The Family Office

Abstract

The author describes the ways in which family offices have been developed in the United States, tracing the expansion in the numbers of such offices and the roles which they are playing. She also offers a critique, suggesting that institutional stress has led certain offices away from their original role. She goes on to offer suggestions for improvement, discussing both a return to the basics and the incremental areas of focus needed by first generation wealth. She concludes with a discussion of how this prototype could be adapted for use outside the United States. In short, the paper emphasizes that the core value of a successful family office is to retain its focus on complete dedication to the needs of its family.