Targeting the Affluent: Effective Marketing Strategies for Multi-Family Offices


Today, you will learn the ins and outs of the multi-family office.

Specifically, you will learn one of the fastest ways to gain market share, grow your business, and serve more wealthy clients.

What is a family office (FO)?

A family office is a private wealth management organization that provides a range of financial and personal services to a high-net-worth family or an individual.

The primary purpose of an FO is to manage and preserve the family’s wealth over generations.

These offices typically offer a wide array of services for both financial and non-financial-related matters.

Wealthy families typically create FOs to manage their money. Depending on the family’s specific needs and goals, they can take various forms. There are generally two main types of family offices:

Single-Family Office versus Multi-Family Office

Let’s review the difference between a single-family office and a multi-family office.

Single-Family Office (SFO)

An SFO serves one wealthy family exclusively. It is typically established when a family has significant wealth to manage and wants personalized services.

Single-family offices provide comprehensive financial and estate planning, investment management, tax planning, and other services to meet the family’s specific needs.

Multi-Family Office (MFO)

An MFO, on the other hand, serves multiple wealthy and ultra-high-net-worth families.

This type of FO allows high-net-worth families to pool their resources to access the services and expertise of a team of advisors. This is generally more cost-effective than maintaining an SFO.

FOs can vary in size and complexity, depending on the wealth and preferences of the families they serve.

Some family offices may have a dedicated team of financial professionals. Other offices may outsource some of these services to external experts.

The main goals of an FO are wealth preservation and long-term financial planning. The focus is to meet the unique financial and personal needs of the family or families they serve.

These offices play a crucial role in managing and growing the assets of high-net-worth individuals and families. In addition, they also focus on providing support for their lifestyle and legacy planning.

Today’s insight will focus on the MFO.

Services Provided

While services may vary, most multi-family offices offer their clients a full range of options.

The list of services extends far beyond financial services.

Examples of services offered include:

  • Financial advice in all areas, including financial planning, wealth management, investment management, real estate, insurance, etc.
  • Tax and estate planning, compliance, coordination, and administration
  • Access to attorneys and law firms
  • Family Governance
  • Philanthropic Services
  • Education and Resources to the entire family on a variety of topics, including financial and other topics important to their clients
  • Concierge Services
  • Risk Management

Types of Advisors in a Family Office:

Registered Investment Advisors (RIAs)

Some family offices may employ RIAs who specialize in investment management.

These professionals are responsible for developing investment strategies, selecting securities, and managing investment portfolios according to the family’s objectives and risk tolerance.

Financial Planners

Financial planners within the family office focus on broader financial planning aspects. Examples of services include cash flow management and retirement, tax, and estate planning. While some may also be RIAs, others may not directly manage investments but provide comprehensive financial planning services.

Tax Professionals

Tax experts or CPAs (Certified Public Accountants) within the family office handle tax matters and compliance. They may work closely with external tax advisors or firms to optimize tax strategies.

Legal Advisors

Family offices often work with legal professionals specializing in estate matters, wealth transfer, etc. These advisors ensure the family’s estate and wealth planning strategies are legally sound.

Concierge and Lifestyle Services

Some family offices employ professionals who provide concierge and lifestyle services, such as travel, event coordination, and household management. These services may not be financial.

Family Governance Experts

FOs with multiple generations of wealth may have experts in family governance.

These individuals are trained in conflict resolution and communication. They help manage family dynamics and ensure a smooth transition of wealth to the spouse, children, and grandchildren.

The specific roles and qualifications of advisors in a family office can vary widely based on the family’s needs and goals.

Clients of a family office typically benefit from a team of professionals. They have diverse skills and expertise, working together to address their comprehensive financial needs.

In today’s episode, you will learn:

  • Insight into understanding and creating an MF Office
  • Effective referral marketing strategies
  • How to attract and serve more wealthy clients

In today’s episode, you will also learn:

  • The best strategies for marketing to the affluent
  • How to create a family office
  • What a multi-family office (MFO) is and how you can gain market share creating one
  • How a family office fits into an RIA marketing strategy. For example, what are the opportunities and threats of a family office?
  • The process to get more warm introductions. As a result of this strategy, one firm generated over five $10 million accounts from this strategy.
  • Insight to attracting affluent clients. For example, you will learn what one advisor did to lose a $30 million account.
  • Strategies for marketing to women
  • How to create a financial advisor marketing plan that focuses on marketing to wealthy clients
  • The warm introductions process you need so you can get more referrals
  • The leverage strategy an advisor used to generate five new 7-figure accounts

Related: Building Strong Relationships and Connecting with Clients: The Essence of Relationship Marketing