Member Question:

If our family is divided on the idea of investing in family office services, be it a dedicated family office or using an MFO, how do I start conversations with them to talk about the pros and cons and help us find alignment?

Expert reply by Chris Dickson and Jim Steele, RSM:

Disagreeing about starting a family office? Start talking.

In many families of significant wealth, creating a family office can become a point of debate. Some members see it as a natural step as complexity grows, while others question its necessity or worry about the cost. These conversations can feel uncomfortable, but they often lead to productive discussions about how the family wants to manage its complexity.

Disagreement is common. Different generations, households and individuals may prioritize different things—cost, control, privacy, transparency or the level of coordination needed. Rather than viewing these differences as a barrier, families can treat them as the starting point for a thoughtful conversation about how their capabilities should evolve.

Start with the family’s goals

A helpful way to move forward is to shift the question. Instead of asking, “Do we need a family office?” ask, “What are we trying to accomplish together?”

Often, the goals are clearer than the structure needed to support them. Families may want better coordination among advisors, clearer reporting, stronger governance or more engagement from the rising generation. Once priorities are defined, the conversation becomes less about defending positions and more about identifying solutions that support shared objectives.

Take a structured approach: Blueprint before build

Before building a family office, many families benefit from developing a design blueprint. A thoughtful process considers several key domains:

• Structure: How the family office is organized
• Services: Capabilities needed across back- and front-office operations
• People: Roles and expertise required
• Process: Decision making and operational workflows
• Technology: Systems supporting reporting and transparency
• Governance: Structures guiding oversight and decision making

The goal is not simply to create an organization, but to design how the family office will support the family’s needs over time.

It’s not all or nothing

A common misconception is that the decision is binary: either build a fully staffed single-family office or continue as before. In reality, many families adopt hybrid approaches.

Some members may work through a multifamily office while others maintain a single-family office. These arrangements can coexist and be coordinated through a central function that aligns reporting, governance and advisor relationships.

A hub-and-spoke model offers flexibility, allowing a coordination team—internal or outsourced—to work alongside providers across investment, tax, legal and administrative functions.

Families also have flexibility in how services are delivered. Some capabilities may be built in-house while others are outsourced, and many are delivered through co-sourced models that pair internal leaders with external advisors.

Create space for discussion and education

Because family office decisions affect many aspects of wealth management, creating space for open discussion is essential. Structured conversations—often facilitated by advisors—can help members share perspectives and better understand their options.

Reviewing different models and tradeoffs can help move the discussion from abstract opinions to informed decision making.

Crawl, walk, run

Families rarely build a fully developed family office overnight. Many begin with foundational capabilities such as tax coordination or consolidated reporting and expand as their needs evolve.

The first step is not deciding whether to build a family office. It is starting the right conversation about what the family hopes to achieve, and then designing structures that support that vision.

RSM is a Founding Partner of the UNI Family Business Center.

about the experts

Chris Dickson

Chris Dickson is a nationally-aligned senior manager within RSM’s Family Office Enterprise practice, where he plays a pivotal role in supporting the expansion, execution, and go-to-market strategy for family office advisory services. Known for critical thinking, Chris is passionate about innovation and collaboration. He believes that integrating multiple perspectives into any conversation is essential for crafting the best solutions.

Jim Steele

Jim serves the private client service practice, providing tax, accounting and consultation services to a variety of high-net-worth families, family offices, executives and closely held businesses. Jim works with other RSM professionals, as well as outside advisors, to provide guidance and advice on tax and non-tax issues through strategic planning. Jim spends much of his time working with families and family offices, addressing structuring, governance, succession and tax optimization issues. Jim has practiced public accounting since August of 2012 and is continuously growing his knowledge. 

RSM's Family Office Services

Navigating the complexities of family wealth requires more than technical proficiency—it calls for a trusted advisor who can guide you through every stage of your journey, from creating and operating your family office to managing assets and sustaining your legacy.

Learn more about RSM's Family Office Services.