History of Family Offices
Family offices provide a full range of wealth management and family services for
the richest families in the world.
By following the expectations of customers, family offices assist these families in
their asset growth and wealth inheritance across generations.
Family offices first originated from the royal families, and later aristocrats and
wealthy individuals also participated.
After more than 15 centuries of development, family offices nowadays provide
services and solutions in larger scales.
Early family offices were mostly private family-operated companies, and
their operators could tailor exclusive and personalized services.
However, in light of the huge operational costs, these single-family offices
began to provide services to other families concurrently.
Modern family offices are mainly operated by the richest families themselves
or service providers from the financial sector.
Reasons for Setting up a Family Office
The demand for family offices has become more intense due to the number of
super families and their wealth is growing rapidly.
Family offices play an important role in the management of wealth, promoting communications and wealth inheritance among family members.
The core of the family offices is wealth investment management. A comprehensive
family office provide customers with customized services including but not limited to
financial planning, family strategies, family governance and professional consultations.
In addition, family offices take the long-term development of family assets and the
inter-generational inheritance of wealth as their ultimate goal.
When a HNW family develops to a certain size, inter-generational inheritance is
no longer simple.
Family offices can assist family members to avoid disagreement and reduce disputes
in the process of both material and spiritual inheritance.