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.
Russ Alan Prince is a strategist for family offices and many of the wealthiest families in the world. He helps them define and refine the desired outcomes they want. Russ also provides direction in selecting and structuring ultra-wealthy families’ relationships with private wealth industry professionals so they get superior results.