Over the past decade, the traditional brick-and-mortar family office has been steadily giving way to the virtual family office. This shift has been driven by several common factors:

• Generational Preferences – Second-generation family members often seek advisors they view as their advisors, not simply those chosen by their parents.
• Leadership Transitions – The retirement of a long-standing, trusted CFO can leave families uncertain about rebuilding that same level of trust with someone new.
• Geographic Dispersion – Families spread across multiple locations often find a virtual model more practical and cohesive.
• Talent Turnover – A newly hired CEO or CFO may be lured away by another family office, creating disruption.

While this list is not exhaustive, these factors are among the most frequent drivers for families exploring virtual family office models.

Navigating a Growing Landscape

Twenty years ago, family office providers were limited in number. Today, both advisory firms and technology platforms have multiplied, creating a crowded and complex marketplace. Families evaluating their options should consider:

• Experience – How long has the provider been delivering accounting services to high-net-worth and ultra-high-net-worth clients?
• Independence – Are services tied to assets under management, or can you access them without shifting investments?
• Integration – Do they offer a truly comprehensive solution, such as tax, accounting, investment management, and related services under one coordinated plan?

The family office space has seen many firms enter during prosperous times and exit during downturns—sometimes re-entering later. For families, stability is critical. A long-term partner should demonstrate the ability to serve multiple generations with consistency, independence, and first-class service, regardless of investment arrangements.

Building Your Dream Team

The optimal service model is customized. Seek out top-tier experts in each functional area—tax, accounting, legal, and investment—and allow them to collaborate for your benefit.

When it comes to accounting, it is important to recognize that true accounting services go far beyond paying bills. While bill payment might address an immediate need, the real value lies in delivering sophisticated reporting, insightful cash flow projections, strategic liquidity planning, scenario modeling, and actionable decision-making support.

Many high-net-worth families begin by hiring bookkeepers for routine tasks—without realizing the hidden opportunity cost. Partnering with a forward-thinking, growth-oriented accounting team means gaining access to professionals who can seamlessly handle increasingly complex financial needs as they arise.

The right team brings a breadth of expertise—spanning tax, investment, and collaborative planning—built on years of experience helping clients navigate both daily operations and long-term strategies. This proactive, consultative approach not only protects wealth but positions clients to seize opportunities with confidence and clarity.

The Takeaway

With the traditional brick-and-mortar family office structure gradually shrinking in favor of virtual offices, it is critical to understand the changing landscape. Using the right professionals to build a team is critical to long-term success and management of the family office.

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