By and large, the very wealthy establish single-family offices to ensure they receive the kind of services and personalized attention they want. Running a single-family office can be a costly endeavor, but if the organization is meeting its goals and fulfilling its intended function, expenses are usually not a concern.
Unfortunately, across the globe, only about 20% of single-family offices are meeting or exceeding their predetermined criteria for success (see sidebar). For example, the investment performance of a single-family office must meet or exceed its benchmarks or targets to be deemed high functioning.
