What is a single family office?
A single-family office is a privately owned and managed organization created to serve one family’s financial, administrative and strategic needs. This model is designed to centralize oversight, streamline decision-making, and provide a tailored suite of services that reflect the family’s values, goals and legacy plans.
A single-family office may take different legal forms—from simple LLCs to more complex models. Staffing typically includes professionals dedicated to investment management, financial administration, accounting, and legal and tax matters. Some families also employ specialists in philanthropy, technology or lifestyle management, depending on their requirements.
The structure is highly adaptable, allowing families to build in-house expertise or selectively outsource functions. Many smaller single-family offices rely on a hub-and-spoke approach whereby a small team of direct employees oversee and manage services from a variety of third-party providers.
Single-family offices are most common among families with over $100 million in assets and complex financial lives, often spanning multiple generations and jurisdictions. The ability to customize every aspect makes this model particularly attractive to those seeking maximum privacy and control.
What is a multi-family office?
A multi-family office delivers many of the same core services as a single-family office, but through a shared infrastructure that supports several families. Rather than constructing a dedicated entity, families access a platform with established systems, experienced advisors, and institutional-grade resources.
It’s important to note that many registered investment advisors (RIAs) are marketed as “multi-family offices.” While these firms may provide investment and wealth planning advice, they often lack the deep resources, lending capabilities, and robust balance sheet that a private bank platform can offer.
This model offers a high level of professional support, including investment oversight, reporting, planning, and administrative coordination. While the experience is not as individually tailored as a single-family office, multi-family offices provide meaningful personalization and flexibility, often at a lower cost and with less operational responsibility.
Multi-family offices are well-suited for families that value coordinated expertise and efficiency, but prefer not to manage the complexities of staffing, compliance and technology on their own.
Benefits of a single-family office
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Customization: Every process, policy and service is tailored to the family’s unique needs and preferences.
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Confidentiality: Sensitive information and decision-making remain within a closed circle, minimizing external exposure.
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Control: The family retains direct oversight over all aspects of wealth management and long-term alignment with family values.
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Exclusive resources: All staff and systems are dedicated solely to the family.
Factors to consider
- Significant investment: Typically 1%–2% of AUM, varying by scope and complexity.
- Talent management: Recruitment, retention, compensation, and vendor oversight.
- Governance structure: Clear policies and succession planning are essential.
Benefits of a multi-family office
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Shared expertise: Access to seasoned professionals and robust systems without building them independently.
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Cost sharing: Expenses are distributed, making the model more accessible.
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Operational simplicity: The platform handles compliance, reporting and technology.
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Service flexibility: Select the level of support that matches your needs.
Factors to consider
- Limited customization: Not to the same degree as a dedicated office.
- Shared governance: Families operate within an established framework.
- Variable specialization: Depth of expertise differs across providers.
- Operational considerations: Some RIAs lack in-house fiduciary capabilities or introduce extra fee layers.
The Private Companies can help decide if a family office is right for you
Selecting the right family office structure is a nuanced process, shaped by your family’s complexity, priorities and vision for the future. The Private Companies partners with families at every stage, helping them assess their needs, compare options, and design governance and investment frameworks that support long-term success.
Our team collaborates with clients to provide insights, resources and guidance—empowering families to make informed choices about structure, oversight and the services that best advance their objectives.