The decision to engage a family office is often carefully considered. What follows is a phase that tends to be underestimated: the onboarding, that is, the first weeks and months during which the mandate takes concrete shape. This phase is decisive for the quality of the long-term relationship — and it deserves realistic expectations on both sides.
Why the first 90 days are critical
The first 90 days of a family office mandate are the period during which the relationship's foundations are built: knowledge of the wealth, understanding of the family's objectives, implementation of reporting tools and establishment of communication protocols. A poor onboarding phase creates gaps that can take months to correct.
This period is also when mutual expectations are calibrated. A client expecting a complete report within two weeks will be disappointed if data collection takes a month. A family office that underestimates the complexity of the situation will lose time and credibility.
Phase 1: the initial wealth inventory (weeks 1–4)
The first priority is establishing a complete wealth inventory: mapping all assets, holding structures, banking mandates and existing advisers.
In practice this involves:
- Collecting bank statements, securities account statements and portfolio valuations from each institution
- Identifying all holding structures (holdings, foundations, trusts, real estate companies)
- Listing all existing advisers (lawyer, notary, tax adviser, manager) and their scope of mandate
- Inventorying non-financial assets (real estate, passion assets, unlisted interests)
- Collecting key legal documents (statutes, succession agreements, wills, marriage contracts)
This phase often takes longer than anticipated, as families do not always have a centralised picture of their wealth — which is precisely why they have engaged a family office.
Phase 2: powers of attorney and access (weeks 2–6)
For the family office to access the information it needs from banks and other parties, limited powers of attorney for consultation purposes must be put in place. These authorisations allow the family office to view statements and communicate with institutions — without any ability to transact.
This point is fundamental: a coordinator's power of attorney differs from that of a mandated manager. It confers no right to dispose of assets.
Some banks have complex onboarding procedures, specific forms and processing times that can extend this phase. Allowing 4 to 8 weeks for full access to be established is realistic.
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Phase 3: reporting setup (weeks 4–10)
Once data has been collected and access established, the first wealth summary report can be produced. This initial report is often the first document that gives the family a consolidated view of all their wealth — sometimes for the very first time.
The first report is rarely perfect: some valuations are incomplete (unlisted assets, real estate without a recent estimate), some data is missing (management fees not disclosed by a bank), and some structures are still being documented. This is normal — the important thing is to identify gaps and plan to close them.
Reporting improves progressively over subsequent months as the database grows and collection processes are refined.
Phase 4: the launch meeting (end of the first month)
A formal presentation meeting — attended by the relevant family members — allows the initial findings to be validated, any errors corrected and priorities for the coming months established.
This meeting is also the opportunity to clarify expectations regarding reporting frequency, communication channels and decision-making processes.
Realistic expectations
- A complete report takes time: allow 6 to 12 weeks for a quality first consolidated report.
- Not all banks cooperate at the same pace: some institutions are very responsive; others have bureaucratic procedures.
- The inventory reveals surprises: forgotten assets, dormant structures, under-insured items — the initial inventory often brings discoveries.
- Trust builds gradually: the family office can only advise well as it progressively understands your situation in its full complexity.
Ridger accompanies new clients with a structured onboarding process, designed to minimise friction and deliver early tangible value. To discuss this before making a decision, we invite you to a confidential exploratory meeting.