Ever since wealth emerged, in the form of ownership of property, slaves, land, livestock, jewels etc, people have looked for ways to protect and increase their assets.
The Roman’s had the “major domus” or “pater familias” – the “head of the house/family”, which in a legal context meant the estate owner and the only person in the family who could own property. They therefore had responsibility over the whole estate and all its assets – including slaves – for the entire family, and usually wanted to ensure the preservation of this estate for future generations.
In the Medieval era this evolved to the majordomo or seneschal. This was the house’s “Top steward” or “superior of the house”. The title was used in the Frankish kingdoms in the 7th and 8th centuries as a particular role within the royal household who wielded significant powers over decisions in the kingdom, the “mayor of the palace”. However more commonly it also referred to a position within noble households who took responsibility for a lot of the domestic affairs and supervised the lord’s estate to make sure the property was protected and maintained.
As capitalism emerged, concerns about protecting one’s fortune increased, so private banks were created. During the 19th century these grew in popularity, as did family offices for wealthy industrialists who needed assistance managing their estates and property such as factories.
Today’s wealthy families have many concerns when it comes to managing their assets. The financial market is more complex today, so finding ways to invest and protect wealth takes a range of skills and specialist knowledge. However family office jobs can involve a lot more than simply managing wealth. Family offices generally include a lawyer to provide discreet legal service from a source who knows the family and has an interest in their success, and can even range to more advisory and concierge type services, as rich families lean on the office for advice about their children’s education, booking holidays and generally helping them to manage their affairs.
Today, typically, family offices will look after a family group which can include numerous different households – usually between 10 and 15 different households. These is because the family spans generations, with children continuing to use the family office as they grow up and move out of the family home and often start up their own ventures. The support from a family office allows wealthy families to have freedom over their career choices as well as confidence that they have a service looking after their financial, and other, interests.
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