Starting or creating a family office
Who Should Own the Relationship With Each Outside Adviser?
Short answer. Assign one staff member as the day-to-day relationship owner for each adviser, based on the work involved and that person's authority. The owner coordinates requests, tracks commitments, and reports issues. Keep family or committee approval for major decisions, and make clear who may instruct the adviser and approve fees or scope changes.
Give each outside adviser a clear relationship owner inside the office. That person handles routine communication, tracks commitments, and connects the adviser's work with the office's needs. Clear ownership reduces crossed instructions and unanswered questions.
Match Ownership to the Work
Choose an owner who understands the service and has enough authority to coordinate it. An accounting provider might report to the person responsible for financial records, while an investment adviser might work through the person overseeing portfolio decisions. The owner does not need to make the family's final decisions.
Separate coordination from approval. Document who can provide routine information, who can approve new work or fee changes, and which decisions require a family member, committee, or board. For legal or tax questions, talk with your attorney or CPA about who should direct the work and how advice should be handled.
Set Communication and Recordkeeping Expectations
Tell the adviser who the primary contact is, who is the backup, and how urgent matters should be escalated. The owner should maintain the engagement terms, current contacts, deliverables and deadlines. Track open issues separately. Keep important recommendations and approvals in a record the office can access.
One contact helps the adviser understand the office's priorities and avoids inconsistent direction from several family members. If an adviser needs input from more than one person, the owner can gather it and make sure the office gives a coordinated response. For a group decision, the owner can prepare the information and record the decision while the family or its governance body retains authority.
Where the office uses an advisory board or committee, define how it interacts with outside advisers. Board members may offer expertise or help assess a potential relationship, but the office should still designate the person responsible for daily coordination. The governance guide and committees and advisory boards guide can help clarify decision rights.
Review the Relationship and Its Owner
Check that each adviser still has a clear scope, a suitable internal contact, and a useful reporting process. As office responsibilities change, the original relationship owner may no longer be the right person. Update the adviser and office records when contacts, authority, or services change.
Periodically assess the work, cost, responsiveness, and staff time needed for coordination. An outside relationship adds costs and internal work, so confirm that the arrangement remains necessary and fits the family's priorities. The guide to partners and service providers offers a framework for defining those relationships.
For practical next steps, see how to evaluate outside providers, how to monitor provider work, and how to avoid duplicate services. Each adviser should know who speaks for the office, and the office should know who is accountable for the relationship.
A competent and complementary board of advisors is even more critical in today's investing environment.
Sources: How to Start a Family Office, The Single Family Office. Informational only, not financial, legal or tax advice.