Morgan Stanley Launches Single Family Office Best Practices Report in Response to 10-fold Increase in Family Offices Since 2008

Morgan Stanley Family Office Resources today announced the launch of a new Single Family Office Best Practices report. In response to the ten-fold increase in the number of family offices since 2008, the report provides a broad discussion of best practices that address the key questions Morgan Stanley single family office clients raise most often. The report was conducted by the Firm’s Single Family Office Advisory team in collaboration with Morgan Stanley Wealth Management professionals, including the Family Office Resources team, single family office executives, and the network of preferred providers in the Morgan Stanley Signature Access program.

Even in the best of times, the single family offices that Morgan Stanley serves are eager to discuss new ideas to enhance their performance and efficiency. The global pandemic has presented family offices with complex new challenges and their need for clear and actionable information is exceptionally high. Now more than ever, the firm is receiving questions about the best ways for ultra high net worth families and their family offices to drive mission and impact.

“There is no simple formula to follow when creating or maintaining a single family office. In fact, some family offices are formed explicitly because the existing service models don’t sufficiently address the family’s unique needs,” said Valerie Wong Fountain, Head of Signature Access and Single Family Office Advisory, Morgan Stanley Family Office Resources. “The single family offices we serve are always on the lookout for new ideas to enhance their efficiency and improve their performance, as well as their impact and philanthropic missions, and we are pleased to be able to provide them this report as a resource.”

The guide is divided into six sections, each in alignment with a common area of responsibility for single family offices. For each area, key considerations are raised and best practices are shared.

Mission and Purpose

The report starts with a discussion of the family’s mission statement because the meaningful discussions a family conducts to define its mission often help answer the most critical question: Should you even have a family office? Conversations about a family’s mission can reveal whether family members are best served by conducting their affairs through a shared entity. Once the family unites around its shared purpose, every policy, procedure and practice of the family office can, and should, be evaluated against the family’s mission.