First, what exactly is a "family officer"? The classification of a company as a "family office" would vary depending on the person being asked. Family offices are any company that invests money directly for the ultimate principle.
Family offices, unlike other institutions like pension funds, hedge funds, and endowments, do not pool third-party capital to invest. They can operate with one or more family assets.
For family office services, you can also consult family officers and leading institutional investors in the US.
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It is therefore difficult to define a family office. A family office would be a person who manages the $500,000 retirement account of his mother by trading equities online. Surprisingly, a family office consists of only the principal and one advisor.
Most practitioners will use a $100 million net worth threshold to determine the limit at which a person can have a family office. A 2018 Credit Suisse report shows that there are approximately 50,230 people with a net worth of more than $100 million worldwide. These individuals often manage their net worth in their own firms. Many pool their assets to form multi-family offices and many are branches of the same family. Credit Suisse estimates the number of family offices that exist in a given area at 6,500 to 10,500.
This is why it is important to remember that family offices can be diverse in their structure.
Source: Family offices can be based on one principal ("single-family") or several ("multi-family")
Size: From a few hundred million to several billion under management
Structure: From full-fledged advisors to invest in your firm, down to a single cited advisor.
Strategy: Wealth preservation is the primary goal. However, capital appreciation and growth are possible depending on the nature of your principles.