WHAT IS A FAMILY STEWARD?
Most people will have heard of the medieval steward: a trusted servant who supervised his master’s estate. Although the concept of the family steward finds its origins in this medieval phenomenon, the responsibilities of the family steward in this day and age can be best explained by analogy with a “family office”.
A family office integrates and coordinates the efforts of various advisers to assist wealthy individuals and their families. Usually family offices consist of a team of professionals who work exclusively for one or (at most) a couple of families and often represent a high fixed cost.
Although the situation of most wealthy individuals and their families does not require or justify this expense, administrative and trusted assistance may nevertheless be desirable. This is where a family steward could be an interesting option.
A family steward is a trusted person who is familiar with your financial and legal matters and will be your main contact person. The family steward is not an additional specialist but plays a coordinating role in dealing with your existing network of advisers and looks after all your administrative matters.
The steward’s role role is to shorten the lines of communication and whenever action is required he will step in and coordinates with the appropriate parties. He will be your main contact person and keeps you up-to-date on all your affairs.