Family Office Navigator

Get ready for your fami ly off ice journey | 40 The history of the family office 2 nd WAVE 1 st WAVE

We believe it is helpful for you to have a historical perspective of the family office, and how it has changed over time. Understanding why these changes have taken place allows us to appreciate the role that family offices play now and will play in the future as your context continues to change. The family office – or some form of it – has been in existence for as long as there have been wealthy and powerful families. Today, we are in what we call the fourth wave of the family office, where the model has evolved to meet the needs of enterprising families in a highly uncertain, complex and rapidly changing world.

3 rd WAVE

4 th WAVE

Major Domus / Majordomo In ancient Rome, this was “the highest person of a household staff, a head servant who acts on behalf of the owner of a large or significant residence.”

Emergence of Trusts

First Formal Family Offices

Modern Family Offices

Developed as an important tool for inter-generational wealth transfer in the UK in the 12 th

Industrialists generated significant wealth during the industrial revolution and needed new ways to manage their wealth and businesses – e.g., House of Morgan (1838) / Rockefeller family office (1882).

Emergence of MFOs (e.g.,

Rockefeller Capital Management), the digital revolution, globalization, the rise of Asia and many other trends lead to a professionalization and diversification of the FO sector.

century during the time of the crusades.