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Definition of 'Family Offices'
Family offices are private wealth management advisory firms that serve ultra-high net worth investors. Family offices are different from traditional wealth management shops in that they offer a total outsourced solution to managing the financial and investment side of a affluent individual or family. For example, many family offices offer budgeting, insurance, charitable giving, family-owned businesses, wealth transfer and tax services.
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Investopedia explains 'Family Offices'
There are two types of family offices, single family offices and multi-family offices sometimes referred to as MFOs. Single family offices serve one ultra affluent family while multi-family offices are more closely related to traditional private wealth management practices, seeking to build their business upon serving many clients. In addition, the family office can also handle non-financial issues such as private schooling, travel arrangements and miscellaneous other household arrangements.
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