OVERVIEW OF PRIVATE WEALTH AND FAMILY OFFICE (PWFO)

Module 1 serves as an introduction to the meaning of Wealth and explores how the concept has evolved over time. This introductory part also discusses the concept of a family office and hence provides the foundation for understanding the meaning and purpose of a PWFO.

By the end of this Module and after having completed the Essential Reading, the candidate should be able to:
• Grasp a brief history of banking.
• Discuss modern banking and its different types.
• Explain the history of wealth and wealth management.
• Discuss the meaning and purpose of wealth management.
• Explain the history of the family office.
• Discuss the services that a family office provides.
• Explain what a Private Wealth and Family Office (PWFO) is.
• List the seven key processes of a PWFO activity.
• Distinguish between PWFO and other accounting practices.
• Discuss the future of PWFO.