This term is used for an organisation that serves by managing the wealth of ultra-high-net-worth (UHNW) investors. They differ from the traditional wealth management firms, as they manage the financial and investment side of an affluent individual or family by giving an outsourced solution. From offering budgeting, insurance, philanthropic activities to supervision of family-owned business, wealth transfer, and tax services, this service is an all-encompassing one.
The modern day concept of family offices was started in the 19th century with wealthy businessmen J.P. Morgan setting up offices to take care of his family assets.