This is Exchanges at Goldman Sachs and I'm Allison Nathan a senior strategist in Goldman Sachs research.

Today we're going to look at the world of family offices,

which manage the personal and financial needs of wealthy families.

Family offices serve a small and select client base, but they're exerting a greater force on Wall Street and in the investing community.

For today's podcast, I'm delighted to be joined by four of my colleagues

Sarah Neeson Terrejano and Meena Flynn from our Consumer Wealth Management

Division Tony Pasquarello from our Global Markets Division and Ken Hirsch from our Investment Banking Division.

Sarah, Mina, Tony, and Ken.

Welcome to the program.

Sarah, let's start with you.

You and your team collaborated with Ken, Tony, and and Meena and others across the firm to publish new research on family offices called widening the aperture.

Set the stage for us. What exactly are family offices? Sure. Family offices are a really unique

investor base. They're institutions that manage the wealth of an individual or a group

of individuals really with the goal of delivering on that family's missions,

values, protecting their wealth today and for generations to come.

And at a high level they create a whole lot of organization and structure around how families really think about their long-term wealth.

And what that means in a day-to-day practice is that they perform oversight of investment activities, right?

So they make investment decisions, but they also take care of families trust in a state,

tax issues, distributions, governance, and a wide range of both investment and non-investment responsibilities.

And why did you decide to survey them?

So the reason we decided to survey family offices is they've really grown in size and scope and

scale over the last decade and that's due to a lot of different reasons. It's the

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