December 5, 2024

In response to growing demand from the super wealthy, family offices have proliferated during the past decade. According to EY, as of 2024, there are now up to 10,000 single family offices globally — ten times as many as in 2008. While you are likely aware that the purpose of a family office is to manage familial wealth, there is no single definition of what doing so entails. This article explores the nature of the modern family office, the top reasons to have one, and some high-level recommendations for your first steps toward forming one.