What is a Family Office? How a Virtual Family Office Helps Business Owners and High-Income Earners

NICHOLAS HAMMERNIK • August 20, 2025

What is a Family Office? And How a Virtual Family Office Can Benefit Business Owners and High-Income Earners


Learn what a Virtual Family Office is and how it provides tax, wealth, and business planning strategies once reserved for the ultra-wealthy.



As your wealth grows, so does the complexity of managing it. Business owners and high W-2 income earners often juggle accountants, financial advisors, attorneys, bankers, and insurance professionals—each offering advice, but rarely coordinating with one another.


This lack of alignment can lead to missed opportunities, unnecessary taxes, and added financial stress. That’s where the family office model comes in.


What is a Family Office?


A traditional family office is a private wealth management firm designed to serve ultra-high-net-worth families. It brings all areas of financial life under one roof, coordinating:

  • Tax planning and preparation
  • Investment management
  • Estate planning and trusts
  • Insurance and risk protection
  • Philanthropy and charitable planning
  • Business succession and exit strategies


Think of it as your personal Chief Financial Officer (CFO)—a single point of coordination ensuring your money is working efficiently in every area.

Historically, family offices were reserved for families with $100 million or more. Oprah Winfrey pays $10M-$20M per year to her familty office, Bill Gates pays $200M-$250M per year to his family office.


But with today’s technology and collaboration models, that level of service is now available to anyone through a Virtual Family Office (VFO).


What is a Virtual Family Office?


At Hammernik & Associates, we’ve modernized the family office model by offering a Virtual Family Office to successful business owners and high-income earners.


For years, our clients have come to us asking questions about legal situations, wealth management situations, and insurance situations. We now have built a team of experts in those areas to deliver answers to those questions and provide valuable solutions.


A VFO delivers the same coordinated approach as a traditional family office but at a fraction of the cost. Instead of hiring a full in-house team, we act as the quarterback of your financial life, connecting and managing a team of professionals—including accountants, attorneys, wealth managers, insurance experts, and business advisors.


The benefit? You get big-picture financial strategies, without gaps or duplication, all aligned with your personal and business goals.


Benefits of a Virtual Family Office


1. Pay Less in Taxes

Most people overpay in taxes because their advisors aren’t talking to each other. A VFO ensures your tax strategy, investment strategy, and business structure all work together. We focus on proactive planning, not just year-end filing.

2. One Team, Aligned With Your Goals

No more piecemeal advice. Your accountant, attorney, advisor, and insurance professional are brought together to collaborate, so you get a unified financial plan instead of conflicting recommendations.

3. Protect Your Wealth

Higher income comes with higher risk. We help protect what you’ve built through asset protection strategies, proper entity structuring, estate planning, and insurance coordination.

4. Plan for Business Succession or Exit

For many business owners, the company is their largest asset. A VFO helps design strategies for succession, sale, or exit to ensure maximum value and smooth transition.

5. Gain Clarity and Confidence

Perhaps the greatest value is peace of mind. With a VFO, you gain a clear financial roadmap and confidence knowing every aspect of your wealth is being optimized and monitored.


Who Should Consider a Virtual Family Office?


Our services are best suited for:


  • Business owners generating six or seven figures who want to increase cash flow, minimize taxes, and protect their wealth.
  • Real Estate investors looking to create passive income, add to their asset profile, or reduce the tax burden on the sale of a property.
  • High W-2 income earners a household income of $200,000 or more.
  • Families focused on legacy planning who want to create multi-generational wealth and protection.


Why Choose Hammernik & Associates?


At Hammernik & Associates, we go beyond tax preparation. We help you:

  • Save significantly on taxes with proactive planning
  • Build wealth through coordinated financial strategies
  • Protect your assets and reduce risk
  • Gain true financial clarity and control


Our Virtual Family Office services give you access to the same level of strategy and coordination once reserved for the ultra-wealthy—right here, right now.


Take Control of Your Financial Future


If you’re a business owner or high-income professional, don’t settle for disconnected advice. With Hammernik & Associates’ Virtual Family Office, you’ll have one trusted team guiding every aspect of your financial life.



👉 Ready to see how a Virtual Family Office can benefit you? Contact Hammernik & Associates today to schedule your consultation.

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