Two organisational models
A single family office is established to serve one family. A multi-family office provides services to several families through shared infrastructure and specialist teams. The distinction concerns the organisation of resources, not the value of a family’s objectives. Both models require an agreed scope, reliable reporting and clear confidentiality arrangements. Labels alone reveal little about the quality or suitability of a service. Families should ask who will actually perform the work and how that work will be supervised.
Cost, control and capability
A dedicated office brings staffing, technology and governance responsibilities. Recruiting specialists can offer close oversight, but also creates fixed operating costs and continuity risks when key people leave. Shared resources may give access to a wider range of skills without maintaining every role internally. The trade-off is a need to understand capacity, service boundaries and potential conflicts of interest. Compare the full operating arrangement rather than a headline fee. Custody, external advisory costs, insurance and reporting systems may sit outside the quoted mandate.
Making the decision
Start by mapping current complexity and likely changes over the coming years. Identify which decisions require direct family control and which tasks can be delegated. Ask how information is separated between clients, how provider relationships are selected and how disagreements are resolved. Consider a proportionate starting point rather than building a large structure immediately. Some families retain internal leadership while using external specialists for particular functions. Whatever the model, document decision rights and review the arrangement periodically. The aim is an accountable service that fits the family’s needs, not a structure chosen for its name. Ask each prospective provider to explain a typical reporting cycle and the process for changing or ending the mandate. An arrangement that is clear at the outset is easier to evaluate later, particularly when the family’s needs become more demanding or change direction.
Further reading
The information on this site is general in nature and does not constitute legal, tax or investment advice.