To simplify, a multi office looks after the financial and personal affairs of multiple families just like a single family office (SFO) does. The only difference lies in the number of families being served by the office.
There are some very wealthy families which do not seek the services of private banks or wealth managers. They prefer setting up their own investment firms or offices. In these offices, the employees could be from 3 to even 20, depending, for instance, on the number of family members or how extensive the family Futu Trustee Limited business is.
However, a private or single family office (SFO) is very expensive to run. Even though, there are around 1000 SFOs in Europe alone, they can cost a fortune to run. According to Greycourt, a US-based financial advisory firm to some of America's most affluent families, you should have a fortune of at least $1 billion dollars to justify the expenses of private FO.
Even if a family is not playing in billions, the average amount that it will need to spend to run its FO will be 0.6 of assets under management, according to a survey of European offices conducted by Merrill Lynch and Campden Research.
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