Single family office

An organisation that manages exclusively the wealth and affairs of a single family.

In practice

Typical tasks are consolidated reporting, coordination of banks and advisers, governance support, administration of structures and compliance with reporting duties. In practice, a single family office defines in writing which family members and entities it serves, because serving third parties can trigger licensing requirements. Its processes – approvals, documentation, data protection – should match what would be expected of a regulated provider, even without supervision.

Distinctions and common mistakes

The boundary to a multi family office can be crossed unnoticed, for example when the office starts managing assets for friends of the family or business partners. A common mistake is to assume that the absence of a licence also means the absence of duties; data protection, tax and company law apply in full.

Related terms

Multi family office

A service provider that looks after the wealth and affairs of several unrelated families.

Mentioned in these guides

• What is a family office?What a family office is, what it does, how single and multi family offices differ and when a family needs one – a clear, sourced overview.
• Setting up a single family office in SwitzerlandHow to set up a single family office in Switzerland: mandate, legal form, licensing under FinIA, governance, team and the systems to put in place first.
• Family office software for SwitzerlandWhat Swiss family offices need from software: structures across jurisdictions, AML due diligence, automatic exchange of information and Swiss data storage.
• Virtual family office: lean core, strong networkWhat a virtual family office is, who it suits, how a lean core coordinates external specialists and why a shared data foundation is the key requirement.
• Embedded family office: run from within the family businessWhat an embedded family office inside the family business is, its benefits, and the confidentiality, tax and governance risks that need to be managed.
• The risk-based approach in a family officeHow the risk-based approach under Swiss, German and Austrian AML law and the FATF works: risk factors, risk classes, graduated due diligence and documentation.
• Suspicious activity reports to MROSWhen Swiss financial intermediaries must or may report to MROS, how reports are filed through goAML, and what follows: tipping-off ban, freezing, termination.
• Software for the single family officeSingle family office software: the whole family structure, consolidated wealth across all banks, documents with deadlines and compliance evidence in one system.