Family Office Services Scope
The range of services a family office provides beyond investments—tax, estate, governance, administration, philanthropy, and lifestyle management.
Investment decisions are embedded in broader family priorities; understanding service scope clarifies who controls vendor selection, reporting standards, and access to the principal.
Expanded Definition
Family offices deliver integrated services across four categories: financial (investments, tax, estate), administrative (bill pay, accounting, entities), strategic (governance, succession, education), and lifestyle (travel, property, concierge). The mix depends on family complexity and FO maturity.
Unlike institutional allocators, FOs prioritize holistic continuity over specialization. The investment function often competes for attention with tax restructuring, next-gen education, or philanthropic strategy. For GPs, this means the CIO may report to a CFO or Executive Director—and investment decisions require coordination with legal, tax, and governance teams.
Signals & Evidence
Service scope indicators:
- Embedded services: 5+ FO employees on LinkedIn with roles spanning investment, operations, legal, tax
- Hybrid model: 2-3 core staff + named external advisors (RIA, law firm, accountants)
- Service providers: Fund admin, third-party reporting, external counsel = institutional maturity
- Governance artifacts: Published family charter, formal IC, documented investment policy
- Budget allocation: % of staff/spend on investment vs operations vs lifestyle
Decision Framework
- Authority: Principal or family council sets service scope; Executive Director/CFO executes
- Gates: Service expansion typically follows AUM thresholds ($100M, $500M, $1B+) or next-gen transitions
- Coordination: Investment decisions require sign-off from tax (structure), legal (terms), governance (family alignment)
Common Misconceptions
"FOs only do investments" → Most spend more time on tax, governance, admin than portfolio decisions. "Bigger scope = more sophisticated" → Scope reflects family needs; a lean $200M FO can be more institutional than a sprawling $2B FO. "The CIO controls everything" → CIOs typically report to CFO/ED and coordinate with legal/tax before committing.
Key Takeaways
- FO investment decisions are embedded in tax, legal, governance context—understanding this prevents misrouting outreach to wrong decision-makers
- Service scope signals maturity: dedicated staff + institutional providers + formal governance = sophisticated allocator
- Route appropriately: CIO (investment thesis), CFO (vendor/reporting), General Counsel (terms), Chief of Staff (principal access)