To make it easier, single-family offices manage the personal and financial issues of a single-family office (SFO). The only difference is how many families are serviced through the offices. There are wealthy families who don't require the services of private wealth managers or banks. They prefer to establish their own investment companies or offices.
The staff could range between 3 and 20 according to, for instance, the number of family members or the size of the business family. You can consult for UBS Global Family Office Return & Impact at UBS Global company.
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However, a private SFO (single-family office) is expensive to manage. Although there are over 1000 SFOs across Europe by themselves, they will be a huge expense to manage. According to Greycourt which is a U.S.-based financial advisory company to the wealthiest of American families, you must have an income of more than $1 billion to be able to justify the expense of a private FO.
Even if a family not making billions, however, the median amount it'll have to invest to run its financial institution is 0.6 of its assets under management, as per an analysis of European offices carried out. This is why a lot of families are now enticed by the idea of multi-family office spaces.
This lets many families take on the burden rather than one family paying for the burden. The expertise of certified accounting and tax experts isn't required by only one family. They are available to several families.