Corporate and fiduciary services provider Ocorian has launched a publication, A Guide to Family Offices.
The guide provides a three-chapter overview of the operational considerations and common family office scenarios that wealth professionals should take into account when considering establishing a family office for their client family.
The launch of the guide comes as the number of family offices has surged in recent years, increasing 38% between July 2017 and July 2019 and managing an estimated $5.9trn of assets, according to Campden Research.
But while family offices are now an increasingly common way for wealthy families to organise their financial and administrative affairs, the way they operate can vastly differ.
Ocorian Executive Director and family office lead Richard Joynt (pictured), who authored the guide, said: "Family offices are a growing economic force but owing to the diverse array of businesses that fall under the family office description, it is not always clear how they operate.
"A Guide to Family Offices provides a reference point for wealth professionals and those unfamiliar with family offices to enhance their understanding of this sector."
• A Guide to Family Offices is available to download here