Glossary
Plain-language definitions for the architecture around private wealth.
Concepts, structures, and instruments — defined without jargon.
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Administration
Consolidated reporting
One regular report of all a family owns, across banks, custodians, entities and property, valued on one date and basis; it is not group accounts consolidation.
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Administration
Custodian
In finance, a bank or regulated firm that holds a client's securities and cash in safekeeping, settles trades and reports what is held, but does not invest it.
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Investment
Discretionary mandate
An agreement in which a bank or asset manager makes investment decisions for your portfolio within agreed written limits, without asking you before each trade.
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Governance
Family constitution
A written agreement in which a family sets out its values, decision rights and rules for owning and running the family business and the wealth around it.
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Governance
Family council
The governance body through which a business-owning family meets, agrees its position and speaks to the company's board on matters that belong to the family.
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Structures
Family Office
A private structure that runs a family's wealth, holding together its entities, reporting, advisors, investments and governance, for one family or several.
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Structuring
Holding company
A company that mainly owns shares in other companies or assets, so a family can hold, control and pass on its businesses and investments through one entity.
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Planning
IFICI
IFICI is Portugal's special income tax regime for people who become resident to do qualifying work, such as research or skilled jobs, often called NHR 2.0.
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Investment
Investment policy statement
A document that sets a family's investment goals, risk and liquidity limits, constraints and benchmarks, so each bank and manager follows one set of rules.
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Services
Lifestyle support
A family office service that manages personal, household, and concierge needs in a discreet, coordinated way so clients can focus on their priorities while trusted support handles the details.
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Planning
Liquidity event
A transaction that turns an owner's stake in a private company into cash or tradable assets, such as a sale, a merger, a listing or a buyback of shares.
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Structures
Multi-family office
A firm serving several families from one shared team and platform, with reporting, admin and often investment services, at a lower cost than a dedicated office.
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Services
Portfolio Management
The professional process of designing, implementing, and monitoring a collection of investments to meet specific objectives such as growth, income, diversification, and risk control.
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Investment
Retrocession
In private banking and fund distribution, a retrocession is a fee a product provider pays back to the bank or advisor that placed your money in its product.
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Structures
Single-family office
A private firm set up by one family to run its wealth: entities, reporting, advisors, investments and governance, with staff who work for that family only.
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Planning
Succession planning
For a family, the work of deciding in advance how ownership, control and practical knowledge of its business and wealth pass to the next generation.
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Services
Tax Planning
The strategic process of arranging a client's financial affairs to minimize tax liability, maximize after-tax returns, and ensure compliance across jurisdictions while preserving flexibility and governance objectives.
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Planning
Tax residence
The status that gives a country the right to tax a person as a resident, decided by each country's own test of days spent, home kept and centre of interests.
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Structures
Trust Fund
A legal arrangement where assets are held by a trustee for the benefit of one or more beneficiaries, often used to protect wealth, manage succession, and align assets with family governance or philanthropic goals.
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Clients
Ultra-high-net-worth
A label banks and wealth researchers give the wealthiest individuals and families, above a net-worth threshold they set themselves; it is not defined in law.
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Services
Wealth Management
The coordinated oversight of a client's investments, structures, reporting and succession, usually by one advisor or team, often inside a private bank.
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