To amend the Investment Advisers Act of 1940 to add a definition of family office.

Amends the Investment Advisers Act of 1940 to define "family office" (exempt from coverage by the Act) as a company (including any director, partner, trustee, or employee of such company, when acting in their respective capacities as such) that has no clients other than family clients and is owned, controlled, or operated primarily for the benefit of family clients and does not hold itself out to the public as an investment adviser.