Demand for family office services grows, but there is a risk that firms are over-extending themselves by trying to win this business. The author examines ways to handle growth intelligently.

The following article is from William Parizeau, CEO of the Matthew Pritzker Company, a Chicago-based single family office. He addresses the strategies that family offices adopt when it comes to promises of delivery, and what they can do. The editors are pleased to share these ideas, and we hope they start conversations. The usual editorial disclaimers apply. Email tom.burroughes@wealthbriefing.com and amanda.cheesley@clearviewpublishing.com

As the number of ultra-high net worth families and centimillionaires grows, so does the demand for family office services tailored to their complex financial lives. Registered investment advisors and wealth management firms are increasingly targeting this high net worth segment, positioning themselves as providers of “holistic” family office solutions (1). 

On the surface, this seems like a smart move. These UHNW families are not only looking for investment advice – they want comprehensive support for managing every aspect of their wealth, from governance and philanthropy to estate planning and even staffing and aviation. However, for wealth management firms aiming to offer more than just investment services, the term "holistic" can be tricky. Without clear boundaries and honest self-assessment, “family office services” can quickly turn into empty marketing jargon instead of a sustainable offering.

The pitfall of overpromising
To win or keep business, many firms overextend by offering a full suite of family office services they can't fully deliver. While the intentions may be good, this often leads to inconsistent client experiences and, eventually, loss of trust. UHNW families are savvy – they can tell when a provider is out of their depth.

The truth is that “holistic” shouldn’t mean doing everything in-house. It requires understanding a family’s needs and coordinating a range of services – some directly provided, some guided by expert advice, and others facilitated through trusted partners.

A framework for honest service delivery
To provide real value to UHNW families, wealth managers must first define what they can offer at scale, where they can advise but not execute, and where collaboration with other experts is essential. Here's a practical framework:

1. Core capabilities: Services provided directly and at scale
These are the foundational services that most RIAs and multi-family office platforms can already provide efficiently:
-- Comprehensive financial planning; 
-- Public asset investment management; 
-- Outsourced chief investment officer (OCIO) services; and 
-- Consolidated performance and balance sheet reporting.

These services are the backbone of the client relationship and should be delivered consistently with top-notch processes and technology.

2. Advisory support: Services requiring expert oversight but not in-house execution
Certain areas need specialized knowledge but are better served with a strategic advisory approach rather than direct execution:
-- Family governance and education; 
-- Philanthropy strategy and grants management; and 
-- Succession planning and legacy architecture.

In these areas, wealth managers should offer guidance, frameworks, and facilitation but not necessarily do the work themselves. Clear communication of this distinction helps build trust.

3. Partnered expertise: Services best delivered by trusted partners
Finally, there are services that fall outside the core competencies of wealth managers but are still vital for UHNW families:
-- Trustee services; 
-- Private asset investment management; 
-- Aviation oversight and aircraft management; 
-- Tax strategy and filing; 
-- Estate planning and legal structuring; and 
-- Security, concierge, and household staff management.

Attempting to deliver these services without the proper expertise or resources can be risky and counterproductive. Instead, firms should cultivate a network of trusted professionals and present these partnerships as part of a coordinated offering.

The opportunity in restraint
Leadership in the MFO space doesn’t come from trying to do everything. It comes from understanding what you do best, being transparent about your capabilities, and working with experts to fill the gaps. In many ways, being honest about your limitations is the most powerful way to stand out in today's competitive market.

Ultra-wealthy families don’t need generalists pretending to be experts in everything. They need orchestrators – firms that can bring clarity, coordination, and confidence to their complex lives. By focusing on scalable services, offering expert advice when needed, and building strong partnerships, wealth managers can truly be "holistic" – not just in name, but in results.

Footnote

1, Many firms today are taking a closer look at family office-focused financial planning and management opportunities as demand for these services grows. According to Accounting Today’s 2023 Top 100 firms survey, 60 per cent of respondents reported increased demand for “succession planning/family office.” According to another survey, the percentage of RIAs providing "family office services" more than doubled from 2023 to 2024. This expansion encompasses a range of services such as estate planning, tax optimization, philanthropy, and lifestyle management, indicating a move toward a more integrated and strategic wealth management model. Manganaro, J (2024, August 23). 

Acknowledgment
I would like to express my gratitude to Jamie McLaughlin, whose article "A Cautionary Tale: The Challenges of Serving the UHNW" in Investments & Wealth Review inspired this reflection. His insightful critique of the multi-family office landscape helped shape many of the ideas presented here.

The author
The writer is CEO of the Matthew Pritzker Company, LLC, a Chicago-based SFO, which has been active in the family office space for over 15 years. His background spans trusts and estates law, family office services, and hands-on leadership of single family offices. He has advised families on complex estate planning and structuring, led business units delivering bespoke solutions to UHNW clients, and overseen all aspects of family office operations – from investments and governance to succession planning and next-gen engagement.