By Paul Attridge
19 Oct 2026
Last updated: 19.10.2026
For entrepreneurs, families and investors, wealth can become more complicated quite quickly. What may start with an accountant and investment adviser, can soon involve banks, solicitors, trustees, tax advisers and investment managers, all dealing with different parts of the picture.
At some point, many families begin asking the same question: do we need a family office, or can our needs still be met through a team of specialist advisers?
There is no single right answer. Much depends on complexity, how well your advisers work together, and how much time you want to spend joining things up yourself.
In this article, we compare separate specialist advice with coordinated family office support, helping you to decide which approach aligns more with your circumstances.
A family office is not necessarily an alternative to a private bank, wealth manager, accountant or solicitor. More often, it helps coordinate those advisers so the family’s wider objectives are properly understood and acted on.
“A family office is not about adding another layer of advice. At its best, it helps make sure the advice a family already receives is joined up, practical and focused on what the family is trying to achieve.” Amal Shah, Tax Partner at Gerald Edelman explains.
Specialist advisers can deal with each area of a family’s wealth, from overseas assets, business interests, trusts, family investment companies and property portfolios, but the important question is whether the advice is properly coordinated.
Different advisers can play an important, but distinct role, in supporting a family.
Private banks tend to focus on banking, lending, cash management and investment opportunities, particularly where borrowing or liquidity needs are more complex.
Wealth managers and investment managers usually focus on investment strategy, portfolio construction and long-term financial planning.
Accountants and tax advisers help families manage compliance and planning across areas such as Income Tax, Capital Gains Tax, Inheritance Tax, Trusts and international matters.
Solicitors deal with legal structure and protection, including wills, trusts, transactions, family governance and asset protection.
Family office support is not only for the super-wealthy. Many families benefit from a lighter outsourced model, which provides structure and oversight without the cost of a dedicated in-house team.
If your affairs warrant family office support, some of the options include a Single-Family Office (SFO), a Multi-Family Office (MFO) or a Virtual Family Office (VFO). Learn more about the family office types in our recent article: Do you need a family office?
If your affairs are relatively straightforward, and your advisers communicate well, a family office may be more than you need. The aim is the right level of support, not the most complicated structure.
“A family office is not always the answer. If your affairs are relatively simple and your advisers work together well, a traditional adviser structure may be entirely appropriate.” David Horowitz, Wealth Management Partner at Gerald Edelman says.
At Gerald Edelman, we start by understanding what clients are trying to achieve before suggesting a structure.
For some families, that means focused tax, trust or investment support. For others, it means a more joined-up approach around one clear plan.
If a family office may be right for you, our Family Office services can bring together tax advice and compliance, wealth oversight, estate and succession planning, international structuring, business advisory, reporting and governance, either as a full service or where extra coordination would help.
If you are unsure, the best starting point is a conversation about your family, your advisers and what you want your wealth to achieve.
Very often, the answer is not more advice, but clearer, better coordinated advice that fits the family and the long-term plan.
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