Please read this short piece discussing Reasons to Establish a Family Office, as published in Point of View online magazine on August 7, 2024, also a brief video clip.

Reasons to Establish a Family Office

Last updated: July 7, 2026

What are some of the reasons that families establish a Single Family Office?

The reasons are as unique as the families themselves, but ultimately, they tend to fall into a few different buckets.

One of the most common reasons is that the family office services provided evolve. When the wealth creators run their own operating company, often they will start having their company’s employees — perhaps their admin or their bookkeeper — take care of some personal matters. As long as the time spent on the owners’ matters is insignificant and immaterial relative to their corporate duties, it generally does not present an insurmountable issue, but often it takes on a life unto itself.

If the wealth creators then sell their operating business, now what do they do? They often feel that they still need their faithful bookkeeper or CFO to run their financial lives, and so sometimes they’ll personally hire those individuals, and the family office will have started in that way.

Ultimately, the inquiry of why families start a family office starts with the decision of whether to establish their own single-family office (SFO), join a multi-family office (MFO), or perhaps some hybrid of the two.

When it starts organically as I’ve described out of an operating company and the wealth creator needs someone to pay their bills, make sure their Crummey letters are sent out, their tax planning is coordinated and their investment reports are rolled up into a comprehensive summary, that frequently becomes a single-family office.

But when a family thinks about it in the bigger picture, they will need to decide whether it is more advantageous for them to form their own single-family office with custom services but a high price tag, or instead to join up with an established multi-family office where costs are scaled and services offered are institutionalized. That’s when families get into that calculus of the decision to build their own SFO versus outsourcing it into an MFO structure.

My general rule of thumb is that a family with assets of less than $500 million should not undergo the considerable expense of establishing its own SFO but should instead outsource to a MFO, unless there are compelling reasons to do so. The structuring of, and the calculus of, how you might decide those things is unique to each family.

Another important consideration is who the family office will serve. Is it simply serving the wealth creator generation, or will it also serve the next generation down, and potentially succeeding generations? If Mom and Dad have two kids, and each of them has several kids, before you know it there are a lot of people that the family office might serve. Who are the intended clients, and what services will they require that the wealth creator generation may not have envisioned? This aspect is another big factor in the calculus of creating a family office.

Each family must weigh a variety of issues when deciding whether to form their own single-family office or hire a multi-family office. The pros and cons for each option are as unique as the families themselves, based on their particular family makeup, needs, and wishes.

Click to read this short thought piece on Building Trust at a Family Meeting, as published in Talking Trends online magazine on July 8, 2024.
You can also watch this brief video clip.

Building Trust at a Family Meeting

Last updated: July 7, 2026

Building a threshold level of trust within the family is a critical component of planning for a family meeting. It is not always intuitive or easy.

I worked with a family not too long ago for whom I planned a family meeting. There were four branches of the family; the wealth creator generation had a son and three daughters. Based on their family culture, the daughters were sent to boarding school on another continent; they stayed there, married and had families there. The son stayed in the home continent and was raised to take over the family business.

By the time the family business had its liquidity event, the parents had long since passed away. The son sold the family business, and now there was a single-family office that took care of the family-at-large’s assets, investments and other family office functions.

The family office engaged me to plan a family meeting to, in large part, identify, develop and foster the next generation of leaders in the family. As part of my advance process, I determined that the four branches of the family didn’t even know each other, much less have any kind of common trust element.

I identified one member of the next generation of the family who was a photography enthusiast, and we organized a family photography exhibit. Together, we reached out in advance to each family member attendee, and asked them to send in a photo, not necessarily a family photo, but rather a photo that spoke to them for some reason, perhaps a special vacation picture, or just a piece of art that they thought was interesting.

I suggested that the photographer family member make a little exhibit of all the photos submitted, and then I encouraged each person to speak at the meeting about why they chose their photo and why that photo spoke to them. And in that way, they were able to share something really personal about themselves without divulging anything too personal to people who were essentially strangers. And in that way, they were able to get to know each other in a really safe space.

Through that exercise, we started to build a level of trust across the branches of the family. We built a level of intimacy. And from there, we were then able to develop a governance structure and talk about the family business, the family collective investment structures, best practices and policies and many other important initiatives. But it all started from introducing these people to one another, not just “Hi, I’m your cousin,” but rather, “Here’s something about myself that matters to me and here’s why.”

That was a really special opportunity to build trust in a safe and non-threatening space. Once those bridges were built, the additional work of developing the next generation of family leaders could begin.

Read this short piece discussing the importance of Communicating Your Family Legacy, as published in Inspiration and Insights online magazine on June 5, 2024, also a brief video clip.

Communicate Your Family Legacy

Last updated: July 8, 2026

My favorite quote on the topic of family legacy is from George Bernard Shaw, who said, “The single biggest problem with communication is the illusion that it has taken place.”

Many parents tell me that they believe that their kids have no idea about their family’s wealth. I often respond that nonverbally, the parents have often communicated much more than they think they have. Children watch their parents for nonverbal cues; how you live, how you travel, the relative size and location of your home, even the schools your children attend, will communicate volumes to your children.

In some cases, the parents have communicated a lot less than they might think they have. That is when children might turn to the internet for research. It will likely turn up information about your home’s value, your level of support for charitable causes, and a host of additional data that you might not even realize is publicly available.

Rather than passively allowing this information to dribble in to your family unfiltered and without context, I advise taking charge of the situation and being thoughtful and intentional about communicating your family’s values, culture and legacy with your children.

This does not mean that I advocate for baring your family’s balance sheet, especially if your kids are not yet developmentally ready to receive this information. What is does mean is that, in age-appropriate ways, I suggest that you begin talking to your kids about your family’s wealth, how it was produced, and discussing the themes, values and sacrifices that led to its creation and growth.

My watchword is to open up the lines of communication, and be intentional about that communication. Think about what you are communicating both verbally and non-verbally to your children and grandchildren, and encourage a culture of greater communication.

I am thrilled to have won at the Family Wealth Report Awards 2024 for Family Wealth Counseling! The awards ceremony was on May 2, 2024. The judges commented that Wealth Legacy Advisors “offers a range of services to families of significant wealth including advising on raising family members, developing leadership succession plans and legacies of family businesses. Susan R Schoenfeld is a true thought-leader in the UHNW community.” What an honor just to be included with the other exceptional finalists in this category. Congratulations to all the talented and amazing professionals and firms who were recognized.

Read this short piece on “The “Why” of a Family Office“, as published in Impact! online magazine on May 2, 2024, also a short video clip.

The “Why” of a Family Office

Last updated: July 8, 2026

The notion of Legacy in a family is the most critical “Why” for families setting up a family office. Why is your family establishing a family office, and what is the legacy of your family that your family office will support?

Reflect on these questions:

· What is your family legacy?

· What is your family story?

· What does it mean to be a member of your family?

· What does your family stand for, both internally to incoming members of the family, whether by marriage or by birth and rising generation, or to the outside world, especially if you’re a family that has a known presence?

· What do you want your family members to think of as your family identity?

· What do you want the world to know about you as a family, to think of as your family identity?

I like to approach this subject by helping the family craft their family story in a mindful, considered way, rather than simply allowing it to evolve haphazardly over time. The ability to tell a consistent family story that reflects the family’s values, culture and legacy in a clear, cogent and repeatable fashion is a gift to the future generations of your family. Engaging in a values exercise is a critical piece, for the family to examine, identify and perpetuate its core values.

In thinking about the “Why” of establishing your family office, it is much more than just estate planning and gifting, investment roll-up reporting, and tax planning.

At its best, establishing a family office is all about setting the stage and establishing a framework for the rising generation and the generations that hopefully come after them to be competent and confident stewards of their wealth.

Please read this short piece discussing What is a Family Office?, as published in Point of View online magazine on April 3, 2024, also a brief video clip.

What is a Family Office?

Last updated: July 8, 2026

“What is a family office” is a very interesting question. There is a great deal of confusion and disagreement about the term. In the past 20 years, there has been a proliferation of RIA’s and wealth management firms calling themselves family offices because it’s the new “it” label, and it may be seen as a way to attract new investors.

There are two main types of family offices, the Single-Family Office (SFO) and the Multi-Family Office (MFO).

SFO’s manage the finances and other matters for a single family. They often have a team of dedicated staff on the payroll, possibly including investment, tax, philanthropy, accounting, legal, estate planning and governance personnel. They may also outsource certain of these functions to external service providers. My general rule of thumb is that, because of the high costs associated with operating an SFO, a family should not consider creating one if its assets are less than $500 million. Of course, every general rule has exceptions, and a family may have particular reasons to establish an SFO at lower asset levels, especially if the family’s investments are primarily in real estate or other specialized industries. There are many families that have just one employee who is responsible for only the family’s investing, and one can argue whether that is a true family office or not; it depends upon your point of view.

An MFO provides those services to more than one family. The term originated when, for economies of scale, wealthy families formed into small groups who were similarly minded, similarly situated, and had complementary needs. They were able to scale their resources, scale their expenses, and coinvest in private deal flow. They could bring on a CIO and compensate them in such a way as to keep them engaged. They could also hire staff to perform other concierge-type services, including tax work, investment roll-up reporting, and the true concierge services, such as travel, household staff management, and governance.

MFO’s can be comprised of a small group of families or, more recently, they might actually be a large wealth management firm offering a basket of family wealth services, either for a bundled investment management fee or billed a la carte.

There has been a huge proliferation of late in true family offices and also firms that call themselves family offices. Depending on your point of view, maybe they are in fact family offices or maybe they’re not, but if you’re here and you’re talking about these issues, then welcome under the tent.

I am thrilled and honored to be the GOLD WINNER of the Entrepreneurial Woman of the Year at the 2024 Citywealth Powerwomen Awards USA! The award ceremony was on March 14, 2024. Thanks to Citywealth for championing women in the wealth sector, and congratulations to all the talented and amazing professionals who were recognized.

Click to read this short thought piece on the Biggest Mistake in Setting Up Family Offices, as published in Talking Trends online magazine on March 4, 2024.
You can also watch this brief video clip.

The Biggest Mistake in Setting Up Family Offices

Last updated: July 8, 2026

One of the biggest mistakes that people make in setting up a family office is the failure to think about the future and to build-in adaptability and flexibility into their structure.

If the wealth creators have set up their family office simply to run their own assets, and they’re not necessarily thinking about or incorporating and engaging the next generation’s needs and values into that family office, then it’s destined to fail.

If the family is setting up their family office and isn’t thinking about leadership succession planning from Day One, then it’s destined to fail.

These families are unique; they evolve and grow. They grow through marriage, they grow through the rising generation becoming adults, and evolve as those rising adults develop their own interests, needs and values.

The advisors and the family itself need to be nimble in designing the services and structure of the family office, and to build-in the flexibility to make changes as the family grows and as the family’s needs and interests continue to evolve. So if G1 wants to establish a single family office to simply address their own cash flow, investment reporting, and other purely financial needs, but G2 wants to engage with the family office differently, maybe they want to engage in governance practices, or create a family foundation, or do impact investing, the family office has to adapt to those evolving family needs or else risks becoming irrelevant.

I worked with a family recently, where G2 was very interested in impact investing but G1, who controlled the purse strings, had no interest in it whatsoever and actively resisted that direction. That family office is destined to eventually fail unless the two generations find a way to talk to each other about this potential change in direction, and build in the adaptability and flexibility for the family office to meet the interests, needs and concerns of all the stakeholders and not just the wealth creator generation.

Please read this short piece discussing the right age to start teaching the next gen about wealth, as published in Inspiration and Insights online magazine on February 7, 2024, also a brief video clip.

The Right Age to Start Teaching Next Gen About Wealth

Last updated: July 8, 2026

The right age to start teaching the next generation about wealth was yesterday. You can’t start yesterday, so start today!

It’s the age-old questions of how much do we give our kids, and when? And how much do we tell our kids about our family’s wealth, and when? Those two questions are the ones that, in my experience, do keep parents of wealth up at night.

There are age-appropriate ways to start shaping attitudes about wealth and money in even young children. One way is as simple as deciding whether to give children an allowance.

My 3 rules of thumb with allowances are, first, be consistent. If you decide to give an allowance, it can’t just be when you remember it, but it must be on a regular schedule.

Second, my philosophy is that an allowance should not be a reward for doing chores; I think that chores are part of one’s responsibility as a member of the family, and a child doesn’t do them because they get paid at the end, they do them because, for example, one person runs the family foundation, and one person maybe does the food shopping and one person maybe takes out the garbage or whatever. And every family member must do their chores as well. I believe that not linking the chores to the allowance is critical to building a sense of family responsibility.

Third, the main benefit of allowances is helping to teach the next generation to distinguish between wants and needs. I’m sure many of you know the three-jar concept of allowances: the Spend jar, the Give jar, and the Save jar. The parents encourage their kids to divide their allowance among the three jars. The nature of delayed gratification in the Save jar is, maybe I don’t have enough to buy that video game or that app today, but if I save up my allowance for a couple of weeks, I’ll be able to do it. With the Give jar, the idea there is to make it a clear jar, so that the children can see that clear jar growing, if that’s part of your family value system. And then you can choose to match what your child puts in, so they can see that Give jar growing exponentially. That technique is one that works particularly well with even little kids, because it is so visual.

With teenagers, one way to start teaching them about the family’s wealth is to invite them into the family office either as an after-school job or a summer job, and help encourage them to learn more about the family story, the family history, the family work ethic, the family culture, and to learn about the family office.

So those are some age-appropriate ways to get more children involved and engaged at different ages, and teaching them the family’s story and culture.