The core services every family office ends up handling
Built on Chapter 1 of The Single Family Office by Richard C. Wilson. Full chapter text: FamilyOffices.com.
Families often start an office for one reason, usually investing. Within a few years, nearly every office finds itself handling a much wider set of jobs. Knowing these core services in advance helps a family plan staff and budget, and decide what to keep in house versus hire out.
1. Investment management
This is the center of most offices. It includes setting an investment policy, choosing asset mix, picking managers, and for many families, making direct investments. Even when outside managers do the daily work, the office must oversee them and report results.
2. Accounting and reporting
The family needs to know what it owns and how it is doing. That means tracking every account and private holding in one view. Good reporting is often the single most valued service a family office provides. Without it, no other decision can be made well.
3. Tax and estate planning
Wealthy families face complex tax rules across income and estates, often in more than one country. The office coordinates tax advisors and estate attorneys so that plans fit together. It also makes sure filings happen on time and that trusts are run as intended.
4. Risk management and insurance
Wealth brings risks beyond markets. The office reviews insurance on homes and art, plus liability cover. It plans for cybersecurity and physical security. It also watches for concentration risk, such as too much wealth tied to one company.
5. Family services and governance
This is the broadest category. It can include paying household bills, managing staff at family homes, planning family meetings, and educating the next generation. It also covers governance: writing family rules, running committees, and helping the family make decisions together.
Other services that often appear
Philanthropy. Running a foundation or managing gifts.
Concierge. Travel and lifestyle support.
Real estate. Managing homes and investment properties.
Business oversight. Monitoring the family's operating company.
Build or buy
No family office does all of this alone. The key question for each service is whether to keep it in house or hire an outside firm. Some rules of thumb:
- Keep in house what requires deep family trust and daily attention, such as reporting and oversight.
- Outsource specialized work, such as legal drafting, tax filings, and custody.
- Revisit the mix every few years as the family's needs change.
Plan the scope up front
Many families are surprised by how quickly the office's job grows. A good way to avoid that is to write a short scope document when the office starts. List which services the office provides, to whom, and at what cost. Decide whether every family member gets the same services. Then review it yearly.
This prevents the slow creep where staff spend more time on errands than on protecting the wealth.
A common pattern
A typical case looks like this. An office is set up only to manage investments. Within two years, half of the small team is handling property repairs and travel bookings for a growing family. The investment work slips. The usual fix is a one-page scope document plus an outside concierge firm for lifestyle requests, so the team can return to its core job.
Pricing services across the family
In larger families, different branches may use different services. Some offices charge branches for what they use. Others treat services as a shared cost. Either works, as long as the rules are clear and fair.
What to take from this
- Most offices end up handling five core services, whatever they started with.
- Strong reporting is the base for every other decision.
- Keep trust-heavy work in house and outsource specialist tasks.
- Write a scope document and review it each year.
This page is general information, not legal, tax, or investment advice. Speak with qualified advisors about which services your family office should provide.
Questions and answers
What services does a family office provide? Investments and reporting, plus tax planning, risk management and family services.
Which service matters most? Consolidated reporting, because every other decision depends on it.
Should a family office do everything in house? No. Most outsource specialist work and keep trust-heavy tasks inside.
How do families stop the office from growing out of control? With a written scope document reviewed every year.