The full list of multifamily office services

A multifamily office provides financial administration, investment oversight and related services to several families through a shared organization. The full list of multifamily office services can include tax coordination, estate planning support, insurance reviews, philanthropy, bill payment, concierge work and education for younger family members, but each provider sets its own scope.

Investment management and financial reporting

Investment services can begin with documenting a family's objectives, cash needs and tolerance for risk. A multifamily office may develop an investment policy, propose an asset allocation, select outside managers and monitor portfolio results. Some offices manage investments internally, while others coordinate external advisers.

Related work can include tracking cash balances, planning for distributions and reviewing borrowing arrangements. Reporting brings information from separate accounts and managers into a common view. The usefulness of that report depends on which assets it covers, how often information is updated and whether fees and liabilities appear alongside investments.

• Investment policy and asset allocation
• Manager research and selection, followed by monitoring
• Cash flow planning and liquidity management
• Consolidated account and performance reporting
• Coordination with custodians and lenders, as well as outside advisers

Direct investment support is a separate question. Richard Wilson of Family Office Club says most multifamily offices offer limited support for direct deals. A service description should distinguish access to an opportunity from research, transaction execution and ongoing monitoring.

Tax, estate and insurance coordination

Tax work can include gathering records, coordinating return preparation and helping investment and accounting teams exchange information. Some offices employ tax professionals. Others work with a family's existing accountant. Tax planning and tax return preparation are distinct services, and an engagement may include one without the other.

Estate planning support can involve organizing ownership records, maintaining a schedule of trust and estate documents, and coordinating discussions with attorneys. The office may help track tasks after documents are signed, such as updating account titles or beneficiary records. Legal drafting depends on the professionals involved and the agreed scope.

Insurance coordination can cover reviewing existing policies, identifying coverage questions and arranging discussions with insurance specialists. Life and property coverage address different risks, as does liability coverage. A review does not necessarily include policy placement, and compensation connected with insurance sales is a separate disclosure issue.

Bill payment, records and household administration

Administrative services address the recurring work of managing family finances. These functions can connect household spending with broader cash flow reporting. Their scope may range from organizing records to handling payments under an agreed approval process.

• Bill payment and expense tracking
• Bookkeeping and document organization
• Cash movement coordination and account administration
• Records for family entities and properties
• Coordination with household staff and external service providers

Payment authority matters. Preparing a payment, approving it and releasing funds are separate responsibilities. A written service agreement can identify who performs each task and what records the family receives.

Concierge services may include travel arrangements, scheduling and coordination of personal requests. These services are distinct from investment management and may involve outside vendors. The family's access to records, arrangements for sharing documents and procedures for handling sensitive information also form part of the administrative relationship.

Philanthropy, family governance and next-generation education

Philanthropic services help families organize their giving. Work can include documenting charitable interests, coordinating donations, maintaining grant records and communicating with charitable organizations. Where a family uses a foundation or another giving structure, the office may coordinate its administration with legal and tax professionals.

Family governance concerns how relatives discuss shared assets and make decisions. An office may organize family meetings, document responsibilities and help establish processes for resolving questions. These arrangements can clarify who has authority over shared financial matters.

Education for younger family members may cover budgeting, investment concepts, ownership responsibilities and charitable participation. Some families also use facilitated discussions to explain trusts or prepare relatives for future roles. Education and meeting support do not transfer decision-making authority unless separate arrangements provide for it.

How service scope and fees fit together

A service list describes possible capabilities, not a promise that every family receives every service. Delivery may involve employees, outside specialists or both. The distinction affects who performs the work, who supervises it and how the family is billed.

Richard Wilson of Family Office Club says charges vary with services, and concierge or philanthropic work may be billed separately. Legal work and fund services may also be billed separately. An engagement can distinguish recurring work from projects and identify outside professional costs. Family Office Club research also cautions that fiduciary status cannot be assumed from the multifamily office label. Engagement terms define the relationship and may disclaim fiduciary duty.

FAQs

Does every multifamily office offer all these services?

No. Some focus on investments, while others provide wider financial and personal administration. The service agreement identifies what is included and who delivers it.

Can a family keep its existing accountant and attorney?

A multifamily office can coordinate with existing professionals. Whether that coordination is included depends on the office's service model and engagement terms.

Are concierge and philanthropy services included in the main fee?

They may be included or charged separately. Richard Wilson of Family Office Club says fees vary by service, with concierge and philanthropic work among the possible extras.

Sources

• Family Office Club research database
• Family Office Club research database
• Family Office Club research database
• Family Office Club research database
• Family Office Club research database
• Family Office Club research database

Related: all guides, the directory, calculators. For events and peer access, see FamilyOffices.com.