So how does a firm determine that they are, in fact, qualified to be called a family office?

A Multifamily Office (MFO) is a specific type of North American wealth management firm, identified by a certain kind of client base, service menu, delivery model, and level of experience that sets it apart from other types of wealth management firms. MFOs serve several unrelated private families (as opposed to Single-Family Offices, which serve an originally-related set of households) and together with scale, deliver a family office experience.

Presenter, Tom McCullough

The co-founder, chairman and CEO of Toronto-based Northwood Family Office – which oversees about $2.2 billion of investment assets and $9 billion of family net worth – has spent more than 35 years in wealth management and multi-family office services. He’s written two books on high-net-worth families, and a third one, Wealth of Wisdom: Top Practices for Wealthy Families and Their Advisors, released last fall. He also teaches family wealth management at the University of Toronto’s Rotman School of Management.