Here is a short excerpt from a Malaysian based-newspaper’s recent article on single and multi-family offices:

The multi-client family office in the United States is a multi-disciplinary wealth management firm that offers family office services for a number of clients. This is an option that offers the best of both worlds — services that are tailored to the needs of high net worth individuals while taking advantage of economies of scale and the opportunity to delegate to professionals.

A multi-client family office makes sense for many individuals and family groups who want a provider that is intimately familiar with the needs of the client and capable of delivering a comprehensive service menu for a competitive price.

Families and individuals sometimes decide not to set up their own family office because they do not want to be responsible for managing a financial services business. They prefer the continuity offered by an established institution which they can rely on to evaluate and manage the various financial service professionals.

There are many differences between the multi-client family office and the traditional single family office:

l The single family office normally services one family and the multi-client family office services multiple families. Families who use a multi-client family office find that they realize most of the advantages of a dedicated office without the overheads and responsibility of managing a newly-formed financial business.

Despite the fact that a multi-client family office services more than one family, each family client still enjoys the full benefits of a single family office. These include:

• Integrated wealth management services under a boutique structure;
• Access to a high level of client service from an experienced staff of professionals who serve a limited client base;
• More direct family control over financial matters;
• The satisfaction of affiliating with an organisation whose goals are aligned with those of their family;
• Comprehensive assessment of financial goals;
• Customised solutions / strategies for each household;
• Proactive management of client affairs;
• Ongoing education about the responsibilities of ownership;
• Focus on the continuity of the family across generations and branches; and
• The assurance of confidentiality in the management of financial and personal affairs.

Read the full article here

– Richard
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