Family offices manage large amounts of wealth for private customers. The term family office is sometimes used to refer to certain services provided by wealth managers and to certain wealth-management practices.
Family office services are offered by both banks and independent wealth managers. A difference is made between single family offices, which work exclusively on behalf of a single wealthy family, and multi-family offices, which manage the wealth of several families.
Switzerland hosts between 300 and 400 family offices, making it the family office hub of Europe.
Services provided by family offices include asset consolidation, investment advisory, asset allocation and securities risk management.
Other services provided to family office customers include tax consultation, real estate services (buying, selling, research), estate planning, retirement planning, philanthropy, lifestyle management, concierge services, trust management, creation of legal wills and testaments, M&A, family training, family governance, various types of financing, insurance solutions, bank account management, and the establishment of foundations and associations.