subject to final orders for conduct constituting fraud, manipulation or deceit from being associated with a family office. This view, however, is not shared by a number of regulators and commentators, including Commissioner Hester Peirce of the Securities and Exchange Commission (SEC) and Commissioner Brian Quintenz of the Commodity Futures Trading Commission (CFTC), who published an op-ed arguing that family offices do not need new regulations. Traditional and modern usage A traditional single family office is a business run by and for a single family. Its sole function is to centralize the management of a significant family fortune. Typically, these organizations employ staff to manage investments, taxes, philanthropic activities, trusts, and legal matters. The family office invests the family's money, manages all of the family's assets, and disburses payments to family members as required. According to Spear's Wealth Management Survey in 2022, "Family offices are private companies that support a number of functions for wealthy families including the smooth running of day-to-day affairs as well as more complex matters involving wealth management and strategy. These issues are particularly important for families with assets and interests in multiple jurisdictions." In June 2008, Wharton Magazine reported that "About 1,000 SFOs are in operation around the world catering to families with a least $100 million in assets. More than half the SFOs are managing family wealth of more than $1 billion." Services handled by the traditional SFO include investment management, property management, day-to-day accounting and payroll activities, and management of legal affairs, and they often provide family management services, which includes family governance, financial and investment education, philanthropy coordination, and succession planning. An academic investigation defined SFOs as "professional organizations dedicated to managing family wealth and family matters, represent the leading edge of a broad trend in substantial personal wealth accumulation. The worldwide concentration of wealth in the hands of relatively few is well documented. As the rich grow even richer, and particularly as fortunes filter down through generations, wealth management becomes ever more complex. It is in this context that SFOs — dedicated to the service of one multi-millionaire or billionaire family — have evolved." Family office types Over the past few decades, family office landscape evolved significantly. Despite different regional laws and regulations, modern family offices strive to manage the family wealth individually, which results into various organisational and governance structures. Currently, three main types of family offices are recognised: Single