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Family offices
How the wealthiest families organize their money, and the firms that serve them.
A family office manages the financial and often personal affairs of a wealthy family. A single-family office serves one family and is typically owned by it; a multi-family office serves several families and operates as a business, often registered as an investment adviser.
Family offices handle more than investments: tax, estate planning, philanthropy, insurance, bill pay, reporting and the coordination of outside lawyers and accountants. The line between multi-family offices and large independent wealth firms has blurred as RIAs add those services to compete for ultra-high-net-worth clients.
Financial ADVSR covers family offices, the advisors who build them and the firms competing for the wealthiest clients.
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Questions
What is a family office?
An organization that manages a wealthy family’s investments and wider financial affairs, such as tax, estate planning, philanthropy and reporting. Single-family offices serve one family; multi-family offices serve several.
Do family offices register with the SEC?
A single-family office that advises only family clients and meets the conditions of the SEC’s family office rule is excluded from the definition of investment adviser and does not register. Multi-family offices generally register as investment advisers.
What is the difference between a multi-family office and a wealth manager?
Multi-family offices typically serve fewer, wealthier clients with a broader set of services and deeper coordination of their affairs. Many large RIAs now offer similar services, so the distinction is often one of focus and scale.