The difference is integration. A wealth manager may refer you to an accountant or an attorney, but the responsibility for coordinating them remains with you. In a multifamily office the specialists are connected to each other through one shared plan, and the family experiences a single coordinated relationship.
This is why the comparison is structural rather than competitive. Wealth management can be excellent at what it does and still leave the coordination, and the leakage, to the family.
Common questions
- Is a multifamily office just wealth management with more services?
- No. The difference is structural. A multifamily office integrates the specialists through one shared plan rather than referring you to them, which is what closes the leakage that accumulates between uncoordinated advisors.