Introducing the multi-family office
A multi-family office is an organisation such as Turnstone. It provides all the professional services of a single family office but instead of serving only a single family, it serves a number of families. Depending on its capacity, a multi-family office can serve anything from 2 families to hundreds of families.
Some multi-family offices concentrate on specific services such as investments, banking, insurance, fiduciary services or finance and cash management. However, focus on a single function rather than a wider and more rounded offering, is likely to unsettle client families and leave them dissatisfied. A singularly focused multi-family office may open the family to greater risk and leave them vulnerable.
A successful multi-family office does not have a particularly strong focus on specific functionalities but rather manages the risk of client families by providing a holistic, balanced service that is sufficiently flexible to match the needs of each of the families they serve.
Next: Advantages of a multi-family office
Why a multi-family office may work for your family.
Multi-family offices employ a wide range of professionals. Each professional is an expert in his/her field and is required to stay up to date with prevailing industry standards. A client family benefits from the collective knowledge and advice available, enabling it to make decisions quickly and effectively.