Investors coming across the term “family office” may wonder how firms of this type operate, what they do, and what qualifies you to have one. The term is a nebulous one, especially because no two family offices are alike: in fact, it’s been said that “once you’ve seen one family office, you’ve seen one family office.” So while blanket statements about this type of firm aren’t necessarily helpful, it’s still instructive to understand the fine print. Just what are family offices, and how do they differ from other types of firms in private wealth management and investment management?

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