A family office is usually organized around four areas: investments, finance and tax, family services, and operations. Small offices combine them in a few people; large offices give each its own team.
A typical org chart
How staffing scales with size
Morgan Stanley and Botoff Consulting found single family offices averaged:
| Assets under management | Average in-house staff |
|---|---|
| Under $500M | 8.4 |
| $500M–$999M | 9.6 |
| $1.0B–$2.49B | 15.6 |
| $2.5B+ | 28.3 |
Small office (under $500M)
A controller or CFO, one or two accountants, an executive assistant, and outside firms for tax, legal and investments.
Mid-size office ($500M–$2.5B)
Adds a tax manager, a chief of staff, an operations manager and often a small investment team.
Large office ($2.5B+)
Separate investment, finance, legal, family services and operations teams, each with its own leader reporting to the head of the family office.
Questions
How many employees does a family office have?
Morgan Stanley and Botoff's survey found an average of 14.4 in-house staff, and 8.4 at offices under $500 million.
Who does the head of a family office report to?
Usually the principal or a family board or council.