The Evolving Role of the Family Office Executive for Ultra-High-Net-Worth Families

For ultra-high-net-worth families, the modern family office is more than a financial entity — it’s a private institution managing the complexity that comes with significant wealth. From investment strategy and estate planning to tax planning, family governance, and succession planning, the scope of a family office is broad, intricate, and deeply personal.

Traditionally, the answer was a single family office — a dedicated structure serving one family exclusively. Led by a family office executive or family office CEO, these organizations oversee every aspect of wealth management, ensuring that assets, relationships, and legacy plans align across generations. But with the annual cost of operating a single family office often exceeding $1 million, even many ultra-high-net-worth households have looked for alternatives.

Single Family Office vs. Multi Family Office

In a single family office, all resources — from the CIO overseeing the investment strategy to the attorneys managing estate planning — are dedicated to one family. This allows for complete customization and privacy, but it comes with significant overhead.

A multi family office, by contrast, serves several families under one umbrella. While the shared structure reduces costs, it can mean less personalization and more standardized processes. For some ultra-high-net-worth families, this trade-off is acceptable; for others, it’s a catalyst to explore newer models that blend customization with efficiency.

The Expanding Role of the Family Office CEO

Whether in a single or multi family office, the family office CEO acts as both strategist and integrator. This leader coordinates the family’s investment strategy, oversees tax planning initiatives, ensures estate planning documents reflect current goals, and implements structures for family governance and succession planning.

In addition to managing advisors and internal staff, the family office executive is often the point person for complex, high-stakes decisions: liquidity events, philanthropic ventures, intergenerational wealth transfers, and cross-border investments. The role demands both technical expertise and the ability to navigate family dynamics with discretion.

Why Ultra-High-Net-Worth Families Seek a Modern Approach

While the traditional models remain effective for certain families, many ultra-high-net-worth households find they want the strategic oversight of a family office CEO without the full operational build-out of a single family office. They may already have trusted professionals — investment advisors, CPAs, estate attorneys — but lack a central figure to ensure these experts are working in sync.

This is where alternative structures, like the fractional family office, come in. By engaging a seasoned family office executive on a fractional basis, families can benefit from high-level oversight in wealth management without committing to the cost and staffing of a standalone entity.

The Fractional Model in Practice

A fractional family office executive can:

• Guide the family’s overall investment strategy in coordination with chosen advisors.

• Align estate planning and tax planning so each supports the other.

• Facilitate family governance discussions to clarify decision-making roles.

• Develop succession planning frameworks to ensure smooth generational transitions.

• Serve as the family’s primary point of contact for all strategic initiatives.

This model works for ultra-high-net-worth families who want the advantages of a family office CEO without the infrastructure of a single family office.

Select Advisors Institute’s Leadership Role

At Select Advisors Institute, founder Amy Parvaneh works with ultra-high-net-worth families in a role akin to a fractional family office CEO — bringing together the best of strategic leadership, operational oversight, and independent coordination. This means the family’s investment strategy, estate planning, tax planning, family governance, and succession planning all move forward cohesively, without the family needing to manage each relationship separately.

Important Disclosure: Select Advisors Institute provides coordination and consulting services only. We do not provide investment advice, manage client assets, prepare tax returns, or provide legal services. Any references to other professionals are for illustrative purposes only. Clients are encouraged to perform their own due diligence before engaging any third-party professional.