A family office is a privately advisory firm incorporated for the purpose of managing and growing high net worth individuals and families wealth. It’s an evolution of the financial advisor role, offering a holistic approach to asset management for those with substantial investable assets.
With origins tracing back to wealthy 19th century European and American families, family offices have a long history of providing a wide range of highly specialized and custom-tailored services.
This arrangement differs from a typical wealth management firm because the family can benefit from completely undivided, in-house attention from a hand-picked staff that manages all facets of wealth management, including tax planning, investment management, estate planning, Trusts, philanthropy and more.
Family offices have become known for their unbiased advice and objectivity, and the integration and coordination of the services they provide with those of the family’s other advisors. They provide highly customized service for several generations of the same family.
A relatively recent phenomenon is the multi-family office, where one firm manages the affairs of multiple wealthy families.
