The Family Office
The Family Office has their roots in the sixth century, when a king's steward was responsible for managing royal wealth. Later on, the aristocracy also called on this service from the steward, creating the concept of stewardship that still exists today.
Although each Family Office is unique to some extent and varies with the individual needs and objectives of the family it is devoted to, it can be characterized as a family-owned organization that manages private wealth and other family affairs.
Though families with great wealth have many options for wealth management solutions, those with significant assets often choose to build their own private wealth management firms, called "family offices".
Those seeking to create a cost-effective wealth management process that provides ease of communication, transparency, privacy and control use them. Additionally, a family office can provide the structure to strengthen family bonds through the shared experience and responsibility of wealth stewardship.
Establishing a family office should be approached the same way as creating any other successful business: start with a good plan.