How should a family communicate a multifamily office change to relatives and counterparties?
Communicate the change in a planned sequence. Brief the family first, explain the reason and timing in plain language, then notify banks, advisers, vendors and other counterparties through authorized contacts. Share only the information each audience needs. Keep one written record of decisions, responsibilities and follow-up dates.
Start with a family briefing
Hold a family meeting before external notices go out. Family Office Exchange describes family meetings as a way to address relationships, family education and governance together. Use that meeting to explain what is changing, why the family chose the change, the effective date and who will make decisions during the handoff. Invite questions and record the answers. UBS recommends giving family members a voice and using meetings to clarify shared values. Family Office Exchange UBS
Match the message to the audience
Relatives need clarity about services, access, decision rights and whom to contact. They do not need every contract or personnel detail. Counterparties need operational facts: the effective date, updated legal or billing information when applicable, authorized signers, payment instructions, data access changes and a transition contact. Send notices through established channels and keep the recipient list aligned with the family office's governing documents and communication process. The SEC family office rule discusses family members and key employees within its framework, so the office should coordinate its notices with its compliance process. SEC
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Create a short transition record
Prepare one approved notice, a contact roster and a timetable. State what remains unchanged, what changes and the date for the next update. Ask each counterparty to confirm receipt and update its records. The family office should keep meeting minutes and distribute agreed information through its communication framework, a practice described by UBS. Review open items weekly until access, reporting, authorities and recurring payments work as intended. After the transition, hold a brief family review and capture lessons for the next change. UBS
Related guides
- Access to Alternatives Through an MFO: A Practical Guide for Families
- Cross-Border Families and Multifamily Offices: A Practical Guide
- Family Governance With a Multifamily Office