What Is A Private Family Office?
Family Office Staffing
A Private Family Office, sometimes called a Family Office, is a business entity that handles the financial concerns of ultra-high net worth families (UHNW) and billionaires. The job scope of these offices varies depending on the family or individual, but the Family Office essentially has captive agents handle the wealth management affairs of the clients they represent.
While high-net-worth families do hire renowned wealth management firms to help them manage and invest, ultra-high net worth families and billionaires with vast holdings need dedicated professionals who exclusively handle their business affairs.
The offices that handle the finances often have depth and breadth, and each agent in the office is a subject-matter expert in their respective fields. Just some of the duties of the Family Office include but are not limited to handling insurance, budgets, philanthropy, family-owned business holdings, taxes, and legacy.
A Private Family Office often offers 360 degree solutions for a family's operation, and those non-financial responsibilities are often addressed within the office as well. Estate Managers (aka House Managers) and Personal Assistants (aka Private Secretaries) will handle all day-to-day operations, which include but are not limited to coordinating, managing, hiring and training of household staff; travel arrangements (domestic and international); private schooling and tutors for children; management of art and exotic car fleets; lifestyle management; and any other miscellaneous arrangements. A Chief of Staff will often oversee all aspects of the operation.
While high-net-worth families do hire renowned wealth management firms to help them manage and invest, ultra-high net worth families and billionaires with vast holdings need dedicated professionals who exclusively handle their business affairs.
The offices that handle the finances often have depth and breadth, and each agent in the office is a subject-matter expert in their respective fields. Just some of the duties of the Family Office include but are not limited to handling insurance, budgets, philanthropy, family-owned business holdings, taxes, and legacy.
A Private Family Office often offers 360 degree solutions for a family's operation, and those non-financial responsibilities are often addressed within the office as well. Estate Managers (aka House Managers) and Personal Assistants (aka Private Secretaries) will handle all day-to-day operations, which include but are not limited to coordinating, managing, hiring and training of household staff; travel arrangements (domestic and international); private schooling and tutors for children; management of art and exotic car fleets; lifestyle management; and any other miscellaneous arrangements. A Chief of Staff will often oversee all aspects of the operation.
Single Family Offices vs. Multi-Family Offices
While it's true that ultra-high net worth families and billionaires can afford their own private offices, staffing a Private Family Office with trusted financial advisors that manage hundreds of millions of dollars is not an easy task. Rather than compete for talent, a handful of firms worldwide have a sort of "collective" and UHNW families and individuals pool resources to manage wealth (see graphic below).
Here are some of the world's most influential U.S. Family Offices