The lean family office checklist
Built on Chapter 18 of The Single Family Office by Richard C. Wilson. Full chapter text: FamilyOffices.com.
Families launching a lean or small single family office often ask what they need in place. Here is the checklist I share, with a short note on the purpose of each item. Not every family needs every item on day one, but most will need them eventually. It helps to have them screened and on call before you need them.
People and partners to line up
Outsourced CIO or risk manager. Sets the overall portfolio, chooses fund managers, and watches risk.
Investment fund managers. Chosen carefully, with attention to the quality and consistency of returns, not just headline results.
Accounting and back office. A CPA firm plus bookkeeping and administration support.
Trust and estate expert. Plans wealth transfer across generations and keeps documents current.
Property or fleet manager. For families with homes, buildings, aircraft, or boats.
Concierge and lifestyle support. Travel, household management, and personal logistics.
Governance consultant. Helps write the family compass, governance rules, and ethics policy.
Insurance specialist. Ideally one who works mainly with wealthy families and can review coverage as a whole.
IT and reporting support. Consolidated reporting software, secure document storage, and cybersecurity.
Executive search help. For the day the family needs to hire a key person.
Advisory board and investment committee. A small group of trusted outsiders who give independent views.
Direct investment advisor. If the family does direct deals or co-investments.
Analyst or investment associate. Part time or shared, to screen deals and prepare reports.
Documents to put in place
- A short family mission and core values.
- An investment mandate.
- Governance rules on who decides what.
- An ethics policy and confidentiality agreements.
- A payment policy with dual approval on large amounts.
- An up-to-date summary of entities and accounts, plus insurance policies.
Routines to set up
- A monthly reconciliation and cash check.
- A quarterly review of the portfolio and providers, plus new deals.
- An annual meeting with trust and estate advisors.
- An annual review of total costs and every provider.
Build a deal flow plan
Lean offices often find investments through industry events, a few trusted capital raisers and consultants, peer families, and outside pitches. Decide which sources you will use and set a simple screen for what comes in.
Common gaps I see
When I review lean offices, the same gaps show up again and again. Estate documents have not been updated in years. Insurance is spread across several brokers, with no one looking at the whole. No one has tested whether a fake wiring request would be caught. Key documents live in someone's personal email. And there is no plan for who steps in if the main coordinator is suddenly unavailable. Each of these is cheap to fix and costly to ignore.
How to use this checklist
Print it and mark each item as in place, in progress, or not needed yet. Share it with the family at the annual review. Over a few years, the gaps close one by one, and the office becomes far sturdier than its small size suggests.
Keep it proportional
A smaller family does not need a large team. Start with the core: an investment lead, accounting, estate planning, and insurance. Add the rest as wealth and complexity grow. The checklist is a map, not a shopping list.
What to take from this
- Screen key providers before you need them.
- Put the core documents in writing early.
- Set routines for each month and quarter, plus a yearly review.
- Grow the list as the family's needs grow.
This page is general information, not legal, tax, or investment advice. Speak with qualified advisors before setting up or changing a family office structure.
Questions and answers
What does a lean family office need first? An investment lead, accounting, estate planning, and insurance.
What documents should a lean office have? A mission and an investment mandate, plus governance rules and a payment policy.
Does every family need every item on the checklist? No. Add items as wealth and complexity grow.
Why pre-screen providers? So the family is ready when a need arises instead of scrambling.