeting feels too long, shorten it rather than drop it.

**Is a family office investment advice?**
Not necessarily. The idea is first of all order and control: seeing the whole picture. Investment or pension advice is a separate licensed service.

**Where do I start?**
Start with a map: gather accounts, savings, insurance and liabilities in one place. Once you see everything you can prioritise what to check first.

**How long does it take?**
A first snapshot can take less than an evening. After that it is enough to refresh it a few times a year or after a major life change.

**Does a family office suit an ordinary family?**
Yes, in a simple version: mapping assets, organising documents, checking insurance and regular reviews. There is no need for a team of investment managers.

**Which documents should I gather?**
Pension and provident statements, insurance policies, mortgage and loan papers, property papers, beneficiary details and a list of accounts and permissions.

**What is a family emergency file?**
A single up-to-date document that gathers accounts, policies, contacts and the location of documents, so family members know what to do when a member of the household is unavailable.

Want to keep going? Also read: [Everything You Wanted to Know About Keren Hishtalmut](https://www.shavve.io/en/articles/keren-hishtalmut-guide).

**Your whole picture, in one place** Shavve brings pension, savings, bank and insurance together – so you can see everything and understand the numbers.

## Sources

- [gov.il – Capital Market Authority](https://www.gov.il)
- [The Pension Clearing House: official site](https://www.swiftness.co.il/)
- [Har HaKesef: locate pension savings and life-insurance policies](https://itur.mof.gov.il/)
- [Har HaBituach: the Capital Market Authority's insurance-search site](https://harb.cma.gov.il/)
- [Capital Market, Insurance and Savings Authority (gov.il)](https://www.gov.il/he/departments/capital_market_insurance_and_savings_authority)