The term family office covers very different organisations, from an entrepreneur’s assistant to a regulated asset manager with dozens of families. The most important distinction is between single and multi-family office.
Single family office
A single family office works for one family only, often funded and controlled by it. It handles asset management or its oversight, accounting and reporting, tax, real estate, insurance and administration. The FinIA exempts from licensing persons who exclusively manage assets of persons with whom they have economic or family ties; the Financial Institutions Ordinance specifies which degrees of kinship count. If mandates for third parties are added, the classification changes.
Multi-family office
A multi-family office serves several families and therefore manages third-party assets. It generally needs a licence as portfolio manager or trustee and is subject to a supervisory organisation. In return it shares cost and expertise across families and offers access to specialists a single family office could hardly afford alone.
Anti-money laundering law
Whether AMLA duties also apply must be assessed separately; it depends on the specific activities, for example whether the office triggers payments for family members. The distinction is explained under financial intermediary.
Which form fits
A single family office pays off above a level of wealth and complexity that justifies own staff. Below that, a multi-family office is often more economical. In both cases organisation determines quality: clear roles, a family charter, clean documentation and systems that bring together structures, people and duties, such as FLIORE.