Skip to main content
Personal Finance

What a 'Family-Office Approach' Means When You Choose a Financial Advisor

CNBC's top-ranked advisory firm for 2026 emphasizes coordinating a client's whole financial life. Here is what that model involves, what it may cost, and how to judge whether it fi

By The Money Zone Editors Updated October 8, 2026

Short answer: A family-office approach means an advisor coordinates the many parts of a household's finances, such as investments, taxes, estate plans, insurance, and family transitions, rather than only managing a portfolio. The idea has gained attention because Howland Capital Management ranked No. 1 on CNBC's 2026 list of the top 100 U.S. financial advisors, and the coverage highlights the firm's focus on relationships. Whether the model is worth paying for depends on how complex your situation is and what the service actually includes.

What a family office is, and how advisors borrow the idea

A traditional single-family office is a private firm set up to serve one very wealthy family. It may employ or oversee investment managers, accountants, lawyers, and administrative staff. Most households will never need anything like that.

Many wealth managers now offer a scaled-down version. Instead of building a full staff for each client, the advisor acts as a hub. They work with, or bring in, the client's other professionals and try to make sure decisions in one area don't create problems in another. The phrase in CNBC's headline, "There is real value in all of those relationships," points to this. The value often comes from the connections between the parts of a plan as much as from any single part.

Why coordination can matter

Financial decisions often affect each other. A few common examples:

  • Investments and taxes: Where an asset is held, and when it is sold, can change the tax bill. An investment manager and a tax preparer who never talk may miss this.
  • Estate plans and account titling: A will or trust may not control assets with beneficiary designations, such as retirement accounts and life insurance. If those designations are outdated, the estate plan may not work as intended.
  • Family transitions: Marriage, divorce, a business sale, an inheritance, or caring for aging parents can affect several parts of a plan at once.
  • Next generation: Some firms include heirs in meetings so wealth transfers are less of a surprise.

When each professional works alone, gaps and contradictions are more likely. A coordinating advisor tries to close those gaps.

Example: what the cost might look like

The figures below are hypothetical and only illustrate the math. Actual fees vary widely by firm, service level, and asset size.

Hypothetical household with a $2 million portfolio

  • Assets-under-management fee of 1% per year: $20,000
  • The same household also pays a CPA for tax preparation: $3,000
  • Estate-plan updates from an attorney every few years, spread out to about: $1,500 per year
  • Total professional spending: about $24,500 per year

A family-office-style advisor might charge the same $20,000 but coordinate the CPA and attorney, or might charge more and include some of that work. To compare, look at the total cost of all the professionals and what you get for it, not only the advisory fee.

Fees charged as a percentage of assets grow as the portfolio grows. Over decades, the gap between fee levels can add up to a large amount, so it's worth asking what extra services justify a higher rate.

Questions to ask any advisor offering this model

  1. What exactly is included? Ask whether tax planning, estate coordination, insurance review, and family meetings are part of the fee or cost extra.
  2. Who does the work? Find out if specialists are in-house, outside partners, or your own existing professionals.
  3. How are you paid? Ask about asset-based fees, flat fees, hourly fees, and commissions. Ask about any conflicts of interest.
  4. Are you a fiduciary at all times? Get the answer in writing.
  5. What are the minimums? Many firms with this model require a high minimum level of assets.
  6. How will you measure success? Coordination is harder to measure than investment returns. Ask how the firm documents what it has done for clients.

You can review an advisor's regulatory record and disclosure documents (such as Form ADV) through the SEC's Investment Adviser Public Disclosure site and FINRA BrokerCheck.

Alternatives and next steps

  • Do the coordination yourself: Keep a single summary of your accounts, beneficiaries, insurance policies, and key contacts. Share relevant pieces with each professional.
  • Flat-fee or hourly planners: These may suit people who want a comprehensive review without an ongoing asset-based fee.
  • Annual joint check-in: Ask your tax preparer and investment manager to talk once a year, especially before year-end.
  • Rankings as a starting point: Lists like CNBC's can help you find firms to research, but they don't show whether a firm fits your needs, budget, or minimums.

Bottom line

The family-office approach is mainly about coordination. Its value comes from connecting investments, taxes, estate planning, and family decisions so they work together. That can matter a lot for complex households, and much less for simple ones. Before paying for it, compare the total cost of all your professionals, confirm what is actually included, and check the advisor's fiduciary status and record.

FAQ

Do I need to be very wealthy to get family-office-style service?

Not always, but many firms with this model set high asset minimums. Some planners offer coordination-focused services at lower levels through flat or hourly fees.

Does a top ranking mean a firm is right for me?

No. Rankings use their own criteria. Fit depends on your goals, complexity, costs, and comfort with the advisor's process.

Tip a story

Spot an error or have a topic you want us to cover? Email editorial@themoneyzone.org. We read everything.

More from Personal Finance

Get one money tip a week. Nothing else.

Plain-English advice for real paychecks. Unsubscribe in one click, no hard feelings.