Family office

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A family office is a privately held company that handles investment management and wealth management for a wealthy family with the goal being to effectively grow and transfer wealth across generations. The company's financial capital is the family's own wealth. Family offices also may handle tasks such as managing household staff, making travel arrangements, property management, day-to-day accounting and payroll activities, management of legal affairs, family management services, family governance, financial and investor education, coordination of philanthropy and private foundations, and succession planning. A family office can cost over $1 million a year to operate, so the family's net worth usually exceeds $50–100 million in investable assets. Some family offices, dubbed multi-family offices, accept investments from people who are not members of the owning family. A family office is, or operates as, a corporation or limited liability company, with officers and a support staff. Officers...

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