For this reason, many families are now attracted toward the concept of multi-family offices.

This allows many families to share the cost as opposed to only one family bearing it. The services of qualified accounting and tax professionals are not sought by just one family. They can be provided for the benefit of multiple families.

If you were an SFO yesterday, you would have to compete with many firms to seek the services of good professionals. However, if today, you become part of a multi-family Futu Trustee Limited office, you can recruit top talent by offering them appropriate compensation.

There are other reasons too why they are opting for MFOs. If a they decides to go for an SFO, run by one of their family members, the family member will have to juggle a lot of duties. They will have to look after their personal life and also keep an eye on the financial and legal matters of the family business. The family member will also have to seek out experienced professionals to develop a good team. While the family members won't have the expertise to do so, an MFO does. It provides families access to greater resources.