Family offices are specialized wealth management firms that only accept clients who have at least $10-$25M in investable securities. They are typically smaller in number but spend more time with each client. This allows them to assist with tax planning, charitable giving, and foundation issues, as well as traditional wealth management services.
Although the costs of a traditional wealth management office are higher, you will get more personalized and comprehensive service. You also have access to other investments.
For family office service in the UK, you can also look for UBS Global Family Office – Return & Impact.
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FO professionals will ensure that your separate managed account investments are in line with your investments in IRA or 401k. They are skilled and knowledgeable enough to be able to explain unified managed accounts to clients so that they can be used where necessary.
Although many FOs are familiar with hedge funds, they will often seek out an individual hedge manager if they don't already have one. They also tend to be more focused on making you happy, as they only work with a small number of core clients.
High net worth people often belong to health groups, where doctors will spend a few hours with them each quarter or every year to discuss your health and lifestyle. This level of personal attention is comparable to what you receive in a family office's financial sense.