Do multifamily offices administer aircraft, yachts, or other high-value personal assets?
Some multifamily offices may coordinate administration for aircraft, yachts, estates, art, cars, or other personal assets, depending on their service scope. They often coordinate outside specialists and provide reporting, oversight, and accountability. Services vary by office and family needs.
What administration may cover
A multifamily office can coordinate financial records, budgets, insurance, maintenance, staffing, usage records, and reporting for certain personal assets. The exact services depend on the office's capabilities, the asset's ownership structure, and the family's requirements.
How a multifamily office fits into the team
Most multifamily offices use a mix of internal staff and outside providers. They may coordinate lawyers, accountants, insurers, brokers, operators, and other specialists while maintaining oversight and consolidated reporting. Families should confirm which responsibilities the office accepts directly and which it assigns to external providers.
Deciding what your multi-family office does and does not offer is important up front, and there is nothing wrong with offering a very specialized type of multi-family office.
What to ask before hiring an office
Ask whether the office administers these assets directly or coordinates outside providers. Confirm who handles approvals, records, insurance, maintenance, staffing, and reporting. Review the office's governance, controls, accountability, and experience with similar assets. Obtain independent legal, tax, insurance, and operational advice for your situation.
Related guides
- Family Office Due Diligence: A Practical Guide for Multifamily Offices
- MFO vs SFO vs RIA vs Private Bank: Which Fits Your Family?
- Access to Alternatives Through an MFO: A Practical Guide for Families