Concierge Services
Lifestyle management services provided by family offices—travel planning, property management, household staff, personal security, events, art/collections, and exclusive access.
Understanding lifestyle services explains why non-investment staff (Chief of Staff, COO) often control principal access and why investment decisions compete for FO attention and resources.
Expanded Definition
Concierge services range from basic (bill pay, travel booking) to comprehensive (full household management, security coordination, event planning, art curation). Delivery models include: dedicated FO staff, external concierge firms, or hybrid approaches with preferred vendor networks.
For larger families ($500M+ AUM), concierge often represents 20-40% of FO operating budget despite generating no investment returns. Services directly impact principal satisfaction and FO retention, making lifestyle team members influential in FO politics. Chiefs of Staff or COOs typically manage concierge functions and control principal calendar access.
Signals & Evidence
Concierge presence indicators:
- LinkedIn roles: Chief of Staff, COO, Family Office Manager, Personal Assistant, Estate Manager
- Vendor relationships: Travel management companies, security firms, property managers in FO network
- Office structure: Separate administrative/lifestyle team distinct from investment function
- Principal lifestyle: Multiple properties, frequent travel, large household staff, art collections
- Budget allocation: Operating expense disclosures showing non-investment staff and services
Decision Framework
- Service scope: Principal and family members set expectations; Chief of Staff/COO executes delivery
- Access control: Lifestyle coordinators (Chief of Staff, PA) often gate principal calendar; must navigate them for investment meetings
- Priority conflicts: Investment meetings compete with family events, travel schedules, personal obligations
Common Misconceptions
"Concierge is just admin support" → High-end concierge manages complex logistics (security, estates, events) requiring specialized expertise and consuming significant resources. "Investment team is separate" → Lifestyle and investment teams compete for resources, principal time, and FO priorities. "CIOs control access" → Chiefs of Staff and PAs typically control principal calendars; CIO may not determine meeting scheduling.
Key Takeaways
- Concierge staff (Chief of Staff, COO, PA) often control principal access—build relationships with them, not just investment team
- Lifestyle priorities compete with investment decisions for principal attention; timing outreach around family schedules improves success
- Presence of robust concierge services (multiple staff, vendor networks) signals family complexity and potential gatekeeping layers