Single or Multi Family Office: Differences and Governance
Single or Multi Family Office: how they differ in number of families, costs and FINMA supervision, and what Family Governance covers within a family.
A family office coordinates the management of the wealth of one or several families in one place: investments, tax and legal matters, succession, reporting and administration. A Single Family Office (SFO) serves exactly one family, a Multi Family Office (MFO) several independent families. In Switzerland the term is not defined by law. What counts for supervision is whose wealth is being managed.
At a glance
- Number of SFOs: The University of St.Gallen puts the number of Single Family Offices in Switzerland at around 300 and the wealth they manage at around CHF 785 billion (as of 2025). The basis is a survey of 82 offices (study in cooperation with the Swiss Single Family Office Association (SFOA) and UBS, June 2026).
- Size: The 307 family offices in the UBS Global Family Office Report 2026 manage USD 1.3 billion on average (worldwide survey from January to March 2026).
- Supervision: Under the Financial Institutions Act (FinIA, SR 954.1, in force since 1 January 2020), a wealth manager in Switzerland requires FINMA authorization. An SFO that manages only its own family’s wealth is generally not subject to authorization, whereas an MFO that manages the wealth of independent families generally is.
- Succession: 35 percent of the family offices surveyed in the UBS report have a defined succession plan for the family office itself, 27 percent a structured process that prepares the next generation (UBS, May 2026).
- Leadership: In 65 percent of the 82 Swiss SFOs surveyed, family members are actively involved in management or oversight, and around 35 percent are run entirely by an external management team (University of St.Gallen study, as reported by finews.ch, June 2026).
What is a family office and which services does it include?
A family office looks after a family’s wealth as a whole rather than account by account. Together with the family it sets the investment strategy, consolidates accounts and shareholdings, coordinates tax and legal matters and supports succession. It acts on behalf of the family.
Which tasks an office takes on depends on the family. Typical areas of work are:
- Investment strategy and its implementation, for example through discretionary mandates
- Consolidation and reporting across all parts of the wealth
- Coordination of tax and legal matters with external specialists
- Succession and estate planning, where requested, with the office mediating between those involved
- Support with family foundations and other structures
- Setting and monitoring risk parameters
- Accounting and administration
- Real estate and stakes in companies
- Personal matters such as lasting powers of attorney or charitable engagement
Individual tasks can also be outsourced.
How do a Single Family Office and a Multi Family Office differ?
The central difference is the number of families. A Single Family Office works for exactly one family and is funded by it. A Multi Family Office serves several independent families and spreads staff, infrastructure and expertise across these mandates. This leads to differences in cost structure, supervision and leadership.
| Feature | Single Family Office | Multi Family Office |
|---|---|---|
| Families served | one | several, independent of one another |
| Organisational form | the family’s own company or embedded in a family business | service provider for several families |
| Staff and infrastructure | borne by the family alone | spread across several mandates |
| Authorization under FinIA | generally not required as long as only the family’s own wealth is managed | generally required if it manages the wealth of independent families |
| Leadership and decisions | the family sets strategy and framework, its own team implements, often with family members in management | the family sets strategy and framework, the office coordinates and implements |
Single Family Office
A Single Family Office is either embedded in a family business (embedded SFO) or a separate company owned by the family. It employs its own specialists in investment, legal, tax and administrative matters. The family retains full control and in return bears the entire fixed costs.
Multi Family Office
A Multi Family Office offers expertise in investment, tax and law that several families share, and spreads the structural costs across several mandates. Some Multi Family Offices emerged from a Single Family Office that opened its organisation to outside families, others were founded by wealth managers. The assets are generally held at a custodian bank, while the office manages and coordinates.
At what level of wealth does a Single Family Office make economic sense?
There is no statutory or industry-wide threshold. A Single Family Office bears the cost of staff, premises, systems and compliance on its own, so it only makes economic sense for very high levels of wealth. A worked example, not a market figure: assume the structure costs CHF 1 million a year. That is 1 percent of CHF 100 million in wealth and 5 percent of CHF 20 million.
For context, the family offices surveyed in the UBS report manage USD 1.3 billion on average. The sample is worldwide and not a market statistic, and the surveys differ in selection and definition. The range is wide. A Multi Family Office spreads the structural costs across several families. Here too there is no fixed entry threshold, and each provider sets its own minimum asset level. How viable a structure is also depends on complexity: several countries, stakes in companies, real estate and several generations.
What does FINMA supervision mean for a family office?
In Switzerland the family office is not a regulated category of its own. What matters is the Financial Institutions Act: anyone who manages the assets of third parties on a professional basis requires FINMA authorization as a wealth manager. A Single Family Office that manages only its own family’s wealth is generally exempt, whereas a Multi Family Office for independent families generally is not.
FinIA has been in force since 1 January 2020. A supervisory organisation continuously supervises the wealth manager. The organisation is itself authorized and overseen by FINMA. A wealth manager is also subject to the Anti-Money Laundering Act (AMLA) and must meet the relevant due diligence obligations.
The exemption for the Single Family Office is narrow. If an office also manages assets for persons outside the family, the authorization requirement can apply. Whether a structure falls under FinIA should be assessed legally in each case.
What is Family Governance and what is it for?
Family Governance is the set of rules by which a family determines who decides on its shared wealth, and how. It includes bodies such as a family council, decision and distribution rules and principles for succession. A family charter records these rules in writing. It is an internal agreement, not a public legal document.
The point is to settle responsibilities before a dispute arises. Above what amount must the family council approve an investment? How are distributions calculated? On what conditions does a successor join the management? Such questions are easier to settle while the family is still united. For context: according to the worldwide UBS survey, 35 percent of the family offices surveyed have a defined succession plan for the office itself.
Family Governance does not depend on the form of the family office. At a Single Family Office the family usually shapes it itself, and family members sometimes sit in the management. At a Multi Family Office the fundamental decisions stay with the family; the office supports the setup and implementation and coordinates with the family council and with tax and legal specialists. For more, see the article Family Governance and Wealth Protection and Next Generation Wealth.
How does Everon work as a Multi Family Office?
Everon is a bank-independent Multi Family Office and authorized by FINMA as a wealth manager. An in-house portfolio management team manages the mandates; a custodian bank holds the assets. Management and custody are therefore held by different parties. On succession and governance, Everon supports the family and coordinates with its tax and legal specialists; the fundamental decisions stay with the family. The page on Wealth Management gives an overview, and the knowledge hub on Multi Family Office and succession brings the topic together.
Put to any provider, Everon included, these questions clarify supervision, custody, remuneration, conflicts of interest and responsibilities of a mandate:
- Is the provider authorized by FINMA and affiliated with a supervisory organisation?
- Are the assets held at a custodian bank, separate from the manager?
- How is the provider paid, and are payments from third parties disclosed?
- How does the provider handle conflicts of interest?
- Who decides what: the family, the manager or external specialists?
Frequently asked questions about the family office
What is a family office?
A family office coordinates the management of the wealth of one or several families in one place: investment strategy, reporting, tax and legal matters, succession and administration. It acts on behalf of the family. In Switzerland the term is not defined by law; what counts for supervision is whose wealth is being managed.
How do a Single Family Office and a Multi Family Office differ?
A Single Family Office (SFO) works for exactly one family and is funded by it. A Multi Family Office (MFO) serves several independent families and spreads staff, infrastructure and expertise across these mandates. This leads to differences in cost structure, in supervision under FinIA and in who runs the office.
Does a family office in Switzerland need FINMA authorization?
That depends on whose wealth is being managed. A pure Single Family Office that manages only its own family’s wealth is generally exempt from the authorization requirement under the Financial Institutions Act (FinIA). A Multi Family Office that manages the wealth of independent families generally qualifies as a wealth manager and requires FINMA authorization.
What is Family Governance and what does a family charter regulate?
Family Governance is the set of rules by which a family determines who decides on its shared wealth, and how. It includes bodies such as a family council, decision and distribution rules and principles for succession. A family charter records these rules in writing. It is an internal agreement, not a public legal document.
At what level of wealth does a dedicated Single Family Office make economic sense?
There is no statutory or industry-wide threshold. A Single Family Office bears the cost of staff, systems and compliance on its own, so it only makes economic sense, measured against its fixed costs, for very high levels of wealth. A worked example: assumed costs of CHF 1 million a year are 1 percent of CHF 100 million in wealth and 5 percent of CHF 20 million.
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This article is for general information purposes only and does not constitute investment, legal or tax advice, nor an offer to buy or sell financial instruments. Everon AG is a wealth manager licensed by FINMA under FinIA. Past performance is not a reliable indicator of future returns.
