What are the main costs of running a family office?

Operating costs for a single-family office typically range from 0.5% to 1.5% of assets under management annually, with smaller offices often experiencing higher percentage costs. Major expenses include personnel salaries (investment professionals, CFOs, tax advisors, operations staff), technology and infrastructure, professional services (legal, audit, compliance), and office space. A basic SFO might cost $1-3 million annually, while comprehensive operations can exceed $5-10 million.