The global family office market has grown substantially over the last few years. Deloitte estimates that the number of single-family offices worldwide reached about 8,030 in 2024, up from 6,130 in 2019 – a 31% increase – and projects that there will be more than around 10,700 such firms by 2030.
While the pace of new office formation may be slowing, the more important story for finance professionals is that family offices are becoming larger and more sophisticated, with more active investors. UBS’s 2025 global family office report found the average family office managed assets in excess of US$1bn, while S&P Global reported earlier this year that the value of direct investments made by these firms increased by 123% last year.
As family offices evolve from relatively simple wealth management structures into sophisticated, multi-jurisdictional investment organisations, the CFO is increasingly responsible for providing a consolidated view of what the family owns, owes, earns, spends and is exposed to.
“Any role that is close to decision makers requires high emotional intelligence, people skills and versatility,” observes Natasha Ketabchi, Chief Financial Officer & Chief of Staff at Essedi. “In my opinion, a driven generalist would thrive in this challenging finance environment, rather than a more traditional profile.”
Adaptability and judgement
The Finance Manager at a major gas distribution company agrees that many family offices need someone who can move comfortably between investment discussions, operating company performance, estate considerations, tax risk, governance matters and liquidity planning.
“Those situations rarely fit neatly into a traditional finance leadership playbook,” he says. “As family structures and asset portfolios become more complex, adaptability and judgement often become more valuable than deep specialisation in any single discipline.”
He observes that it is often overlooked that family office CFOs operate in an environment where the investment case, governance framework and family objectives are intertwined.
“In a corporate setting, success is often measured against defined KPIs,” he says. “In a family office, the CFO may be asked to evaluate a private investment, review a real estate opportunity, support succession planning, assess tax implications and manage liquidity strategy – all within the same week. It is a different game altogether.”
Where the family office portfolio contains illiquid private assets alongside public markets, the CFO must be able to clarify how much cash it should hold, when capital calls will arrive, what currencies are needed (and whether hedging is required) and the appropriate borrowing capacity – all typical corporate treasury roles.
However, when the family has multiple investment entities and external managers, the CFO also acts as the independent financial layer between the family and its banks, asset managers, private equity firms, accountants and advisers.
A sophisticated family office CFO can establish a single source of truth that allows the family to assess its total financial position, rather than relying on individual banks or investment managers. In many family offices, the differentiator is the ability to navigate relationships, earn trust across generations and adapt as priorities evolve.
“With increasing automation and leaner teams, interpersonal skills and judgement become even more critical,” adds Ketabchi.
Last but not least, as wealth passes between generations, family offices increasingly have to deal with issues around succession, governance, different investment philosophies, philanthropy and restructuring. In this context, the CFO can become an important institutional figure who provides financial continuity as family leadership changes.
