Single-Family Offices (SFOs) are designed to serve the bespoke needs of the family; therefore, many services may be provided in-house. As such, families enjoy a high level of control, a customized and dedicated service, privacy, and a family-first orientation.
Multi-Family Offices (MFOs) are typically commercial enterprises offering many of the same services as SFOs, but for multiple families. MFO clients are able to achieve economies of scale, obtain broad, comprehensive services, and gain access to higher calibre professional and advisory talent than what they may be able to afford or justify if they were setting up a family office on their own. Other benefits of MFOs include dealing with international families, dealing with multi-jurisdictional aspects and helping to find the best services providers out there such as accountants, lawyers and registered agents etc.
MFOs typically offer a much broader and more objective array of bespoke services than the average retail private bank, wealth management or brokerage firm.
These services may include investment management and oversight, manager selection, due diligence, risk management, aggregated reporting, family education, family governance, capital sufficiency analysis, concierge services, bill payment and/or tax and certain legal advice. Additionally, some of the family offices within the Wigmore Association offer Private Equity, Corporate Finance and Real Estate services, as well as other services related to Wealth such as Estate Planning, Succession, Financial Education and Tax Planning.
This overview piece is a collaboration of thoughts from each Wigmore firm following these questions being asked more frequently than you may think. If you would like any further information regarding the Wigmore Association please contact us through the website.