The concept is quite broad. Basically, they are organizations that manage the assets of a particular family or families where that family owns significant assets. The purpose or objective is to preserve and/or increase the wealth of the ultra-HNW family so that it can be passed on to future generations.
Therefore, in practice, the Family Office (FO) may be involved in managing any element of the property that affects the family's assets and practical management. You can also look for the best family office in the UK via https://www.ubs.com/uk/en/uk-family-office/home.html.
This service can be provided in different areas. When families have business interests, these services can be an integral part of monitoring those interests or even managing their business directly; while other families may require advisory and administrative services to maintain and/or expand investment portfolios.
Others may simply require specialized administrative and management services to facilitate the smooth running of all aspects of their property, from tax administration to operations management.
Family offices can usually be classified into one of two categories: offices set up only to manage one family's property – single FO (SFO) – and specialized companies that provide services on behalf of multiple family customers – multiple FO (MFO).
The SFO often acts as an internal team to provide more practical family property/asset management. MFIs can be stand-alone, specialized companies with a portfolio of family clients, or they can operate from larger organizations, particularly financial institutions such as banks.