You Call Yourself a Multi-Family Office, But Are You Running Like One?

Article originally published to Canadian Family Offices and written by Mary Teresa Bitti.

The term “multi-family office” (MFO) is in the spotlight in Canada. Across the investment management industry, firms are rapidly evolving and many are moving beyond traditional wealth management and becoming and/or labelling themselves as an MFO. 

A bare-bones description of an MFO is a firm that offers comprehensive, customized wealth management services to multiple high-net-worth families. But just how comprehensive is comprehensive? The range and scope of services can vary significantly by firm, leaving families to navigate a fragmented and fast-growing landscape. 

So, calling yourself an MFO and acting like an MFO are two different things. 

However, an important question often goes unexamined: What does it actually mean to be a multi-family office? 

There are no easy answers. The question has been debated on panels and within boardrooms (and by the Canadian Family Offices’ editorial advisory board). Every family has different needs when it comes to taxes, real estate and estate planning. One thing is certain: no two families are alike. 

Is an MFO a firm that approaches a family holistically and addresses all of their needs in one office? Maybe.  

But most families need even more than that—they need customization. For example, it matters if a client has kids studying in Europe or in the U.S., or if a client has multiple citizenships, or if a client simply cares only about legacy protection. Including all of those elements increases the workload for family offices, and unfortunately, they are not always executed properly due to the sheer volume of customization required.  

Why everyone is calling themselves an MFO  

Canada is in the midst of the largest intergenerational wealth transfer in its history, with more than $1 trillion expected to change hands in the coming years. At the same time, the number of wealthy families is on the rise. This unparalleled growth and movement of wealth are driving demand for more specialized wealth management, leading to a surge in multi-family offices.  

By 2030, research by Deloitte Private forecasts that family office assets under management in North America will grow to US$5.4 trillion–a massive increase of 73 per cent over 2024. 

This environment is driving demand for more comprehensive, personalized wealth management, so it makes sense that many firms label themselves as MFOs.  

However, true MFOs are not simply investment managers serving wealthier clients; they provide holistic financial advice across investments, tax and estate planning as well as multi-generational guidance and education, and highly personalized, high-touch service models. 

A business model shift 

In this light, becoming a multi-family office is not a name change. It is a business model transformation. 

It requires firms to rethink how they engage with clients at every level, including building deeper relationships with entire families (all generations included), delivering a higher standard of service and providing real-time visibility into increasingly complex financial lives. 

For many firms, this is a meaningful shift, and it will take time. 

On the path to becoming an MFO 

For Value Partners Investment Counsel (VPIC), that evolution is already underway. 

Founded in 2005 as a mutual fund company, the firm began shifting its approach in 2017 as client needs became more complex. 

“We started to see that some of the most valuable advice we were providing wasn’t strictly investment-related,” says Josh Brothers, Lead Investment Counsellor at VPIC. He adds that it was about intergenerational wealth, educating the next generation, and helping families think more broadly about their goals. 

Brothers understood that clients wanted more than investment services, so he helped move VPIC into more holistic advisory services, including estate planning, wealth structuring and strategic giving.  

At the same time, the firm knows where it stands. Rather than positioning itself as an MFO, VPIC sees itself as on the path toward that model, by continuing to build the capabilities and relationships needed to get there. 

Why philanthropy matters 

Philanthropy has emerged as a natural extension of the advice VPIC provides. As conversations with clients move beyond returns and into legacy, purpose and family cohesion, charitable giving becomes an important part of the overall wealth strategy.  

That perspective reflects a wider trend among wealthy families. According to Canadian Family Offices’ second annual philanthropy survey, even though Canadians overall are giving less, wealthy families continue to buck that trend. For example, when asked about the anticipated change in giving in 2026, 50 per cent of respondents expected giving to increase and 10 per cent expected it to increase significantly. 

“We approach philanthropy in terms of being intentional about making an impact and as a way to share family values across generations,” says Brothers. To that end, VPIC integrates charitable giving into both the financial plan and the family plan and manages donor-advised funds for its clients through its own foundation.  

“Philanthropy is a natural way for families to come together and talk about their values and expectations and to prepare younger generations to become stewards of their family’s wealth,” says Brothers. 

Good technology adds an edge  

“Engaging G2, G3 and beyond isn’t just about wealth transfer—it’s about relationship continuity,” says Natalie Wallace, chief operating offer of PortfolioXpressWay (PXW), a financial technology company based in Toronto. “Philanthropy is a powerful entry point because impact matters deeply to the next generation, but it’s technology that sustains engagement. When advisors pair values‑driven conversations with intuitive, transparent digital tools, they meet rising expectations and strengthen the relationship for decades to come.”