A family office refers to a private wealth management advisory firm that manages private wealth, investments and trust services for high net-worth individuals and families. These services may incorporate elements of home, investment, and travel management. Traditional family offices may also provide services such as household staff, private schooling and travel arrangements for the family, in addition to investment offerings. The services provided by Family offices typically include day-to-day accounting, property management, wealth transfer, litigation, payroll, investments, insurance, charities, family business management, wealth management and tax planning.
Family offices differ from traditional wealth management offerings, as they offer an all-inclusive solution to managing the finances and investments of a wealthy individual or family, in addition to some household related services.There are two types of family offices � single-family offices and multi-family offices. Single-family offices serve the needs of one wealthy family, whereas multi-family offices build their business by offering their services to multiple high net-worth clients and families.