The History of Family Offices and What Do They Do Today?
Family offices are a world that remains a mystery for the average person. They are, by definition, an exclusive area for very wealthy families and beyond the reach of most people. But, they have a lengthy and rich heritage that dates back hundreds of years.
It does not just define what we would consider an office for families to this day but is also believed to have influenced some of the wealth creation models we have come to depend on.
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What are Family Offices?
The idea is a broad one. They are organizations that oversee the financial wealth of certain families or groups of families when the family has significant assets. Their goal or purpose is to maintain and/or increase the wealth of super-high net worth (ultra-HNW) families in the order they can pass it on to future generations.
In reality, family offices (FO) are able to be involved in the management of every aspect of an estate that affects the family's wealth. As such in various forms, their services could include professional advice on financial matters, estate management as well as practical administration.
These services are offered in various areas. When families own businesses offices can play a significant role in overseeing these interests or even managing their operations on their own. Other families might require assistance and advice to manage and/or expand their portfolios of investments.
Some may require specialist administration and management solutions to ensure the efficient running of the estate in all its aspects including tax administration and management of their farms.