Family Office Services: When Wealthy Families Need More Than Basic Planning

Every family reaches a point when their wealth outgrows basic planning.

It usually happens quietly: a business sale, a second property, or setting up a trust for the kids.

Then one day, you realize you have five different professionals giving five different opinions, and none of them are talking to each other.

That’s not a plan. That’s organized chaos dressed up in a spreadsheet.

At that point, you don’t need another advisor. You need alignment and someone to bring your financial team together. That’s what family office services from a certified financial planner and certified financial advisor deliver.

What “Family Office” Really Means

Most people hear “family office” and picture billionaires with private staff. That’s not what we’re talking about.

A family office is a coordinated system where financial, legal, tax, and investment management work together under one strategy.

It’s the difference between a pit crew and a parking lot full of mechanics. Everyone in a family office setup works in sync, not in silos.

The goal is simple: clarity, control, and coordination.

Wealth should make life easier, not harder. A family office keeps your investments, trusts, businesses, and estate documents working together toward the same goals.

When Basic Planning Stops Working

Our experience shows this is a common challenge: A family with $10-$20 million in assets still runs their finances like they did when they had two accounts and a CPA.

Meaning:

• Their CPA handles taxes.
• Their broker manages investments.
• Their attorney drafts the trust.
• No one leads.

That’s like having four captains and no compass.

When wealth reaches this level, separate advice turns into conflicting advice. You start reacting instead of leading. That’s when it’s time for a family office approach, built around one coordinated plan and one set of priorities.

The Core of Family Office Services

With a certified financial planner or certified financial advisor, you have someone looking at all of the pieces of your wealth and creating a path to achieve your goals. They offer:

1. Centralized Oversight

You need a quarterback, someone who understands how your investments, taxes, insurance, estate plans, and business interests all fit together.

That’s the foundation of family office services.

Everything ties back to one unified strategy and reporting system, so you know where you stand, what’s at risk, and what’s working.

2. Tax and Estate Alignment

We say this often: You can’t build wealth faster than bad planning can destroy it.

A valid CFP or CFA looks at the entire tax and estate picture, not just once a year at tax time, but continuously.

That means reviewing entities, trusts, charitable giving, and ownership structures to ensure every dollar supports your goals.

3. Multi-Generational Planning

Money without meaning doesn’t last.

Our clients care less about spending wealth and more about passing on wisdom with it. Family office planning creates a roadmap for children and grandchildren that includes education, values, and vision.

The goal isn’t to make them rich. It’s to make them ready.

4. Philanthropy and Purpose

When wealth reaches a certain level, giving becomes part of the conversation.

We help families align their giving with impact through donor-advised funds, private foundations, or direct support, making generosity intentional and tax-efficient.

5. Reporting and Transparency

You can’t manage what you can’t see.

A family office structure turns scattered accounts and assets into one clear picture, giving you complete control and zero surprises.

Absolute Clarity for a Business Owner

A Florida business owner came to us after selling his company for $18 million. He had a trust, several investment accounts, two homes, and adult children scattered across three states.

Each professional was doing good work individually, but together it was a mess.

The estate attorney didn’t coordinate with the CPA. The CPA didn’t talk to the investment manager. The trusts were outdated.

We built a coordinated plan:

• Updated estate documents
• Consolidated reporting
• Tax-efficient charitable structure
• Education meetings with the kids

Result? Simplicity, clarity, and peace of mind. His family finally had one strategy and one direction.

We turned complexity into clarity and momentum.

When to Consider Family Office Services

Wondering when it’s time to make the shift? Ask yourself these questions:

1. Do I have multiple entities, trusts, or properties?
2. Does my net worth exceed $5 million?
3. Do I have more than one advisor managing separate areas?
4. Do I feel like the left hand doesn’t know what the right hand is doing?

Nod at two or more of these, and you’ve already crossed that line. It’s time to call a certified financial planner or certified financial advisor.

Myths About Family Office Services

“We’re Not Wealthy Enough”

It’s not about how much you have; it’s about how complex your life has become. Family office services are built for families managing multiple priorities and generations, not just billionaires.

“My Advisor Already Handles This”

Maybe. But is anyone seeing the whole picture? Taxes, investments, trusts, and business structures only work when they’re coordinated. If they’re not, small gaps can turn into big mistakes.

“It Costs Too Much”

Disorganization is far more expensive. Missed deductions, outdated documents, and uncoordinated decisions can cost much more than a structured approach ever will.

The Bottom Line

Family office services aren’t a luxury. They’re a necessity when success starts to create complexity. They bring everything together, including advice, planning, and reporting, into one transparent and accountable structure.

At Great Lakes Private Wealth, we don’t run on autopilot. Every family deserves proactive, hands-on coordination that makes wealth work for them, not against them. Wealth without structure creates stress. Let’s fix that and build a plan that works for your family.

Sources

1. PwC – How family offices are adapting capital deployment in uncertain times  https://www.pwc.com/gx/en/services/family-business/family-office/family-office-deals-study.html 
2. Financial Poise – “The Evolution of Family Offices: From Empires to Modern Wealth Management” https://www.financialpoise.com/the-evolution-of-family-offices-from-empires-to-modern-wealth-management/ 
3. Deloitte – “The Family Office Insights Series. Global Edition” https://www.deloitte.com/uk/en/services/deloitte-private/about/defining-the-family-office-landscape.html 
4. Harvard Business Review – “Is Your Family Office Built for the Future?” https://hbr.org/2022/09/is-your-family-office-built-for-the-future 

This information is for educational purposes only and is not intended as investment, tax, or legal advice. Past performance is not indicative of future results. Investment advisory services offered through Summit Financial, LLC, a SEC Registered Investment Advisor. 8523086.1