Essential Questions to Ask Before Starting A Single Family OfficeEssential Questions to Ask Before Starting A Single Family Office

Opening a single family office (SFO) seemed like the logical next step for one family after they had sold their family business. Peer families and trusted advisors suggested they open an SFO. They visited several SFOs and set about building their own team. Rushing into that decision didn’t turn out well, however. It wasn’t until later that they realized they weren’t clear on why they truly needed the SFO, and family members had different expectations about its capabilities. After several family members stopped using the SFO because it wasn’t meeting their needs, the expense of the SFO for the remaining family members outweighed the benefits delivered. The family ultimately decided to wind down the SFO just a few years after it opened.

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