The MultifamilyOffices.com MFO Benchmark Survey

This first MFO Benchmark Survey gives family office professionals a practical reference point. We matched MultifamilyOffices.com directory firms with SEC Form ADV filings and reviewed assets, accounts, employees, operating structure, offices, and high net worth client exposure.

Method

We matched 292 firms in the MultifamilyOffices.com directory to SEC Form ADV filings. The summary statistics use the matched records available for each measure. Percentiles are rounded to practical figures. Client band results exclude blank and 0 buckets, as requested. The source is SEC Form ADV filings matched to firms in the MultifamilyOffices.com directory.

Typical firm size

Among 288 firms with matched data, regulatory assets under management had a median of about $922 million. The middle half ran from about $363 million to $3.23 billion. The median firm reported 365 accounts, with the middle half between 117 and 1,048 accounts. Among 290 firms with employee data, the median team had 11 employees, with the middle half between 5 and 27.

Operating productivity varies widely

For 288 firms, median regulatory AUM per account was about $2.22 million. The middle half ranged from about $925,000 to $9.70 million. For 286 firms, median AUM per employee was about $91.7 million, with the middle half between about $52.7 million and $152.2 million.

High net worth clients dominate reported assets

Among 284 firms reporting high net worth share of assets, the median was 84.8%. The middle half ranged from 56.7% to 96.4%. This indicates that high net worth relationships account for most reported assets at the typical matched firm.

Client counts cluster in smaller bands

After excluding 68 blank client bands and 49 firms in the 0 bucket, 175 firms remained for the client band view. The largest reported group was 101 to 250 clients, with 39 firms, or about 22%. It was followed by 1 to 10 clients, with 37 firms, or about 21%. The remaining groups were 26 to 50 with 26 firms, 11 to 25 with 23, 51 to 100 with 21, 251 to 500 with 15, and more than 500 with 14.

Most firms are limited liability companies

The matched organizational forms were led by limited liability companies, with 230 firms. Corporations accounted for 50. Limited partnerships accounted for 7, other forms for 3, and limited liability partnerships for 2.

Most matched firms operate from a single office

In the office data, 150 firms reported no other office, 60 reported one, 26 reported two, 15 reported three, 8 reported four, and 7 reported five.

The directory has broad international coverage

The directory lists 725 firms in the United States, 219 in Switzerland, 84 in the United Kingdom, 68 in Singapore, and 60 in Brazil. Within the United States, California had 98 firms, New York 97, Florida 97, and Texas 64.

Limits

This is a descriptive benchmark, not a census of the directory or the family office market. Only 292 of 1,760 directory firms had matched Form ADV data. Measure-level sample sizes range from 284 to 290 firms. Non-US firms mostly do not file Form ADV, so the matched sample is more representative of US registered investment advisers than of the full international directory. Form ADV definitions, reporting choices, missing values, and timing can affect comparisons. The results are educational and do not provide legal, tax, or investment advice.

Take part in the next edition

Firms can help shape the next edition by completing this annual questionnaire. We will use responses to build practical benchmarks on pricing, services, staffing, technology, succession, and growth.

1. What fee models does your firm use? Assets under management fee, Retainer or fixed fee, Hourly fee, Project fee, Performance fee, Other
2. What is your typical annual fee range for a core client relationship?
3. What minimum investable assets or relationship size do you require?
4. Which services do you provide directly? Investment management, Financial planning, Tax coordination, Estate planning coordination, Risk management, Philanthropy, Family governance, Education and next generation support, Other
5. How many active client families or relationships does your firm serve?
6. How many full time employees does your firm have?
7. How is your team structured across investment, client service, operations, and administration?
8. Which technology systems are central to your work? CRM, Portfolio accounting, Financial planning, Client portal, Document management, Reporting and analytics, Workflow automation, Artificial intelligence tools, Other
9. How do you currently use artificial intelligence or automation?
10. Which next generation services do clients request most often? Financial education, Career and leadership guidance, Entrepreneurship support, Family governance, Philanthropy, Impact investing, Digital asset education, None or not currently offered, Other
11. What is your firm's primary growth goal for the coming year? Add client families, Increase assets with existing clients, Expand services, Hire staff, Open an office, Improve efficiency, Maintain current scale, Other
12. What are your main sources of new client introductions? Existing client referrals, Professional advisers, Investment banks, Private banks, Founders and executives, Events, Digital marketing, Other
13. What operating challenge has the greatest effect on growth? Hiring, Retention, Technology, Compliance, Service capacity, Business development, Succession planning, Other
14. What is your firm's ownership or succession status? Founder led, Partner led, Institutionally owned, In transition, Formal succession plan, No current plan, Other
15. What benchmark would be most useful in next year's edition?

Responses are reported only in aggregate. We will not publish identifiable answers or attribute a response to a firm without separate written permission.

FAQs