In general, a single-family office is a private wealth management organizational formation that manages the personal and financial affairs of high-net-worth individuals and affluent families. There are no standards on how one should be structured, as single-family offices are primarily oriented towards family needs and goals. You can also look for the best single-family office in the US through various online sources.
Some single-family offices focus specifically on investment advice with a skeleton crew. Others, however, are multilateral organizations with internal staff, disparate relationships with suppliers, and a broad financial services platform.
The sole responsibility of a typical leadership group is to ensure that the personal assets, goals, and concerns of their owners are maintained to be conflict-free and independent.
Families can set up a family office to meet all of their financial needs after the sale of the family business or other significant liquidity needs. Every family job is as different as the family it serves.
Multi-family office versus single-family office structure
Multi-Family Office (MFO) is an asset management company that uses highly personalized services to meet the financial goals of multiple families.
Families with assets of up to US$ 20 million are best served by multi-family offices. An MFI is similar to a single-family office in that it allows households to access the benefits of a single-family office at no additional cost. Single-family offices are usually reserved for individuals and families with very high assets.
One of the main functions of the family office structure is of course investment management, without the family office is the main task related to the management and administration of family assets.