The History of the Family Office
The original U.S. family offices were created by wealthy merchants early in the 19th century who hired trusted comrades or advisors to oversee their wealth and provide for their families while they were traveling.
Traditionally, a family office was a private group of advisors and staff hired to work exclusively for a family of wealth. These were the first fiduciary relationships. They represented the foundation for the relationships provided by bank trust officers, which blossomed during the Industrial Revolution.