Every client deserves a family office

Family offices are often associated with the ultra-wealthy: complex global structures, dedicated advisers, cross-border tax planning and multigenerational wealth strategies. But the principles that underpin them are increasingly relevant to a much wider client base. For financial advisers, the family office model offers a useful lens through which to view client relationships. It shifts the conversation away from products and portfolio performance alone, towards a broader understanding of the client’s life, family, legacy, risks and long-term objectives.

Jodi Suchard, Advisory Partner at Citadel, believes this approach should not be reserved for the very wealthy. “Every client should be a family office client,” she says. “In their world, it’s the only money they’ve created. We need to preserve it, grow it and keep it for generations.” At its heart, family office-style advice is about putting the client at the centre of a coordinated plan. That means understanding not only their investment assets, but also their personal lives, family dynamics, estate planning needs, offshore exposure, trust structures, tax considerations and beneficiaries.

The family CFO

Suchard describes her role as being “the chief financial officer of the family”. Even where Citadel doesn’t manage all of a client’s assets, she says it’s important to understand the full picture. Without that, advisers risk overexposing clients to certain asset classes, missing structuring issues or failing to align investments with future cashflow needs. This approach requires time and trust. It may take several meetings before investments are even discussed with the client. “Investments are the last thing I look at,” says Suchard. “If your foundation is wrong, everything will collapse.”

The first conversations are about the client’s life, family and goals. Are they staying in South Africa or considering emigration? Do their children live abroad? What existing structures are in place? Are there local or offshore trusts? Are wills aligned across jurisdictions? Do beneficiaries understand what they may one day inherit? Only once these questions have been explored does the investment strategy follow.

Managing a dispersed clan

For advisers, this is a significant distinction. A family office approach is advice-led, not product-led. It requires advisers to coordinate with fiduciary specialists, tax practitioners, asset managers, lawyers and trustees. It also requires the confidence to say that not every issue can or should be solved in-house. This is particularly important in a South African context, where families are often increasingly dispersed. Parents may remain in South Africa while children live in the UK, Australia, the US or elsewhere. Assets may be held across multiple jurisdictions, with different inheritance, tax and estate-planning implications.

Suchard says this complexity is now part of everyday advice. “I deal with a lot of multi-jurisdiction families,” she says. “Anything we design for the head of the family must speak to the beneficiaries as well.”

Ensuring the kids are alright

The coming intergenerational wealth transfer makes this even more urgent. Advisers who only have a relationship with the primary wealth creator may find themselves at risk when assets pass to the next generation. Children may not know the adviser, may not understand the strategy or may prefer to manage money themselves using digital platforms, social media ideas or AI tools. Suchard’s solution is to involve the next generation early, but appropriately. 

Beneficiaries do not need to be part of every discussion, particularly where the primary client wants privacy. But creating smaller accounts for children or introducing them gradually to the advisory process can help build familiarity and trust. “I always bring the kids in,” she says. “Let them experience what it’s like to be a client. You don’t want to lose them in the next generation.” This also means accepting that younger clients may engage differently. Rather than dismissing their interest in AI or self-directed investing, Suchard encourages learning alongside them. “I never stunt their ability to grow their knowledge,” she says. “Do that, but let’s do both together and work together.”

For many clients, the greatest challenge is not technical, but behavioural. Market volatility, geopolitical uncertainty and concerns about offshore exposure can trigger emotional decision-making. In this environment, advisers must be proactive. Waiting for a panicked client to call may be too late. Suchard says timing is central to calming clients. If money is needed tomorrow, it should not be invested in growth assets. 

If it is long-term legacy capital, volatility can be tolerated. “Wealth preservation has different rules to wealth creation,” she says.

She separates planning into lifestyle needs, estate and legacy assets, wealth preservation and wealth creation. Lifestyle capital must support spending requirements. Legacy capital can usually take more risk. Business owners, meanwhile, may be encouraged to secure enough to preserve their lifestyle, allowing them to take appropriate risks in their business. This separation helps clients understand why one pool of money may be conservatively managed while another is positioned for long-term growth. It also allows advisers to remove emotion from wealth preservation decisions.

A family office approach may also include philanthropy, family constitutions and letters of wishes. These tools help families articulate how wealth should be used, governed and passed on. While a family constitution may not be legally binding, it can act as a manual for future generations.

Compliance and due diligence remain essential. Structures, trustees, offshore providers and asset managers all require scrutiny. For clients, this provides comfort in a complex environment.

Ultimately, the family office model is less about the size of the client’s balance sheet and more about the depth of the relationship. For advisers, it is a reminder that investment management is only one part of the job.

The real value lies in understanding the family, protecting the legacy, and helping clients make decisions that endure beyond one generation.