What are the costs of having your own family office?

According to industry experts, the family offices make financial sense mainly for wealthy families with at least €50 million in assets, though nowadays, when we see a trend of opening family offices market to less wealthy families as well, most multi-family offices are also open to clients with at least €20 million and some work with clients with fewer than €10 million wealth because they want to build a long-term relationships with clients who are ambitious and could potentially increase their wealth. Some even accept clients who are willing to pay their fees without any requirement for clients’ assets volume.
The truth is that costs of maintaining your own single family office or paying the fees for services of multi-family office are considerably high. Because of the personal services of the family office, it can cost several hundreds of thousands or more per year depending on individual circumstances. 
In contrast to the single family office that supports only one family and that family pays all fees and related costs, using a multi-family office and sharing wealth management services with other families can cost less for each family as the basic fee is lower, usually with a sliding scale where the most wealthy families generally getting the lowest fees. Such fees often include consolidated financial reports and investment management. The clients of multi-family offices also pay less for overhead costs (e.g. staff salaries) by sharing such costs with other clients. On top of the above basic fee, the clients usually pay separate fees to outside fund managers or professional firms (e.g. for legal or accounting work).

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