Multi-family offices vs wealth managers: What is the difference?

The world of private wealth management can be extremely complex, with a multitude of different terms, services, and providers. While multi-family offices and wealth managers can offer critical services to help preserve and grow the wealth of the world's wealthiest families, the terms are often used interchangeably, leading to confusion among clients about what each actually does and which one is the right one to choose.
multifamily office
Operations Updated on January 16, 2024

The private wealth management industry for the ultra-wealthy has become extremely congested over the past few decades with trillions of dollars being managed by family offices and wealth managers across the globe. However, the terms are increasingly being used interchangeably, offering sometimes very distinct and dissimilar services. Hence, it is imperative that readers understand the difference between multi-family offices and wealth managers before making the decision about which is right for them.

What is a multi-family office and a wealth manager?

A multi-family office offers holistic wealth management services either to a closed group of families (private multi-family offices) or to any UHNW family who might be willing to acquire their services (commercial multi-family offices). Their fundamental goal is not only to manage and grow upon the wealth of the present family generation by building and managing carefully curated portfolios but also to preserve that wealth for future generations.

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