Lawyers often have expressed or implied fiduciary oversight responsibilities in connection with the “family office” of wealthy individuals, families and private foundations. The term “family office” is commonly used to refer to financial services needed by or provided to wealthy or aging families. Services typically include property management, investment management, bill paying, accounting and household payroll, tax preparation and planning, family governance, philanthropy coordination and succession planning.
Historically, family office services were managed by large financial institutions and large accounting firms. Over the last decade, however, many aging or wealthy families have turned to small accounting firms, bookkeepers or specialty shops. While some of these advisers may be CPAs subject to certain ethical standards and licensure requirements, many are unlicensed and unregulated.
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