Richard Wilson: why a specialist might serve several families

Richard described a reason to use an adviser who also works with other clients: experience from that wider work can inform the service the family receives.

Exclusivity was one staffing choice

In the service-provider module, Richard cautioned against assuming every specialist should become an employee serving only one family. He discussed both the cost of that arrangement and the opportunity for a provider to learn across clients.

The proposed benefit was continued exposure

His discussion kept attention on the quality of the resource the family needed. Working exclusively for the family was not his sole test of suitability.

In Richard C. Wilson's words

"cross -pollinating between their different clients" (Richard C. Wilson, How to Start a Family Office mini-series)

How to use this

Identify the expertise needed before deciding that a role must be exclusive.
Ask what relevant experience a provider brings from similar client work.

Questions and answers

What benefit did Richard associate with outside client work?

Learning and exchanging experience across different client situations.

Did he say all service providers should be full-time employees?

No. He cautioned against trying to hire every specialist exclusively.