A multi-family office is a institution that serves the wealth management needs of multiple high-net-worth families. By pooling resources and expertise, these offices offer a comprehensive range of services, including tax and estate planning, investment management, risk management, trusteeship, lifestyle and concierge services, coordination of financial professionals, and philanthropic strategy.

Single-family offices are tailored to a specific wealthy family, while multi-family offices cater to several affluent families, leveraging shared resources to provide diverse services while reducing operational costs.

Compared to conventional wealth managers, multi-family offices offer a team of specialized professionals instead of a solitary generalist. They also provide insights into successful planning strategies adopted by similar families.

• Integrated Services: Multi-family offices provide comprehensive professional services under one roof – from tax to legal, and investment to insurance, and more.
• Effective Communication: The multi-family office team approach promotes internal communication across all domains of your planning. Stop trying to duct tape service professionals together hoping that they communicate – hire a team, not individuals.
• A Constant in an Ever-Changing World: A multi-family office is built to oversee and adapt your plan in an ever-changing world. A plan is only as good as it is in maintaining its relevancy to your goals and an awareness and adaptability to changing laws and regulations.

Multi-family offices offer an extensive suite of services, addressing complex financial needs:

• Investment advisory, including access to private investments. 
• Accounting, reporting, and financial planning. 
• Insurance analysis and management. 
• Family governance, education, and philanthropic planning. 
• Tax advisory and regulatory compliance. 
• Estate planning and concierge services.

When deciding on a multi-family office, consider factors such as:

• Whether you value a team approach or prefer managing individual service providers directly.
• If you value a diverse pool of advisors that offer varied perspectives.
• If you have already solved for a wide array of services under one roof – from tax, to legal, investment, and insurance, and more.

A multi-family office is typically suitable for families with a net worth exceeding $10 million. Single-family offices are more appropriate for those with net worths in the hundreds of millions.

Begin by researching multi-family offices that align with your family’s values and vision. Prioritize fiduciary institutions committed to transparency and your family’s best interests. Ensure their services meet your needs and their team possesses the expertise to deliver on your family’s long-term objectives.

Multi-family offices offer a compelling alternative to single-family offices and conventional wealth managers, providing a cost-effective way for high-net-worth families to access specialized services and strategic insights. When considering such a move, thoughtful research and alignment of values are key to making a successful transition to a multi-family office model.