There is much wailing and gnashing of teeth about the use and abuse of the term “family office”, and for good reason. Many institutions that are not strictly family offices tag on the phrase because they are eager for the kudos of being recognised as one.
Just as people recognise the inherent value of a respected brand, particularly luxury brands, family offices have become like the ultimate luxury item — exclusive, elusive and expensive to own. Now a new subset of this elite moniker, virtual family offices (VFO), is evolving.