Analysts Propose Family Office Manager Designation

NU Online News Service, July 3, 1:10 p.m. – Cerulli Associates Inc., Boston, says financial advisory firms that want to serve wealthy families through “family offices” may need a new “Certified Family Office Manager” designation.

Family offices are offices that handle wealthy families’ finances.

Families need about $200 million in assets to cover the cost of a stand-alone family office, but a financial services company may be able to make family offices available through multifamily programs to families with as little as $20 million, Cerulli analysts write in a new report on trends among companies that serve the wealthy.

Traditionally, successful family offices have employed lawyers, accountants, and certified planners and advisors, the Cerulli analysts write.