Family office



The term family office can refer to a single family office or a Multi-family office. The distinction is important since, despite the similar names, each provides a significantly different service. This article refers principally to single family offices. An SFO is a private company that manages investments and trusts for a single family. The company’s financial capital is the family’s own wealth, often accumulated over many family generations. Traditional family offices provide personal services such as managing household staff and making travel arrangements. Other services typically handled by the traditional family office include property management, day-to-day accounting and payroll activities, and management of legal affairs. Family offices often provide family management services, which includes family governance, financial and investment education, philanthropy coordination, and succession planning. A family office can cost over $1 million a year to operate, so the family’s net worth usually exceeds $100 million. Recently, some family offices have accepted non-family members

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