financial influence.

While most studies focus on single-family offices, which serve individual families and often operate globally, multi-family offices (MFOs) – firms that serve multiple families – remain less well understood, particularly in smaller markets like Canada.

service offerings and client asset levels.

Both single- and multi-family offices are growing in Canada, driven by factors such as intergenerational wealth transfer and the increasing concentration of wealth among high-net-worth households. According to Statistics Canada, the wealthiest 20 per cent of households hold nearly two-thirds of the country’s total net worth. Family offices offer meaningful career opportunities for professionals in wealth management, which remains a core function of most such firms.

To foster greater understanding of MFOs, Canadian Family Offices has conducted a national survey for the past two years. The latest edition, The Multi-Family Office Landscape in Canada 2025, was released earlier this month. It offers insights into MFOs’ services, size, client base and investment priorities, as well as the independence of their financial advice and the challenges and opportunities they face. More than 70 MFOs from across Canada participated in the survey.

How high is “ultra high”?

The debate over what qualifies a family as “ultra-high-net-worth” is ongoing, with estimates ranging from $20 million to $100 million or more. Our survey, however, reveals that many Canadian MFOs serve families with significantly less wealth. One in five respondents reported that their average client net worth  is under $15 million, while more than a third serve families with net worths between $15 million and $50 million. The remainder cater to families with over $50 million.

More than financial managers

The definition of a family office also hinges on the range of services offered. While wealth management is central to most MFOs, many also provide estate planning, legal and tax advice and financial education. However, not all services are delivered in-house; outsourcing is common.

are typically outsourced. Lifestyle management and concierge services – such as travel arrangements, major purchases and event planning – are rarely offered directly; 45 per cent of MFOs surveyed do not provide these services at all.

Interestingly, MFOs and single-family offices often collaborate. Nearly three-quarters of MFOs also serve single-family offices, particularly in areas like investment management, philanthropy, financial education, governance and estate planning. This suggests that single-family offices may not always be comprehensive “one-stop shops” and often rely on MFOs to supplement their offerings.

MFOs as “financial quarterbacks”

One of the more contentious issues in the industry is how MFOs manage client investments and the degree of independence they maintain. Some argue that a “pure” family office should act solely as a fiduciary, offering advice while outsourcing all investment management. In practice, however, MFOs vary widely in their approach.

Our survey asked MFOs to position themselves along a spectrum from fund “manufacturers” to “distributors.” Nearly all outsource at least some fund management. About 44 per cent described themselves as financial quarterbacks, outsourcing all fund management. Nearly 20 per cent both outsource and manage in-house funds, while roughly 25 per cent follow a hybrid model, managing some funds internally and outsourcing others. Only one respondent reported that their clients are exclusively invested in-house or by an affiliated financial institution.

Deloitte projects that family office assets under management will grow to US$5.4 trillion globally by 2030 – a 73 per cent increase from 2024 – putting them on par with hedge funds in terms of global financial influence.