How long does a multifamily office retain family records, and how can they be retrieved?
There is no universal retention period for every family record. Tax, investment, legal, and governance files follow different rules and office policies. SEC registered advisers generally retain covered books and records for at least five years. Families usually retrieve current files through a secure portal or by requesting them from the office.
How long are records kept?
A multifamily office should use a retention schedule that separates tax files, investment records, legal documents, governance minutes, and operating records. The period can differ by record type, jurisdiction, service agreement, and the entity that created the record.
For an SEC registered investment adviser, Rule 204-2 requires specified books and records to be kept for at least five years from the end of the fiscal year when the last entry was made. The first two years must be kept in an appropriate office of the adviser, and the records must remain readily accessible. See the SEC rule information.
That five year rule applies to covered adviser records. It does not set one universal period for every family office file. The SEC explains that qualifying family offices can be excluded from investment adviser registration under its family office rule. See the SEC family office rule.
Tax records follow the applicable tax limitation period. The IRS says many records should be kept for three years, while some situations require six or seven years, or longer. The exact period depends on the return and the issue involved. See the IRS recordkeeping guidance.
How can records be retrieved?
Start by identifying the record type, date range, account, entity, and format needed. Use the family office’s secure client portal or document vault when available. Some wealth firms provide portals for statements, tax documents, confirmations, and transaction data.
If a file is missing, contact the relationship manager or records administrator. Ask for the office’s retrieval process, identity verification steps, available formats, and expected delivery date. Request an index when the search covers many years or entities.
Electronic records should have access controls and protections against loss or alteration. Investment advisers must preserve required records accurately and produce them when required. Keep downloaded files in your own organized archive, note when they were received, and record any follow up request. These steps make later reviews easier.
It's impossible for their executive assistant or their investment committee or their chief investment officer to be on the same page if there is no page that exists that actually says what they want.
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