Family Office Services

for Affluent Families in Minnesota

Wealth management often extends far beyond investments for families in Minnesota with $10 million of assets or more. Business holdings, real estate, trusts, tax strategies, philanthropic goals, and the complexities of accumulating assets for multiple generations can come into play.

Relying on just one financial advisor, or juggling several, can lead to gaps, conflicting advice, and duplicate fees. That’s why so many affluent families decide to partner with a family office service in Minnesota that offers a centralized approach, bringing together a team of specialists who coordinate every aspect of the family’s financial life. This can significantly assist in streamlining decision-making and aligns all strategies with your family’s long-term economic interests, vision, and values.

In today’s article, we’ll explore what a family office is, along with discussing some of the more frequently asked questions we receive about our family office services:

• What Are Family Office Services?
• Do I Need a Family Office?
• What’s The Difference Between Single-Family And Multi-Family Offices?
• How Do Family Offices Support Lifestyle And Legacy?

At iWealth, we deliver concierge-level family office services tailored to affluent families. Our team of Minnesota financial advisors is your central hub, combining investment strategy, tax and estate coordination, with lifestyle management. With a fully vetted network of attorneys, CPAs, real estate experts, and other specialized professionals, we streamline decision-making, save time, and help our clients pursue their plans for leaving legacies to future generations.

What are Family Office services?

Family office services go well beyond what you’d expect from a traditional financial planner or advisor. A family office takes a holistic approach to your wealth, combining investment management, tax planning, estate strategies, and personal services under one coordinated umbrella. The goal is to simplify complexity, eliminate fragmented advice, and keep all parts of your financial life in sync.

Here’s what family office services can look like in practice:

• Investment Oversight: A family office won’t just choose investments, but will develop a long-term strategy tailored to your goals, overseeing asset allocation, performance monitoring, and the management of risk exposure using a disciplined, prudent process.
• Tax Strategy: A family office will collaborate with your CPA to create and maintain tax-efficient structures for all investments, including real estate, business interests, and charitable interests, helping you keep more of what you have worked so hard to accumulate.
• Estate & Legacy Planning: A family office will partner with attorneys to set up trusts, wills, and wealth transfer plans that reflect your wishes, help protect your heirs, and work to preserve family values for future generations.
• Lifestyle Concierge: A family office can also handle the day-to-day oversight of the details that take time away from what matters most, like managing household staff, booking travel, paying bills, and coordinating philanthropic efforts.
• Family Governance: A family office can assist in creating structures for decision-making, facilitating regular family meetings, and helping educate the next generation so they’re prepared for responsible stewardship of your wealth.

By integrating all these elements, a family office acts as your central hub, helping to ensure decisions are made with the whole picture in mind, while not operating in isolated silos. With iWealth, you have one dedicated point of contact ensuring every part of your financial life works in conjunction with the other parts.

Learn more about iWealth’s Family Office services

Do I need a Family Office?

A family office isn’t just for Ultra-High-Net-Worth families; it’s also designed for affluent families whose wealth has reached a level where its complexity exceeds the capacity of a single financial advisor. Delivering family office services requires a team with an experienced quarterback.

Here are two hypothetical examples that describe when a family office might be the right fit:

Example 1: The Business Seller: After selling a family-owned manufacturing company for $25 million, you now have a mix of cash, retained real estate that produces income, and several private investments. You want to set up trusts for your children, invest in traditional markets and private equity, establish a charitable foundation, and explore tax-saving strategies.

A family office can coordinate with your CPA, estate attorney, and investment team to execute all these requirements seamlessly, ensuring your plans work together and stay aligned for multiple generations.

Example 2: The Multigenerational Family: Your family’s wealth spans three generations, with shared vacation properties, multiple investment accounts, and ongoing business interests. Decisions need to balance the needs of retirees, active earners, and young heirs who are just beginning to understand wealth stewardship.

A family office can manage your investments, facilitate regular family meetings, create governance structures, and educate younger family members, helping keep the assets and family relationships intact for decades.

Watch our founder, Brad Connors, discuss why he started iWealth

What’s the difference between single-family and multi-family offices?

While single-family and multi-family offices serve the same core purpose, coordinating and managing wealthy families’ financial, legal, and lifestyle needs, the structure, scale, and cost can differ.

Single-Family Office (SFO): A single-family office is created exclusively for one family. It’s a private company solely managing that family’s wealth and financial affairs. An SFO can range from a small in-house team to a whole staff of investment professionals, accountants, attorneys, and personal assistants, all dedicated to one family’s financial and individual needs.

Pros: Full customization, privacy, and total control over staffing, strategy, and decision-making.

The cons are that it is more expensive, often several million dollars annually, making it practical only for families with $100 million+ assets.

Multi-Family Office (MFO): A multi-family office serves several unrelated families, sharing staff, resources, and infrastructure. Clients still receive highly personalized services, but the operating costs are spread among multiple families. MFOs often function like boutique wealth management firms, offering investment oversight, tax planning coordination, estate strategies, philanthropic planning, and concierge services.

Pros: Access to a deep bench of expertise and resources at a fraction of the cost of an SFO; more accessible to families with $10 million–$100 million in assets.

Cons: There is less exclusivity and shared resources, though services can be customized for each family.

The iWealth Advantage: We operate as a fully customized multi-family office for affluent Minnesota families and nationwide, offering a highly personalized level of service that you’d find in a single-family model without the overhead of hiring dedicated in-house staff. You get the benefit of our professional network, established systems, robust planning and investment, and risk management oversight, all while receiving personalized, concierge-level services tailored to your family’s needs.

How do family offices support lifestyle and legacy?

Affluent families often ask this because they want more than a financial plan and investment management; they want a structure for preserving family values, while ensuring a smooth wealth transfer for one or more generations.

• Lifestyle support can include everything from managing real estate and household payroll to coordinating travel logistics or arranging philanthropic events.
• Legacy support focuses on estate planning, educating heirs on wealth stewardship, and creating governance systems to avoid family conflict.

Why Affluent Minnesota Families Choose iWealth

• Built for Sophisticated Wealth: The iWealth Private Client Group (PCG) doesn’t just understand complex financial situations; we specialize in them. Whether it’s tax planning, estate structuring, or insurance for designated risks, our processes are refined to address the full breadth of your family’s financial and personal needs, from portfolio management to pursuing legacy goals.
• Access to a Trusted Network of Experts: Through years of planning alongside high-net-worth clients, iWealth PCG has built deep ties with top attorneys, accountants, and highly skilled professionals. That means clients skip the hours of searching and go straight to a vetted team that can handle a client’s financial and personal needs.
• A Personalized “CFO” Experience: Instead of offering one-size-fits-all advice, iWealth PCG treats your family like its own enterprise. They bring organizational structure, ongoing accountability, and financial clarity, so your CFO serves your wealth as effectively as you do.
• Coordinated Strategy, Made Simple: All your financial moving parts, including investments, taxes, estate plans, and insurance, are coordinated under one all-inclusive umbrella. iWealth PCG acts as your team’s quarterback, helping reduce friction and ensuring everything stays aligned with your family’s office.

Schedule a confidential consultation today to see how our Minnesota financial advisors can simplify your life, connect you with the right experts, and impact the future of successive generations.