This guide draws on Think Like a Family Office and collects our articles on running family wealth with the discipline of an institution: written policies, clear decision rights, regular communication and a plan for continuity. It is written for families at every size, whether or not they have, or need, a formal family office.
Key questions
What is family governance?
It is the framework a family uses to make decisions about its wealth and relationships: its shared values, who holds decision rights, how meetings work, how disputes are resolved and how younger members are prepared to take part.
Does a family need a family office?
Most families need the functions a family office provides, such as investment oversight, tax and estate coordination, reporting and governance, but only very large families need to build their own. Others get the same functions through a multi-family office or an outsourced partner.
What written documents should a family have?
At minimum an investment policy statement, a spending policy, current estate documents and a financial inventory. Larger families often add a family constitution that records values, roles and decision-making rules.
When should children learn about the family's wealth?
Gradually, starting with values and money basics in childhood and adding detail and responsibility as they mature, so heirs are neither surprised nor demotivated when they inherit.
Structure and policy
- What Is a Family Office, and Does Your Family Need One?
What a family office does, single- vs. multi-family offices, how much wealth you need, and how most families get the services without building one. - Does Your Family Need an Investment Policy Statement?
Why every wealthy family needs a written investment policy statement, the eight sections it should cover, and how to write and maintain one.
People and communication
- How Should You Prepare the Next Generation to Inherit Wealth?
How to prepare heirs to inherit wealth: what to teach at each age, how to give real responsibility, and how trusts and family meetings help.
Protection and continuity
- Family Offices: Ditch the Talent Hunt and Hire an Expert Contractor
Why single-family offices struggle to hire investment analysts, and how outsourcing to experienced, conflict-free specialists can cost less.
Related guides: Estate Planning Guide · Tax Planning Guide · Foundation & Endowment Investment Guide
