Family office - Financial definition
Concise definition of the term family office
A family office is a private wealth management firm that provides comprehensive financial services and advisory to ultra-high-net-worth individuals or families to manage and preserve their wealth.
Comprehensive definition of the term family office
Family offices are bespoke entities established to manage the financial affairs of affluent families, offering a wide range of services including investment management, tax planning, estate planning, philanthropy, and lifestyle management. They operate as single-family offices, dedicated to serving a single affluent family, or multi-family offices, catering to the needs of multiple wealthy families.
Family offices aim to provide personalized and holistic financial solutions tailored to the specific goals and preferences of their clients, often leveraging sophisticated investment strategies and networks of professionals in law, accounting, and finance to optimize wealth preservation and growth over generations.