An Introduction to Family Offices

What is a family office? This question is a difficult one to answer given the vast differences that exist from one family office to the next. The most generalized definition is that a family office assumes the day-to-day administration and management of a family’s financial affairs. Today, there are an estimated 3,500 family offices in the U.S. managing more than one trillion dollars in assets. While every family is unique, there are common situations that might call for a family to consider the advantages of establishing a family office.