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Family OfficesFamily offices aim to ensure clients’ financial legacy lasts for generations by managing large amounts of wealth that have become too complex for an ultra-high-net-worth individual to handle alone. These private companies provide services such as asset management, succession planning, and more.
To manage these large fortunes, a coordinated team of professionals specializing in law, investing, insurance, and other skills works together for an integrated approach.
Combined, the more than 8,000 single-family offices around the globe manage $5.5T, making them a powerful force in the financial world. That $5.5T number is expected to nearly double by 2030. In recent years, family offices have often invested in private credit, venture capital, and real estate. Explore Family Offices
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More than 2,000 family offices operate in SingaporeThe “Switzerland of Asia,” Singapore, is a haven for global wealth and has attracted a growing number of family offices to set up shop there. Investor Strategy NewsThe origins of modern family offices date back to the 1500sWealth management for families with massive fortunes has evolved over the centuries, with the Rockefellers establishing the first single-family office in 1882. National Law ReviewFamily offices are estimated to manage more assets globally than hedge fundsAs baby boomers prepare to transfer more than $84T in assets to the next generation over the next 20 years, family offices’ impact is expanding. TEDx TalksFamily offices have been increasing their allocations to private creditPrivate firms that manage family fortunes have been investing more in alternatives like venture capital and real estate, impacting the wider financial world. CNBCMore than half of today’s family offices were incorporated after 2010Family offices are impacting capital markets as private wealth grows. Compared to other financial entities, they have a relatively high allocation to alternatives. ExchangesMore than half of family offices have succession plans in placeThe UBS annual report on family offices found that its clients are preparing for trade wars, generative AI, and generational wealth transfers. WealthbriefingThe collapse of Archegos Capital Management drew scrutiny to family officesArchegos, which managed the assets of Bill Hwang, wasn’t subject to the same oversight as traditional investment firms when it collapsed. Congress.govFamily offices have a median of $476M in managed assetsThere are several types of family offices that cater to ultra-high net worth individuals, starting with single-family offices that cost an average of $3.2M annually. NerdWalletIt’s estimated there are 10,000 single-family and 5,000 multifamily offices globallyFamily offices are expanding around the world at a rapid pace, impacting the wider financial landscape. SWFIFamily offices’ estimated wealth is expected to hit $9.5T by 2030The number of family offices, and how much money under their management, is growing rapidly both in the US and around the world. DeloitteLarge family offices often employ 25 to 40 peopleThe structure of a family office varies depending on its size and its needs, and can employ a range of workers from top executives to assistants and tax professionals. Willowdale EquityThe responsibilities of family offices range from managing assets to coordinating travelFamily offices provide a broad swath of services to ultra-high-net-worth individuals that help the family maintain their wealth for generations. InvestopediaAt 12 years old, Mark Zuckerberg built a messaging platform for his family called 'ZuckNet'Mark's family used "ZuckNet" to communicate with each other in different rooms and Mark's dad's dental office, which was connected to their family home. ZuckNet ultimately didn't go anywhere, as AOL's instant messaging platform soon replaced it. YouTubeInside a congressional office, the scheduler is more powerful than you thinkA former congressional scheduler explains that a member's time is the scarcest resource in any Hill office, and controlling the calendar means understanding every competing claim on it, from the legislative team to the member's family. The interview demystifies how a typical House office actually functions, from staff hierarchies to outside resources like the Congressional Research Service. StatecraftConcierge medicine officially began in 1996, with the first concierge practiceMD2 International, a concierge medical office that opened in Seattle, Washington, was founded based on the idea of unrushed, no-wait-time visits and personalized care offerings with strong relationships between patients and their providers. Journal of Family Medicine and Primary Care Edith Roosevelt's White House redesign created the modern West WingIn 1902, first lady Edith Roosevelt oversaw a significant renovation that separated the family residence from official offices. Architect Charles McKim added the West Wing to house the president's staff—establishing the modern layout still used today. Smithsonian MagazineThe average pay for family office executives has soaredAs the number of family offices grows, they’re battling for top talent with traditional financial institutions by bulking up pay and incentive packages. CNBCHistory’s largest intergenerational wealth transfer is happening in the next few decadesThe founder of a multifamily office firm offers lessons on how to preserve wealth for generations from a global perspective, like educating younger family members. CNA InsiderThe Rockefellers’ family office expanded to become a multifamily officeThe Rockefellers created the first known single-family office in the late 1800s but the firm has evolved since to serve many wealthy American families. SpotifyLess than a third of wealth transfers to the second generationJust 12% of family wealth reaches the third generation, and 3% makes it to the fourth. Family offices work to prevent that kind of attrition and ensure family fortunes are passed to the next generation. SimpleSee the small apartment WeWork founder Adam Neumann lived in before he was a billionaireWeWork CEO Adam Neumann used to share a relatively small apartment in New York City with his wife before he became a billionaire off of WeWork. At one point, the apartment rented for $3K per month. Business Insider
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