The emergence of family offices in their modern form coincided with the activation of globalization trends in the late 19th century. During this period, the richest families from the United States were more actively involved in global projects. Investments in foreign projects require greater knowledge, control, and more complex strategies for managing these investments. Preserving and increasing family wealth became possible thanks to the reliance on professional expertise, which was provided by family offices.

Today's world offers many more opportunities for global investments in all kinds of projects:

• Technological start-ups;
• Humanitarian projects;
• Mining;
• Shares of leading foreign companies;
• Global infrastructure projects, etc.

That is why the services of family offices have become much more in demand. Wealthy families turn to their experience to devise the best strategy for strengthening their capital or transfer their affairs under reliable management.

Three Main Types of Family Offices

The first family offices were created to serve the needs of one wealthy family. They dealt exclusively with its affairs, but over the years, they began to manage the assets of other affluent families.

Other family offices were initially created as multi-family offices to provide their expertise to several client families. And such a well-known ultra high net worth family office with extensive experience as Certuity Company serves wealthy families and other family offices. By sharing its expertise with similar companies, it promotes the dissemination of effective wealth management practices.

Thus, before the digital revolution, wealthy families had a choice of two main types of family offices — a single-family or multi-family office. However, today, if you want to transfer your family affairs to the management of a reputable company, another type will be added to this list — a virtual family office. As business administration experts note, such virtual organizations tend to turn into global networks because they connect many smaller networks. Therefore, virtual family offices often have a wide, diversified structure with representative offices in up to 150 countries and more.

Having compared the features of these three types of offices, you can determine which one best suits the needs of your family.

The Best Family Offices for Wealthy Families

Each of these types of family offices has its leaders. For a single-family office, this is Walton Enterprises, for a multi-family office, this is Certuity Company, and for virtual family offices, this is the Watkins Virtual Family Office. Each of them has its advantages and can be an ideal choice for wealthy families with different incomes.

Walton Enterprises

The family office of one of the richest families in the world is a vivid illustration of the effectiveness of such a service. It is an indicator of what can be achieved when your wealth is managed wisely.

• This family office was founded in 1953 by Sam and Helen Walton in an effort to ensure prosperity for their descendants.
• Already in 1962, the history of the world-famous Walmart began.

Although this office serves just one family, hundreds of professionals work there. It is headed by one of Sam Walton's sons, Jim C Walton.

Certuity Company

The rise of Certuity shows how a consultative business can achieve national recognition by acting professionally and with dedication. The company serves ultra-high net worth families who need wise investment advice, legal support, implementation of philanthropic projects, etc. The company is included in the Forbes Top Advisor rankings and regularly receives high ratings in such well-known editions as:

• Financial Advisor Magazine
• Barron's
• Los Angeles Times
• Financial Planning

Certuity uses a holistic approach and creates all the conditions for each family member to fully realize their interests. And at the same time, it guarantees that the family's assets bring tangible profits under reliable management.

Watkins Virtual Family Office

This virtual family office is one of the projects of the well-known Watkins Insurance Group. Having worked in the insurance industry for over 75 years, the company has decided to generously share its experience and knowledge with affluent families. If you become a member of the Watkins Virtual Family Office Portal, you will be able to receive advisory support on many issues, including:

• Tax Mitigation Strategies
• Retirement Plans
• Estate Planning
• Business Risk Management

By filling out a short form on the company's website, clients receive offers and coverage options. Having chosen a suitable offer, they pay for services in accordance with the tariff plan and use advice from company specialists and outside professionals.

The Bottom Line

The choice of a family office depends on what type of relationship you consider more suitable.

• If you respect traditions, value personal communication, and want the company's specialists to pay more attention to your family, you should choose a multi-family office.
• If you prefer to distance yourself from others and value your independence, the services of a virtual office will suit you better. In this case, you will receive advice from real professionals, but at the same time, you will not be bound by any serious obligations.
• If you are ready to devote all your time to caring for your family, you can create and lead your own family office.

Any of the strategies is much better than letting your family's affairs slide.