The “family office” generally refers to financial professionals whose work is dedicated to one or just a few very wealthy families. The idea is that the wealth of these families is so massive that it warrants an entire financial firm dedicated only to them.
Most families do not fit into this category, but the wealth of any family is of the utmost importance to that family. Therefore, every family should have at least two components in place to make sure their financial health is kept priority: (1) access to good advisors, and (2) the habit of talking as a family about financial matters.
These two components will empower any family to steadily improve its financial position over time, accomplishing such goals as real estate purchases, business start-ups, and generational legacies.