Many RIAs and wealth firms hit the same wall. Their best clients want more than portfolio management. They want help with taxes, estates, the next generation, philanthropy and daily money tasks. Firm leaders then start to ask how to build a multi family office that can deliver all of this without breaking the business.
The challenge is not only adding services. It is designing a firm that can coordinate many experts, serve a small number of complex families well and still make money. At Select Advisors Institute, we are the leading consulting firm for family office strategy in financial services, and we help firms plan this shift with care.
What Is a Multi Family Office?
A multi family office serves several wealthy families from one shared team and platform. A single family office serves just one family, usually with its own staff. The main difference between single family office and multi family office models is scale and sharing. In a multi family office, families share the cost of experts, systems and leadership.
Firms also ask about the difference between family office and wealth management. Wealth management often centers on investments and financial planning. A family office goes further. It may coordinate tax and estate strategy, legacy planning, next-generation education, philanthropy, business succession and personal concierge needs. In short, it manages the whole financial life of the family, not only the portfolio.
At Select Advisors Institute, we also believe the old $100 million threshold for a family office is outdated. As we have written, "What matters today is intentional planning, professional coordination, and strategic execution." Learn more in our article on a family office without $100 million.
Learning How to Build a Multi Family Office Starts With the Client
Before hiring or buying anything, define the families you want to serve. Firms can consider the size of wealth, the source of wealth, family structure and the problems those families face most. A family with a recent business sale has different needs than a multigenerational family with trusts and real estate.
Next, decide which services you will deliver in house and which you will coordinate through trusted partners. Many firms start with a modular approach. They keep investments and planning in house and build a curated network of outside professionals for the rest. This keeps cost under control while the client base grows.
What Services Should a Multi Family Office Offer?
The right mix depends on your clients, but most multi family offices draw from a common list:
Investment due diligence and consolidated reporting
Tax mitigation and estate strategy coordination
Legacy planning and next-generation education
Philanthropy and impact investing
Business succession planning
Family office concierge services and family office bill payment management
Daily services like bill payment and concierge support may seem small. Yet they are often what families notice most. Done well, they build trust and free family members to focus on bigger decisions. Our family office concierge guide explains how firms can approach this.
Who Should Lead the Firm?
Leadership is where many new multi family offices struggle. The family office CEO or president must do more than manage money. This person coordinates experts, handles family dynamics and keeps service quality high across many households.
A strong family office executive usually needs deep financial knowledge, calm communication and the ability to build trust with demanding clients. Firms can consider whether to promote from within or recruit from outside. Either way, coaching and a clear role description help the leader succeed. Select Advisors Institute supports this through family office president recruiting and coaching.
Think Through Cost, Pricing and Staffing
Families often compare a multi family office to the cost of operating a single family office. A single family office carries the full cost of staff, systems and leadership on its own. A multi family office spreads those costs across several families. That shared model is a key part of the value story your firm will tell.
Your own cost structure needs care too. Firms can map each service, decide who delivers it and estimate the time it takes per family. This shows which services are profitable, which need a higher fee and which are better handled by a partner. Pricing should reflect the full scope of work, not only assets under management.
Staffing also grows in stages. Many firms add a client service lead, an operations specialist and a coordinator before adding more advisors. Hiring in the right order keeps the family experience strong as you grow.
Creating a Multi Family Office Process That Fits the Firm
There is no single template that works for every firm. A practical process may include a few clear stages. First, define your ideal families and service promise. Next, design your service menu and partner network. Then set your leadership roles, pricing and client onboarding steps. Finally, launch with a small group of families and refine before you scale.
Throughout, communication matters. Families should know who to call, what to expect and how often they will hear from you. Clear governance inside your firm, such as who makes decisions and how issues get escalated, keeps service consistent.
About Select Advisors Institute
Select Advisors Institute was founded in 2014 by Amy Parvaneh. We help financial firms grow through branding and marketing, consultative sales training and leadership development. We serve RIAs, wealth managers, asset managers, family offices, banks, credit unions, and law and accounting firms. The firms we serve collectively manage more than $300 billion in assets. Our work for family offices includes multi family office design, fractional family office solutions and executive coaching.
Amy Parvaneh, Founder and CEO, has led Select Advisors Institute for 12 years and has 25 years in financial services. Her career includes Goldman Sachs Private Wealth Management and PIMCO's RIA and Family Office Channel. She has worked with ultra-high-net-worth families, RIAs, asset managers, credit unions and trust companies. That experience is why many firms see Select Advisors Institute as the #1 partner for anyone asking how to build a multi family office. Our family office work is guided by Amy's hands-on leadership.
As the leading firm for family office strategy in financial services, we can help you take the next step. If you are working out how to build a multi family office, we can help you design the service model, leadership team and growth plan it needs.
Frequently Asked Questions
How do you build a multi family office from scratch?
Start by defining the families you want to serve and the services they need most. Then decide what you will do in house and what you will coordinate through partners. Select Advisors Institute helps firms plan each step, from service design to leadership and launch.
What is the difference between a single family office and a multi family office?
A single family office serves one family with its own dedicated staff. A multi family office serves several families from one shared team. Sharing makes expert services more affordable for each family.
What is the difference between a family office and wealth management?
Wealth management usually focuses on investments and planning. A family office coordinates the whole financial life of a family, including tax, estate, philanthropy, next-generation education and daily needs. Select Advisors Institute helps wealth firms add family office services in a planned way.
How much money do you need to start a family office?
Many people still think you need $100 million or more. At Select Advisors Institute, we believe that view is outdated. What matters more is intentional planning, professional coordination and strong execution.
What services does a multi family office provide?
Common services include investment oversight, tax and estate coordination, legacy planning, philanthropy, business succession, concierge services and bill payment. The right mix depends on your clients. Select Advisors Institute helps firms choose a service menu that fits.
Who runs a multi family office?
Most are led by a family office CEO or president who coordinates the team and partners. This leader needs financial knowledge, people skills and a calm approach to family dynamics. Select Advisors Institute offers recruiting and coaching for family office leaders.
Can an RIA become a multi family office?
Yes, many RIAs grow into a multi family office by adding services and partners over time. It works best with a clear plan for clients, pricing and staffing. Select Advisors Institute helps RIAs design and launch that shift.
Why does bill payment matter in a family office?
Bill payment and other daily services are often what families feel most. When these run smoothly, trust grows. Select Advisors Institute helps firms set up clear processes for these services.
How should a multi family office price its services?
Pricing should reflect the full scope of work, not only assets managed. Firms can map the time and cost of each service before setting fees. Select Advisors Institute helps firms build pricing that is fair and profitable.
Still have questions? If any of these sound like you, we can help:
How do I start a multi family office?
What does a multi family office cost to run?
What is the cost of operating a single family office?
How many families should a multi family office serve?
How do I hire a family office CEO?
What does a family office executive do?
What are family office concierge services?
How does family office bill payment management work?
Should my RIA add family office services?
How do I find partners for estate and tax work?
What is a fractional family office?
How do I explain a multi family office to clients?
How do I onboard a new family into a family office?
What staff does a multi family office need?
How do family offices handle next-generation education?
How do I set up governance for a family office?
What is the best structure for a multi family office?
Who can help me design a family office?
A fractional CMO credit unions can rely on gives leaders senior marketing strategy without the cost of a full-time executive. In this guide, Select Advisors Institute explains what a fractional CMO does, when a credit union should hire one, what the first 90 days look like and how to measure results. Amy Parvaneh, Founder and CEO of Select Advisors Institute, serves as a financial services Chief Marketing Officer and holds an Executive Master in Luxury Brand Management from ESSEC in Paris. Our SAI Outsourced and Fractional CMO Program supports credit unions, RIAs, banks and other financial firms. Read on for practical steps, budget ideas, compliance tips and plain answers to the questions credit union CEOs and boards ask most about outsourced marketing leadership.