Family offices are an enigma. Even families with significant businesses or foundations struggle to define the role of their single family office. Should you run it with the same vigor as a business or treat it as a concierge service? Are family members the owners, the clients or both? Which services are truly essential, which can be managed with best-in-class third parties and which are just nice perks?

In our experience, world-class family offices share one defining characteristic: They remain relevant as the family evolves. Successful family offices create, evolve and run their family offices to last for generations. They aren’t just managing money; they’re cultivating legacy and serving the family’s purpose for their wealth. And they i…