Brief History of Family Offices

The family office concept dates back to the 1700s in Europe, where its primary purpose was to manage the wealth of aristocratic families and provide centralized financial advice. By the late 19th century, with the rise of industrialists such as J.P. Morgan and John D. Rockefeller, the modern family office model emerged to protect and manage the wealth of entrepreneurs and industrial magnates.

Over time, family offices expanded beyond investment management, incorporating tax planning, estate strategies, risk management, and philanthropy to ensure long-term financial security. Traditional Single-Family Offices (SFOs) are dedicated to managing a single family’s wealth but require significant resources, while Multi-Family Offices (MFOs) provide similar services across multiple families at a shared cost, typically catering to those with $25 million or more in investable assets. But what about the rest of us?