The role of the family office

A lot of time is taken up within the family business community talking about the role of the family office.  Sadly, the term is often misunderstood so it was good to read the piece by Michael Maslinski who shared his thoughts on how the family office came into being, and how the role of the family office has changed.  In essence, the family office is simply an organisation, be it in-house or outsourced, that manages the affairs of the family and deals with a myriad of things which could simply be managing the bank account and investments although it is more likely to involve tax planning, communication with the family, managing family trusts and lots more.  A whole industry has sprung up to meet the needs of the family…

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