The responsibilities of family offices range from managing assets to coordinating travel
Family offices provide a broad swath of services to ultra-high-net-worth individuals that help the family maintain their wealth for generations.
Family Offices
Overview
Family 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.
1440 Findings
Hours of research by our editors, distilled into minutes of clarity.
The origins of modern family offices date back to the 1500s
Wealth management for families with massive fortunes has evolved over the centuries, with the Rockefellers establishing the first single-family office in 1882.
More than half of today’s family offices were incorporated after 2010
Family offices are impacting capital markets as private wealth grows. Compared to other financial entities, they have a relatively high allocation to alternatives.
Large family offices often employ 25 to 40 people
The 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.
Family offices’ estimated wealth is expected to hit $9.5T by 2030
The number of family offices, and how much money under their management, is growing rapidly both in the US and around the world.
Family offices are estimated to manage more assets globally than hedge funds
As Baby Boomers prepare to transfer more than $84T in assets to the next generation over the next 20 years, family offices’ impact is expanding.
VideoWhat is a Family Office and Why Does it Matter? | Ron Diamond | TEDxDavenport
It’s estimated there are 10,000 single-family and 5,000 multifamily offices globally
Family offices are expanding around the world at a rapid pace, impacting the wider financial landscape.
Family offices have a median of $476M in managed assets
There 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.
The Rockefellers’ family office expanded to become a multifamily office
The Rockefellers created the first known single-family office in the late 1800s but the firm has evolved since to serve many wealthy American families.
Less than a third of wealth transfers to the second generation
Just 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.
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