Richard C. Wilson's Family Office Startup Suggestions
In a video from Zurich, Richard C. Wilson offers startup suggestions drawn from conversations with family offices.
Richard C. Wilson frames a new multi-family office as a set of operating choices shaped by the clients it plans to serve. His suggestions cover staffing, service design and the routines needed to keep work moving when the founder is away.
In this video: Richard C. Wilson (Video presenter)
What they said
- Richard on committed capital. Richard C. Wilson says a new office should have between $50 million and $100 million in committed capital, with clients signing papers or already having moved their assets. He says less than $50 million makes it relatively challenging to cover the costs of serving clients thoroughly. (at 1:22)
- Richard on the first hire. Richard C. Wilson says probably 80% of the family offices he knows were started by someone with a CPA background. He recommends a CPA or someone with relevant taxation knowledge, and says the work should include experience with multi-generational wealth and trusts. (at 2:16)
- Richard on experienced staff. Richard C. Wilson says many family offices bring most expertise under one roof, with a risk or institutional consultant as possible exceptions. He recommends flexibility in hiring and compensation, including a percentage of ownership or profits that can vest over three to five years. Profit sharing could begin after three or five years. (at 4:08)
- Richard on operating procedures. Richard C. Wilson recommends step-by-step processes for marketing, client onboarding, performance and risk management, and client departures. He says systems help work continue smoothly when the founder is away from the office. (at 5:03)
- Richard on capital preservation. Richard C. Wilson recommends day-to-day, week-to-week, month-to-month and quarter-to-quarter reviews of performance, risk and operations. He says the successful family offices he spoke with put capital preservation first. (at 5:32)
In their words
"lots of wealth management firms wish they offered a full family office suite of services"
"many of them do start with very little in assets usually just one or two clients that kind of push them over the edge and get them started in the practice"
Why it matters if you are building or preserving great wealth
Richard says the amount of tax knowledge in-house depends on the clients an office plans to serve and where it is based.
From Richard's exclusive Billionaires.com interviews
Lessons from Richard C. Wilson's one-on-one interviews, as published on each interview page.
- Anu Aga: Focus on one main cause. Her family found its giving more satisfying and impactful once it chose primary education for the underprivileged in India.
- Binod K. Chaudhary: Never chase a deal out of desperation. Stay cool and look at every part of the deal. Have your advisers and your finance team review it critically. Your counsel should review it too.
- Larry Connor: Learn from every mistake. Larry's team owns its failures and makes no excuses. They learn, change quickly, and keep getting better.
See the data
Frequently asked questions
Which locations does Richard mention as examples of global exposure?
He names Monaco and Singapore as places where a family office may need someone with global experience and a source for international taxation and asset management advice.
What does Richard say about US family offices and overseas assets?
He says some US-based offices he spoke with worked only with US clients. Those clients sometimes had assets elsewhere, but significant exposure in other countries was more the exception.
Sources
Quotes are copied from the video captions and checked against the transcript. Timestamps link to the moment in the video. General information only, not legal, tax or investment advice.