What does a Family Office do?

 
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What does a Family Office do?

   
A formal center for managing and preserving family wealth.A Family Office exists to serve the financial and lifestyle needs of a family and its future generations. These needs range from investment management and household bill payment to art collection management and travel coordination.
 
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Basic services generally provided by Family Offices include:
  • Investment Monitoring and Pooling
  • Financial and Estate Planning
  • Personal, Partnership and Trust Accounting
  • Tax Planning and Preparation
  • Banking and Credit Management
  • Bill Payment
  • Trust Administration
  • Insurance Coordination
  • Family Communication and Meeting Planning

Additionally, some Family Offices provide:

  • Manager Selection and Oversight
  • Asset Allocation
  • Performance Measurement
  • Philanthropy/Foundation Support
  • Operating Business Consulting
  • Real Estate Management
  • Airplane/Boat Management
  • Travel Coordination
  • Educational Programs for Younger Generations
  • Nuptial Planning
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Our Expert
Jeff Kauffman
CEO, Global Family & Private Investment Offices
 
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Jeff Kauffman
CEO, Global Family & Private Investment Offices
 
Jeff Kauffman is Chief Executive Officer of our Global Family & Private Investment Office group. Jeff took on this role effective April 1, 2012. This group was formed by recombining our Wealth Management Groups in Chicago and EMEA as well as including the International Wealth Advisory business in Miami.

Prior to this role, Jeff was President and Chief Executive Officer of Northern Trust’s Personal Financial Services business in the Northeastern United States, serving in that position since April, 2006, and he also lead our international Wealth Management business in the EMEA Region since August, 2010. Previously, he served as President of our Greater New York area business for 3 years. He joined Northern Trust in 2003 from Goldman, Sachs and Co., where he worked from 1992 to 2003 and held several managerial roles, including Managing Director, Co-Head of the financial institutions group within the Fixed Income, Currencies and Commodities division. Mr. Kauffman originally joined Northern Trust in 1984 and held several roles in the commercial banking and corporate finance areas.

Mr. Kauffman holds a Bachelor’s degree in economics from DePauw University and a Master’s degree in finance and marketing from Northwestern University’s Kellogg Graduate School of Management. He holds NASD Series 7 and 63 licenses.

Mr. Kauffman serves on the Board of Governors of the Museum of Arts & Design in New York City, the Board of Trustees of the American Ballet Theatre in New York City, and the National Foundation for Advancement in the Arts. Mr. Kauffman is a former member of the Board of Directors of The American Red Cross in Darien, Connecticut.
 
 
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