They take care of the wealth and oversee the affairs of families with a high level of wealth. While their origins could be traced to the period of the Crusades. Family offices have been in existence since the 18th century.
They were founded by wealthy merchants who employed consultants and comrades to supervise financial matters and take care of their families when they went traveling on trade trips.
You can also get the services of family offices via UBS Global.
Image Source: Google
Family offices (FO) Services can trace their roots back as far as 300 years ago, during European time, when European wealthy merchants began setting up private banks. There are a few European banking families that established the foundations for protecting the wealth of their families, are Medicis as well as Rothschilds.
Many private banks are providing services in the area of wealth management for wealthy families. A single-family office is dedicated to the stately affairs of one family. It is a private organization that is responsible for the financial and personal requirements of the entire family. It can also serve the goal of family cohesion.
A single-family office can be described as an entity with limited liability. Its ownership could be in the hands of a family member or a non-family manager that oversees the financial assets of the family.
In general, typically, a Family Office (FO) will manage a variety of things at once that include financial affairs, stewardships, and charitable purposes that are part of the fund.