What data and documents must be migrated when changing multifamily offices?
Move the records needed to understand ownership, cash flow, taxes, investments, legal obligations, and family preferences. Request complete files in usable formats, including account statements, transaction history, tax returns, entity documents, estate records, insurance policies, and service contacts. Confirm account transfers separately with each custodian and preserve an archived copy.
Investment and cash records
Request current holdings, historical account statements, transaction confirmations, capital activity, cost basis, realized and unrealized gains, cash movements, private investment statements, subscription documents, and outstanding capital calls. For registered investment advisers, SEC rules identify client ledgers, purchases and sales, receipts and deliveries, transaction confirmations, and position records as books and records. SEC investment adviser recordkeeping rule
Ask for the data in searchable formats, plus a read-only archive of the prior office’s reports. Include the account title, legal owner, tax owner, custodian, adviser, beneficiary designations, and authority granted to each person. Brokerage assets may move through ACATS, but the transfer still requires a transfer instruction form and validation by the receiving and delivering firms. Investor.gov brokerage account transfer guidance
Tax, legal, and entity files
Collect filed federal, state, and local tax returns, workpapers, supporting schedules, notices, estimated payment records, and tax basis information. The IRS says taxpayers should keep copies of filed returns because they help prepare future returns and calculate amended returns. It also says records supporting income, deductions, and credits should be retained until the applicable limitation period ends. IRS recordkeeping guidance
For each family entity, gather formation documents, amendments, operating or partnership agreements, ownership ledgers, resolutions, minutes, loan documents, contracts, property records, and compliance filings. Include trusts, foundations, charitable vehicles, and powers of attorney where applicable. Preserve estate planning documents and the contact details for attorneys, accountants, trustees, insurance advisers, and other service providers.
Many people come to us looking for accounting, bookkeeping, a CPA for their family office, and what's different is someone who's going to tell you how much you owe in taxes versus actually help you do proactive tax planning.
Operating information and handoff controls
Transfer the family’s goals, reporting preferences, spending rules, approval limits, risk parameters, meeting notes, bill-pay instructions, recurring commitments, and contact directory. Include insurance policies, claims history, renewal dates, appraisals, household employment records, payroll data, and property maintenance files when the office manages them.
Create an inventory before the handoff. Mark each item as received, missing, or needing confirmation. Reconcile ending cash and investment balances to the latest statements. Change passwords, revoke old access, and issue new permissions through the custodians and software providers. Keep the prior office’s archive until the new office confirms that records open, reconcile, and support ongoing tax and reporting work.
Related guides
- Family Office Due Diligence: A Practical Guide for Multifamily Offices
- Access to Alternatives Through an MFO: A Practical Guide for Families
- Cross-Border Families and Multifamily Offices: A Practical Guide