This term merges two important elements in life: family and work. As the name indicates, a family office is the in-house office of one (Single Family Office) or more (Multi Family Office) families: a form of organization offering the family comprehensive and bespoke solutions in the management and care of its financial and non-financial matters.
A family office coordinates and centralises all services of which a family would like to avail itself: from wealth management and fiduciary services, legal and tax advice, inheritance and estate planning, accounting, controlling and reporting to concierge services such as paying bills, managing real estate, organising travel and family gatherings, and so on. Whatever it is, a family office offers these services – either in-house or through external partners –, bundles them and offers the family sustainable solutions across generations.
The family accordingly has only a single and direct contact partner for all concerns in all circumstances of life. A family office does not sell products, but rather offers 360° overall support. The responsibilities and activities of a family office are determined solely by the needs and goals of the family, which often is simultaneously both the client and the owner. In principle, a family office covers three essential components: strategy – management – controlling. It helps the family define and develop joint, long-term goals and offers an operational platform to implement those goals. Finally, the family office monitors achievement of the defined goals.