Many will suggest the Single Family Office is as old as wealth creation in of itself. However never in history before has the boom for Single Family Office structures been so significant.
In a recent Forbes article, Russ Alan Price commented,
With the boom in private wealth creation - especially at the very high end - there's a corresponding explosion in the number of single-family offices. The main appeal of single-family offices for the ultra-wealthy is control. The founders of single-family offices are able to create the organization that they see best meeting the needs, wants, and preferences of the individual and the family.
When done "right" single-family offices are fairly structurally flexible. This permits them to readily adapt to changing circumstances: a clear example of control. "Many providers claim to have perfected the family office model. In reality, the ideal structure is different for each client because the goals, resources and values of every ultra-wealthy family are unique," said
Rick Flynn, managing partner of Flynn Family Office (FFO). "Outsourcing family office services can actually increase control for clients by allowing greater customization in creating the family wealth plan. Ultra-wealthy inheritors are even more likely to be personally involved in shaping the structure of the family office and in selecting advisors and specialists."