The family office concept has its roots back in the 6th century. Then a major-domo was a person who would speak, make arrangements or take charge for the affairs of the royal family and its wealth. Later in the 6th century, the upper nobility started to use these services of the major-domo as well. Hence, the concept of administrator ship was invented and has prevailed until today.
The modern concept and understanding of family offices was developed in the 19th century. In 1838, the family of J.P. Morgan founded the House of Morgan, which managed the families’ assets and in 1882, the Rockefellers founded their family office, which prevailed until today.
Many single family offices instead of covering the entire operative costs decided to offer its services to other families as well. This concept is called multi-family office or multi-client family office.
Now, more than any other time in recent history, people of significant wealth are searching for more than only investment advice. They want a trusted adviser who will consider their families’ values and integrate those values into recommendations for their families that achieved wealth accumulations and preservation goals, while managing investment risk and maintaining professional integrity. They also want to appreciate and enjoy life to the fullest.
In India we have seen the establishment of independent multi-family offices in addition to the traditional family office structures
Soft side of the Family Office is now as much a core ingredient as the Investment Strategies that are built for the family. The family office personnel need to be conversant with the softer issues like Need for family office, Best Practices, Family Dynamics and Trends
Providing Value as Family Office Advisor etc.
CFOS program offered by Infinite Myriaads in India devotes a full session on Soft side with video session conducted by Joel Dicicco, Co-founder at Family Office Institute Florida,USA
Registrations open for the 1st batch starting in October, Interested to pursue the course then call Vikas Singh at 9004962907 or email him at email@example.com