What the family receives
A consolidated balance sheet
Every account, trust, entity, and private holding organized by asset class, with the owner of each, assets and liabilities shown separately, and the family's net worth as of a stated date.
The all-in cost
Advisory fees, fund expenses, private fund management fees, real estate management, trustee fees, and accounting, each shown with what it is charged on. Recurring costs are separated from carried interest, which varies from year to year.
A liquidity calendar
Capital calls on unfunded commitments, loan maturities, estimated taxes, fees, and expected distributions on one timeline, measured against the family's minimum cash reserve, so a funding need shows up months before it arrives.
A continuity test
One structured conversation about who signs, who succeeds, where the originals are, and who else knows. Every uncertain answer goes on the gap list.
A governance review
Who makes investment decisions, whether a written investment policy exists, how managers are hired and monitored, and how reporting reaches the family, covered in the same conversation.
A readiness verdict
A recommendation on what structure fits: a dedicated family office, a lean or outsourced model, or better arrangements with the family's current advisors. It compares what each would cost the family in total and lists the first actions to take.
Inside the report
Five pages from a report for an illustrative family with two custodians, six banks, two trusts, fourteen private funds, three real estate LLCs, and an operating company, as of September 30, 2026.
Readiness verdict
Recommendation: a lean family office with one investment lead and outsourced accounting and reporting.
Why
- The family needs one person accountable for its investments: fourteen private funds, $15.0M of unfunded commitments, a credit line, and a loan maturing in 2027. No current advisor owns that work.
- The accounting, reporting, and administrative workload is routine and can be outsourced, so a full staff would add cost without adding judgment.
- Consolidated reporting alone would organize the information but leave no one responsible for acting on it.
- A sale of the operating company could change the answer, depending on the proceeds and what the family wants to do with them.
What each option would cost the family each year
| Option | New cost | Total recurring | Change |
|---|---|---|---|
| Current arrangements | $1.80M | ||
| Current advisors plus consolidated reporting | $0.1M to $0.2M | $1.9M to $2.0M | +$0.1M to $0.2M |
| Lean family office | $0.6M to $0.9M | $2.1M to $2.4M | +$0.3M to $0.6M |
| Multi-family office | $0.7M to $1.1M | $2.2M to $2.6M | +$0.4M to $0.8M |
| Fully staffed family office | $1.0M to $1.5M | $2.5M to $3.0M | +$0.7M to $1.2M |
The last three options replace the $0.30M wealth management fee. Private fund, real estate, trustee, and accounting costs continue under every option.
First actions
- Decide by March 31, 2027 how to fund the $6.5M loan due in July: refinance it, draw on the credit line, or sell securities. Owner: the family's lead decision-maker, with the lender.
- Add backup signers and documented backup access for the entities and bank accounts. Owner: the estate attorney, within 60 days.
- Recruit the investment lead and select an outsourced accounting and reporting provider. Owner: the family, within six months.
Consolidated balance sheet
| Cash, six banks | $9.8M |
| Marketable securities, two custodiansIndividuals and both trusts | $99.2M |
| Private funds, fourteen at reported NAVDynasty trust and individuals | $22.6M |
| Real estate, three LLCs at appraised value | $17.3M |
| Residences, two | $9.5M |
| Operating company, family's 62% interestEstimated value, net of company debt | $85.0M |
| Total assets | $243.4M |
| Real estate loans$6.5M due July 2027, $4.2M due 2031 | ($10.7M) |
| Residence mortgage | ($2.8M) |
| Securities-based credit line$5.0M drawn of $20.0M available | ($5.0M) |
| Net worth | $224.9M |
Unfunded private fund commitments: $15.0M.
All-in cost, 12 months ended September 30, 2026
$1.80M a year
1.21% of the $148.9M of investment assets outside the operating company
| Wealth management fees0.30% of $99.2M | $0.30M |
| Fund expenses inside managed accounts0.12% of $99.2M | $0.12M |
| Private fund management fees2% of $40.0M committed | $0.80M |
| Private fund expenses | $0.10M |
| Real estate management8% of $2.63M in rent collected | $0.21M |
| Corporate trustee0.45% of the $26.9M dynasty trust | $0.12M |
| Accounting, tax, and entity administration | $0.15M |
| Recurring total | $1.80M |
Carried interest realized during the period: $0.14M.
Liquidity calendar, $ millions
| Q4 2026 | Q1 2027 | Q2 2027 | Q3 2027 | Q4 2027 | 2028 | |
|---|---|---|---|---|---|---|
| Capital calls, notified | (1.2) | (1.4) | ||||
| Capital calls, manager estimates | (2.1) | (0.9) | (1.8) | (4.5) | ||
| Distributions, manager estimates | 0.4 | 0.6 | 0.3 | 1.9 | 0.4 | 3.2 |
| Estimated taxes | (0.8) | (1.6) | (0.8) | (3.4) | ||
| Fees paid directly and credit line interest | (0.2) | (0.2) | (0.2) | (0.2) | (0.2) | (0.9) |
| Real estate loan maturity | (6.5) | |||||
| Net cash flow | (1.0) | (1.8) | (3.6) | (6.5) | (1.6) | (5.6) |
| Cash, from $9.8M | 8.8 | 7.0 | 3.4 | (3.1) | (4.7) | (10.3) |
| Above (below) $2.0M reserve | 6.8 | 5.0 | 1.4 | (5.1) | (6.7) | (12.3) |
Cash approaches the $2.0M reserve by mid-2027. The July loan payment alone leaves a $3.1M shortfall, and restoring the reserve requires $5.1M. The $15.0M undrawn on the credit line covers it, so the question is which source to use and when to decide, which is why the verdict sets a March 31 deadline.
Calls follow the managers' pacing estimates and draw $11.9M of the $15.0M unfunded. Fund fees are paid inside capital calls; real estate costs and loan interest are paid from rent. Family spending and operating company distributions are excluded.
Continuity test
- GapOne family member is the only signer for four of the six entities.
- GapNo documented backup access to the six bank accounts.
- ReportedSuccessor trustees are named for both trusts.
- GapTwo fund managers have no contact besides the founder.
- ReportedCounsel holds the original trust and LLC documents.
Office cost estimates draw on Campden Wealth's 2025 Family Office Operational Excellence Report (running costs of 50 to 60 basis points, or $1.0M to $1.5M a year, for offices under $250M), the Heidrick & Struggles 2025 Family Offices Compensation Survey, published reporting platform pricing, and industry surveys of multi-family office fees.
Who it is for
Families whose wealth has outgrown the way it is managed. That usually means some combination of:
- several wealth managers or custodians
- private funds or direct investments
- trusts and family entities
- a business that has been sold or may be
- a generation preparing to take over
Timing and scope
The report is delivered about six weeks after the statements arrive. The engagement includes the introductory conversation, one 90-minute conversation on governance and continuity, an in-person presentation, and one round of revisions.
Missing statements delay the work but do not stop it. The report notes anything that could not be confirmed.
How it works
Introductory conversation
About 45 minutes on the family, its holdings, and its advisors. Nothing needs to be prepared. We agree on the scope and the fee.
Statements
The family provides recent account and fund statements through a secure file share I set up, or authorizes me to request them from custodians and advisors directly.
Consolidation and one conversation
I build the balance sheet, the cost summary, and the liquidity calendar, and I spend about 90 minutes with the family on governance and continuity.
Report and presentation
I present the findings and the verdict to the family in person and leave the written report and the balance sheet with them.
Please do not send statements, account numbers, or passwords by email. I set up a secure file share for each family, and at the end of the engagement I return or delete the family's documents unless the family asks me to keep them.
Fee
One fixed fee
The fee reflects the scope: the number of accounts, entities, and funds, and the meetings involved. It is quoted after the first conversation, agreed before work begins, and is not a percentage of assets. I do not manage assets or sell investment products.
If the answer is yes
I can help the family design the office, hire its staff, and select its service providers. I can also run the office, serve as its Chief Investment Officer, or both. Because that is a possible outcome, the assessment carries four safeguards:
- The fee is the same whatever the verdict.
- The family owns the report and can use anyone to carry it out.
- Any role with the family's office is a separate decision, made by the family under a separate agreement.
- I accept no referral fees or commissions from any provider I recommend.