Individuals and families with $20 million in net worth are increasingly gravitating to multi-family offices rather than the single-family office model, according to the recently published report The Family Office – Advising the Financial Elite. 

“However, determining the ideal structure remains a customized process considering factors that can vary greatly from family to family,” said Richard Flynn, head of the Rothstein Kass Family Office Group and one of the authors of the report. “Ultimately one essential component to success is identifying a skilled individual to serve in a centralized capacity to oversee and reconcile interrelated financial, lifestyle and philanthropic objectives as elements of a cohesive plan.”

Along with Flynn, the guide to the family office industry was penned by Russ Alan Prince, president of Prince & Associates; Hannah Shaw Grove, ultra-affluent consultant, and Keith Bloomfield, president and chief executive officer of the Forbes Family Trust.

The guide is based on statistical findings from 86 sources, including industry consultants, academics, think tanks, financial institutions and government organizations.