When wealth reaches a certain level, management becomes more than just a matter of good investing. It becomes about legacy, discretion, continuity, and control. That’s where the Single Family Office (SFO) enters—a bespoke structure that gives ultra-high-net-worth families full oversight of their financial and personal affairs.

But setting one up isn’t as simple as hiring a few people and calling it a day. It requires thoughtful planning, careful jurisdictional considerations, and the right legal and operational framework.

Here’s the complete, globally relevant blueprint to building a single family office—step by step.

Step 1: Clarify the Family’s Objectives

Before you make a single move, you need clarity on the “why.”

  • What is the family trying to achieve?
    Preservation of capital? Long-term investment growth? Social impact?
  • Where is the family based, and where are the assets held?
    Cross-border residency impacts taxation, compliance, and even family governance structures.
  • Who will be involved—and when?
    Will multiple generations participate in decisions? Will a few key family members lead?

The family must articulate a shared vision, which will shape every subsequent decision.

Step 2: Determine Whether You Truly Need an SFO

The SFO structure makes sense primarily for families with $250 million+ in investable assets, though the threshold may be higher depending on services.

Ask:

Rule of thumb: If your needs are highly personalized, your wealth is globally spread, and privacy is paramount, an SFO might be the right fit.

Step 3: Choose a Jurisdiction Strategically

One of the most critical early decisions is where to set up your family office.

Common jurisdictions include:

  • Switzerland – for confidentiality and stability
  • Singapore – for tax incentives and financial services access
  • United States (Delaware, New York, Texas, Florida) – for real estate focus, trust law, and investment access
  • United Arab Emirates – for tax neutrality and international positioning

Consider:

  • Taxation (corporate and personal)
  • Regulatory scrutiny and licensing
  • Data protection and privacy laws
  • Ease of doing business across borders
Note: If your family members live in multiple countries, coordination around tax residency, reporting (like CRS or FATCA), and transfer pricing becomes vital.

This is where strategy meets structure. An SFO is usually built around:

  • A Holding Company or Trust to manage the assets
  • SPVs (Special Purpose Vehicles) for investments
  • A Governing Board or Family Council for oversight
  • Advisory committees (for philanthropy, impact, etc.)

You’ll also want:

  • Family charters to govern values and decisions
  • Succession documents that go beyond wills
  • Conflict resolution mechanisms—because money, inevitably, gets emotional

Step 5: Define the Core Services

Not every SFO offers the same menu. Define your scope upfront. Key areas often include:

  • Investment Management (portfolio oversight, direct investments, PE/VC)
  • Tax Planning & Filing (especially cross-border structuring)
  • Estate & Trust Administration
  • Philanthropy and Impact Investing
  • Lifestyle Management (travel, property, staff)
  • Education and Family Development
Decide what to insource vs. outsource.
Investment strategy? Maybe keep that in-house. Tax compliance? Possibly outsourced to a Big 4 firm.

Step 6: Build the Team and Operational Infrastructure

Staffing depends on your scope—but here’s a baseline:

  • Chief Investment Officer (CIO) – drives strategy and execution
  • Chief Financial Officer (CFO) – cash flow, reporting, tax planning
  • Legal Counsel – ensures compliance, risk management
  • Family Liaison or CEO – the glue between operations and the family

You’ll also need:

  • Operations manager or COO
  • IT and cybersecurity support
  • Accountants, HR, and back-office vendors

Use modern tech platforms for:

  • Consolidated financial reporting
  • Secure communication and document sharing
  • Regulatory compliance workflows

Step 7: Implement Risk Management & Compliance Systems

Regulators globally are watching family offices more closely. Make compliance a priority from Day 1.

  • KYC/AML processes for investment counterparties
  • Legal reviews and internal audits
  • Insurance coverage (directors & officers, cyber, key man)
  • Cross-border tax filings (FATCA, CRS, OECD requirements)

In some jurisdictions, you may need a formal license or registration depending on whether your SFO provides investment advice or acts as a fiduciary.

Step 8: Establish Communication and Reporting Protocols

Without transparency, family trust breaks down.

Create:

  • Monthly or quarterly financial reports
  • Dashboards with KPIs tailored to each family member’s priorities
  • Formal feedback loops via advisory boards or family councils
  • Non-disclosure agreements for all staff and third parties
Bonus: Use this moment to define your internal investment philosophy, so decisions align long-term.

Step 9: Plan for Succession and Longevity

Wealth rarely lasts beyond three generations unless actively stewarded.

Prioritize:

  • Next-gen education programs (finance, governance, leadership)
  • Mentorship and shadowing inside the SFO
  • Family constitution defining values, mission, and strategy
  • Planned transition of key staff and advisors

If done well, your SFO can become not just an office—but a multigenerational institution.

You’re Not Just Setting Up a Business—You’re Building a Legacy

An SFO is a statement: we take our family, our values, and our future seriously.

But without a blueprint, it's easy to fall into traps—overstaffing, unclear governance, or costly compliance errors.

This guide offers the foundation. The next step is bespoke execution—with trusted advisors, long-term vision, and a commitment to excellence.

Ready to Build?

If you're exploring whether an SFO is right for your family, start with a readiness audit:

  • What are your top 3 wealth priorities?
  • How globally mobile is your family?
  • Do you have generational alignment on goals?

Take 30 minutes to discuss with your key advisors. That one conversation could shape the next 30 years.