Family offices are financial advisory firms that provide an array of services to manage the fortunes of highly affluent individuals. These institutions are meant to advise these people on how to put their money best to use, whether it is investment advice or charitable endeavours. Family offices can help either one or multiple families.
The benefits of having family offices start from being able to manage the complex trusts of their clients. Family offices help clients align their personal and financial interests and can also help in planning and managing a family's legacy. This entails protecting assets, transferring business, and educating the successors on financial matters.