How to Select and Hire a Family Office

In Liechtenstein, Richard C. Wilson speaks from Family Offices Group before a family office conference.

Richard C. Wilson of Family Offices Group explains how a wealthy individual can research and select a family office. He treats selection as a personal fit decision and describes the video as general guidance for people whose circumstances and priorities differ. The discussion focuses on what to clarify before meeting providers and what to examine as a choice takes shape.

He says researching this market can be difficult because wealth may feel isolating, conversations about money can feel uncomfortable, and family offices tend to be private. The video moves from defining the service a person needs to comparing offices, getting to know their teams, and checking how they have served clients over time.

In this video: Richard C. Wilson (Family Offices Group speaker)

What they said

1. Richard on defining the service you need. Richard says to decide whether you want a high-touch or low-cost office, and whether you need life management services or only capital management. He says those needs should guide your search.
2. Richard on comparing several offices. Richard recommends narrowing the universe of more than 10,000 family offices to five or seven possibilities, then meeting at least three face to face. He suggests including offices close enough for frequent in-person meetings.
3. Richard on getting to know the people. Richard recommends meeting the executives and people you would work with three or four times, with at least two meetings outside the office. He says to observe their character and whether their interests and values feel compatible with yours.
4. Richard on references and experience. Richard recommends checking two or three references, including service providers and family office clients. He also says to ask how long the office has operated and how many clients it has served.
5. Richard on the office's client profile. Richard says to ask about the average wealth of the office's clients and consider whether your needs may receive attention there. He cautions that a larger client base does not automatically make an office better.

In their words

"more clients doesn't necessarily mean better but it's important to know"

Why it matters if you are building or preserving great wealth

Richard says a wealthy person may find it hard to ask friends earning 70,000 dollars for advice. He mentions hiring a consultant to help with the choice, an option when people nearby may not have comparable experience.