What is a Family Office and Should I Consider Using One?

Family offices are by no means a recent phenomenon. The concept of a family office approach to managing wealth can be traced back to monarchs appointing stewards to manage royal wealth.
This type of wealth administration service later filtered down to the upper nobility, creating the enduring concept of engaging highly competent and experienced professionals to manage, preserve and build wealth and expand legacy—akin to today’s family offices.
In this article, we discuss family offices with particular focus on the difference between a family office and a traditional wealth or investment management firm, and outline two considerations that may help you decide whether a family office approach to managing your, your family’s and/or multigenerational wealth is for you.