The Family Office

The Family Office : A Comprehensive Guide for Advisers, Practitioners, and Students

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Family offices are private organizations that assume the daily administration and management of a wealthy family's personal and financial affairs. Historically, these repositories of great wealth were shrouded in secrecy, their activities conducted behind closed doors. Recently, family offices have acquired a considerably higher public profile: they represent a mere 7 percent of the world's ultra-high-net-worth population-yet control a staggering 50 percent of the wealth. As only a select few families now hold a disproportionate amount of global wealth, there are significant social implications to how such assets are managed and used.

This book provides an insider's view for anyone looking to understand family offices and how to best serve and advise them. The veteran practitioners William I. Woodson and Edward V. Marshall offer a thorough guide to family offices: why wealthy families create them, what they do, and how to manage them effectively. They present these insights through a series of problem-based learning cases that follow a single family's journey from the time of a significant liquidity event; through the creation, staffing, and management of their family office; and on to its succession. Each case study is supported by detailed background reference material. The cases and background materials are drawn from the authors' practical knowledge, network of industry experts, and experience advising family offices large and small. They shed light on the unique issues that ultrawealthy families face and the solutions they adopt to address them throughout the life cycle of a family office. This book is the definitive resource for practitioners and students, as well as family principals, advisers, service providers, and all others who engage with the world of family offices.
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Product details

  • Hardback | 368 pages
  • 152 x 229 x 30.48mm | 657.71g
  • New York, United States
  • English
  • 56 figures and tables
  • 0231200625
  • 9780231200622
  • 86,798

Table of contents

Section One: Formation
1. Types
2. Services
3. Leadership and Staffing
Section Two: Services
4. Finance
5. Lifestyle
6. Investments
7. Risk Management
8. Philanthropy
9. Next Generation
Section Three: Governance
10. Communications and Planning
11. Structures
12. Succession and Leadership Insights
Section Four: Industry Data and Resources
13. The Numbers
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Review quote

This book will quickly become an essential read for anyone looking to understand more fully the little recognized but increasingly important world of family offices. William I. Woodson and Edward V. Marshall thoroughly explore the major aspects of a family office from the perspective of the various constituents. At the same time, they reveal the countless subtleties and intricacies of these complex organizations operating at the intersection of family, business, and investing. Combining a case study approach with well-researched background information helps enlighten the reader about both the theoretical and practical aspects of the modern family office. -- Paul Carbone, president and managing partner, Pritzker Private Capital The definitive guide to a fast-growing, highly diverse, and poorly understood domain of finance-a must-read for those seeking a holistic view of the investment side of the capital markets and an in-depth exploration of key strategic and organizational issues facing family offices. -- Ingo Walter, Seymour Milstein Chair in Finance, Corporate Governance, and Ethics Emeritus, New York University Family offices are living entities that evolve and develop to encompass each new challenge. Woodson and Marshall present the family office not as an abstraction but as a vehicle to respond to those special challenges that face a family when they accumulate wealth. This book is easily accessible for students, advisers, and family members who want to understand family offices in all their diversity. -- Dennis Jaffe, author of Borrowed from Your Grandchildren: The Evolution of 100-Year Family Enterprises This book provides a rare and expert glimpse into the inner workings of a family office. Unlike most books on this topic, it focuses on how and why family offices are put together and run effectively. Combined with a detailed case study format, this book is one of a kind, a must-read for all family offices. -- Rick Ross, global chair, Hotels and Leisure Group, and cochair, Family Office and High Net Worth Sector, Dentons Woodson and Marshall provide a comprehensive overview of the various functions family offices can perform and how to set them up effectively. As someone who advises and invests on behalf of family offices, this work fills a critical void. Family office advisers, other business practitioners, and aspiring students alike will find great value in this book. An essential read. -- Chad Sweet, CEO and cofounder, Chertoff Capital
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About William I. Woodson

William I. Woodson is a lecturer on wealth management at Columbia University School of Professional Studies and serves on the advisory board for the Stanford University Global Family Office Initiative. He is the former head of a family office and ran the family office practices for Citi Private Bank and Credit Suisse.

Edward V. Marshall is a family office expert, author, consultant, and speaker. He is the global head of the family office practice at Dentons, the world's largest law firm. Marshall has held leading family office roles at Credit Suisse, Citibank, and Boston Private, and he is a guest lecturer on the family office at New York University's Stern School of Business.
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