Family Office Structure Explained: Single, Multi, and Virtual Models

12 Sep 2025

How Family Office Structures Shape Wealth Oversight

The family office structure is more than an administrative choice. It sets the rules for how wealthy families oversee investment management, governance, and reporting across generations. The structure determines who makes decisions, how information flows, and how accountability is enforced. In short, it is the framework that shapes whether wealth lasts one generation or many.

The Mechanisms of Oversight

Each structure establishes a distinct way to manage wealth:

Decision-making authority can be concentrated in-house within a single-family office, shared across multiple families in a multi-family office, or delegated to external advisors in a virtual family office.
Reporting discipline determines whether financial statements and investment reports are tailored for a single family or standardized across several families.
Integration of services covers tax planning, estate planning, and risk management, delivered either by dedicated staff or coordinated professional services.
Governance roles such as the chief investment officer (CIO) and chief financial officer (CFO) shape oversight. The CIO defines investment strategies, while the CFO safeguards reporting integrity and financial control.

These mechanisms demonstrate how a family office structure shapes oversight: by defining the chain of responsibility from the family to professional managers, and ultimately to regulators.

How Models Differ in Practice

In a single-family office structure, oversight is direct. A dedicated team manages the investment portfolio, consolidates reporting, and aligns decisions with the family’s vision.
In a multi-family office structure, oversight is standardized. Shared resources create cost efficiency, though families must adapt to collective processes.
In a virtual family office structure, oversight relies on technology and the coordination of multiple service providers, with an emphasis on unified data and investment perspectives.
In an embedded family office, oversight is tied to the family enterprise, where both the business and family wealth are managed under one governance framework.

The Outcome

The choice of family office structure ultimately defines how a family’s wealth is protected, grown, and passed on. It is not simply about services; it is about creating the conditions for long-term continuity.

A single-family office structure provides intimacy and control, but its outcome is measured in the family’s ability to institutionalize governance across future generations. Without strong systems, it risks becoming dependent on individual personalities.

A multi-family office structure offers cost efficiency and access to a broader range of expertise and investment opportunities. The outcome is scale and professional depth, though with less alignment to the nuances of one family’s values.

A virtual family office structure creates flexibility. It enables families to shape oversight through external advisors and technology and security infrastructures. The outcome depends on how effectively data, providers, and investment strategies are integrated into a coherent whole.

Across all models, the real outcome is governance:

Transparency for family members through consistent reporting
Resilience against poor family governance or fragmented oversight
Confidence in investment objectives that serve the family’s values and not just immediate returns

The appropriate family office structure is, therefore, not a legal entity alone. It is a living system that determines how authority is distributed, how risk is managed, and how wealthy families ensure their legacy is preserved beyond individual lifetimes.

Services Common to All Family Office Structures

Despite different designs, every family office structure provides a core set of integrated services to ensure continuity of family wealth. These services are the baseline that enable wealthy families to manage not just investments, but also the complexities of governance, succession, and day-to-day administration.

Core Family Office Services

Across all family office models, certain functions remain constant:

Investment management: building and monitoring the investment portfolio.
Financial planning: aligning cash flow, liquidity, and investment objectives with long-term needs.
Tax planning: structuring income, capital gains, and cross-border exposure efficiently.
Estate planning: ensuring smooth transition of assets to future generations.
Risk management: safeguarding both assets and reputation against market and operational risks.
Lifestyle management: coordinating travel, property, and personal services to maintain seamless support for family members.

These functions are not optional. They form the backbone of every appropriate family office structure, whether serving a single family or multiple families.

Governance Roles Across Structures: Role of Chief investment officer and Chief Financial officer

Oversight depends on clear leadership roles within each structure:

The Chief Investment Officer (CIO) defines the family’s investment strategies and ensures alignment with the family’s vision.
The Chief Financial Officer (CFO) manages reporting, controls, and compliance, bringing discipline to financial operations.

Together, the CIO and CFO create balance. One is focused on growth and opportunity, while the other brings governance and control. In larger offices, their work is supported by investment managers, accountants, and legal counsel, ensuring both depth and accountability.

Even with similar family office services, outcomes vary based on governance. Without strong roles and defined responsibilities, families risk fragmented oversight, duplication of work, or even poor family governance. Clear accountability ensures that services are not just delivered, but coordinated in a way that protects family wealth across generations.

Single-Family Office Structure

A single-family office structure provides complete control and highly personalized service to one family. It is the most intimate model of wealth governance, but it also demands significant wealth and dedicated resources to sustain. A single-family office (SFO) serves the needs of one family, providing bespoke financial, legal, tax, human resources, cybersecurity, estate planning, philanthropy, and operational services.

When a Dedicated Single-Family Office Makes Sense

Families typically require US$100–150 million or more in investable assets to justify a dedicated single-family office. This structure makes sense when:

A family seeks discretion and direct oversight of its investment portfolio.
Generational planning and succession are central to preserving family wealth.
The family values bespoke reporting and services tailored exclusively to its needs.
There is a desire to align governance with the family’s vision and values.

Services and Staffing in a Single-Family Office

A dedicated office employs a full range of professional services, often supported by senior executives:

Investment managers and the chief investment officer (CIO): responsible for asset allocation and long-term investment strategies.
Legal counsel: managing compliance, contracts, and family office legal structures such as private trust companies.
Accountants and tax advisors: handling reporting and tax planning.
Lifestyle managers: coordinating properties, travel, and personal administration for family members.
The Chief Financial Officer (CFO): overseeing reporting, controls, and financial operations.

This structure offers integrated services under one roof, designed exclusively for a single family.

Cost and Size Considerations for Single-Family Offices

Operating costs for a single-family office vary widely. A lean structure with part-time staff such as a bookkeeper and administrator can start around US$250,000 per year. A fully staffed office, with senior professionals, technology systems, and external investment advisers or consultants, often exceeds US$2–5 million annually. Maintaining this model requires significant resources and a willingness to balance cost against the benefits of full autonomy.

A single-family office structure delivers intimacy and control. However, outcomes depend on the family’s ability to institutionalize governance rather than rely on individual personalities. Key results include:

Direct authority over family wealth and decision-making.
Tailored wealth management functions and continuity for future generations.
High accountability through defined roles such as CIO and CFO.
Risks of inefficiency or poor family governance if systems are not professionalized.

In practice, a single-family office is not just a service hub; it is a governance institution. It ensures that wealthy families preserve their legacy while aligning oversight with long-term investment objectives.

Multi-Family Office Structure

A multi-family office structure serves multiple families by pooling resources to deliver cost efficiency and a broader range of services. It is designed for wealthy families who require professional management but may not have the significant wealth needed to sustain a dedicated single-family office. A multi-family office (MFO) provides access to skilled professionals across investment, tax, legal, and reporting.

When Families Should Consider a Multi-Family Office

Entry thresholds are typically US$25–50 million in net worth. A multi-family office becomes appropriate when:

Families want access to family office services without bearing the full cost of in-house staff.
Several families prefer to share professional services, such as tax advisors and investment managers.
Families seek shared resources that provide scale, consolidated reporting, and institutional-quality oversight.
There is interest in aligning governance and reporting structures across several families for consistency.

Multi-Family Office Services and Pricing Models

Typical multi-family office services include:

Consolidated reporting across investments and entities
Access to private equity, venture capital, and other expertise and investment opportunities
Family governance support, including succession planning and conflict resolution
Tax planning and compliance delivered through pooled structures
Advisory on legal structure, estate matters, and regulatory obligations

Fees are structured as either:

Asset-based pricing models: generally 30–100 basis points (bps)
Flat retainers: aligned to the complexity of services and family needs

This service and pricing model ensures access to a full suite of integrated services, even for families below the asset threshold required for a dedicated single-family office.

Advantages and Trade-Offs of Multi-Family Offices

The advantages of a multi-family office include:

Cost efficiency through pooled staffing, systems, and advisors
Access to a broader range of expertise, markets, and technology
Professionalization of oversight for families without significant resources

The trade-offs are clear:

Families may face less personalized service than in a single-family office
Oversight may be standardized to suit many family offices, limiting bespoke solutions
Sensitive family dynamics and governance needs must be balanced within a shared framework

A multi-family office structure provides scale and efficiency while maintaining professional standards of governance. Families gain access to investment strategies, risk management, and reporting disciplines that would be costly to build alone. However, outcomes depend on how well the office balances standardization with the nuances of each family’s values and vision.

In practice, the model works best for families seeking professional oversight, expertise, and investment opportunities, and efficiency without the overhead of running a single-family office.

Virtual Family Office Structure

A virtual family office structure (VFO) relies on external advisors and technology to deliver integrated services at lower cost. Instead of employing a dedicated staff, families coordinate with multiple service providers through digital platforms and secure reporting systems. This approach creates professional oversight without the expense of a dedicated single-family office.

When Virtual Family Offices Are Appropriate

Virtual family offices present modern solutions for affluent families with a net worth below US$25 million. A VFO is appropriate when:

Families want professional oversight but lack the significant resources for a traditional office.
Families value flexibility in choosing professional services and wealth management firms.
There is a need to coordinate tax, reporting, and governance across existing resources and providers.
Families seek to minimize overhead while maintaining effective governance and continuity.

Virtual Family Office Services and Providers

Typical virtual family office services are delivered through a network of external advisors and specialized firms:

Investment strategies developed by independent investment advisors.
Tax planning and estate services managed by accountants and legal counsel.
Risk management through coordinated oversight of exposures and structures.
Access to wealth management functions provided by wealth management firms.
Oversight supported by technology and security infrastructures that integrate data across platforms.

This model depends on technology to unify disparate systems and create accountability without in-house staff.

Advantages and Trade-Offs

The advantages of a virtual family office include:

Cost efficiency by avoiding the salaries and overhead of a dedicated team.
Shared resources and access to global expertise through specialized firms.
Scalability, as families can add or reduce services as their needs change.

The trade-offs are clear:

Oversight depends on the quality and coordination of multiple service providers.
Families may lack the personalized service of a single-family office.
The model requires strong systems to avoid fragmented reporting or poor family governance.

A virtual family office structure works best for families seeking flexibility and efficiency without the cost of building an institution. The outcome depends on how well data and investment perspectives are integrated and how effectively the family coordinates advisors. Families can leverage a virtual family office to maintain control while accessing a wide range of external expertise, but it can require a significant investment of time to coordinate effectively.

Compared to more traditional office structures, the VFO offers agility and lower cost but shifts the burden of oversight to technology and disciplined coordination. Families that succeed with this model build clear governance processes and use secure platforms to align all structure and service options.

Embedded Family Office in a Family Enterprise

An embedded family office integrates directly into the family enterprise, aligning oversight of family wealth with the family business itself. Instead of building a standalone structure, the family incorporates governance, reporting, and services into its core business functions. This approach is often chosen by wealthy families whose fortunes are closely tied to operating companies.

When Embedded Family Offices Are Appropriate

An embedded model is appropriate when:

The family owns a large operating company, and the family’s business operations overlap with wealth management.
The family seeks the advantages of integrated services by combining reporting, tax, and investment oversight into existing corporate functions.
The family prefers a structure that offers intimate knowledge of both the enterprise and household affairs.
The family office depends on shared governance frameworks already present in the business.

This model works best when both the business and the family require unified oversight.

Services Within an Embedded Family Office

Typical services include:

Investment management aligned with the core business and market strategy.
Tax planning coordinated between corporate and personal accounts.
Oversight of legal structure, including compliance with corporate and wealth-transfer regulations.
Risk management across business operations and family assets.
Administration of succession, reporting, and governance for family members.

Because services are integrated into the business, the embedded office benefits from existing systems, but it also requires careful role definition to avoid blurred lines.

Advantages:

Strong alignment between corporate strategy and family wealth.
Efficiency from using existing resources and professional staff already in place.
Potential for lower incremental costs compared to creating a separate office.

Trade-offs:

Oversight may become too dependent on the health of the family business.
Confidentiality for family matters can be difficult to maintain within the company.
Complex governance may arise if external shareholders or managers are involved.

An embedded family office structure can deliver synergy by coordinating structure and service options across the enterprise and family. It provides transparency, efficiency, and a direct link between corporate decisions and long-term investment objectives.

However, the model carries risks. Families may gain efficiency, but they must guard against over-reliance on a single platform. If governance is not clearly defined, conflicts between the family’s business operations and personal wealth goals can undermine decision-making.

Ultimately, the embedded model works best for families who want structure that offers intimate knowledge of their affairs, while ensuring that oversight extends beyond the business to protect the family’s legacy.

Comparing Family Office Structures

Families must weigh personalization, cost, scale, and governance to select the appropriate family office structure. Each model offers unique benefits, but outcomes differ depending on family members, the level of family wealth, and whether the office is built around an independent unit or aligned with the family’s business operations.

Investment Strategies by Family Office Structure

Single-family office: bespoke portfolios aligned with the family’s values.
Multi-family office: diversified access to private equity, venture capital, and broader markets.
Virtual family office: outsourced investment advisors and multiple service providers.
Embedded family office: portfolios integrated with the core business.

Structure	Investment Strategies	Distinctive Features
Single-family office	Bespoke investment portfolios aligned with the family’s vision and values.	Provides full authority but requires significant wealth and ongoing significant resources.
Multi-family office	Diversified access to private equity, venture capital, and a broader range of markets.	Gains scale through shared resources and serves multiple families and several families collectively.
Virtual family office	Outsourced investment advisors and multiple service providers supported by technology and security infrastructures.	Known for cost efficiency and scalability; VFOs present modern solutions for families seeking flexibility.
Embedded family office	Portfolios integrated with the core business and aligned to the family enterprise.	Offers structure that provides intimate knowledge of both the business and the household, but the family office depends on the company’s systems.

Cost, Scale, and Personalization Trade-Offs

Single-family offices deliver personalized service and direct oversight, but at operating costs that often exceed US$2–5 million annually.
Multi-family offices achieve cost efficiency by pooling professional services across many family offices. Families gain access to services and pricing models that balance cost and breadth but may sacrifice intimacy.
Virtual family offices maximize flexibility, coordinating structure and service options through technology. The model relies on advisor quality and integration of data and investment perspectives.
Embedded family offices tie oversight to the family business. This offers the advantages of integrated services, but can blur boundaries between corporate and personal priorities.

When viewed side by side, other family offices reveal a spectrum of choices. Families must decide whether to prioritize intimacy, efficiency, scalability, or alignment with their core business. The right model depends on governance capacity, regulatory context, and the long-term needs of future generations.

Across all structures, the central question remains the same: how to balance the preservation of family wealth with the governance discipline needed to avoid fragmentation and sustain legacy.

How Families Choose the Appropriate Family Office Structure

The appropriate family office structure depends on three factors: the level of family wealth, the complexity of family dynamics, and the long-term investment objectives. Some families require personalized service and direct oversight, while others benefit from pooled scale, outsourced expertise, or alignment with the family’s business operations. The right decision balances continuity, governance, and efficiency.

Signals That It’s Time to Transition Structures

Over time, circumstances shift and families must revisit their model. Common signals include:

Fragmented reporting across investment management, tax, and accounting.
Evidence of poor family governance, such as disputes between family members or unclear authority.
Growth in assets requiring broader expertise and investment opportunities, including access to private equity or new markets.
The need for more professional oversight from a chief investment officer (CIO) or chief financial officer (CFO).
Inefficiencies in working with other family offices or over-reliance on legacy systems.

These indicators show when the current structure no longer meets the family’s needs or risks undermining governance.

Steps to Implement or Transition to a New Structure

A successful transition requires planning and disciplined execution:

Align existing resources: assess staffing, technology, and the family’s core business relationships.
Set the legal structure: define whether the office will operate as an LLC, private trust company, or other framework within the spectrum of family office legal structures.
Onboard external advisors: appoint investment advisors, legal counsel, and auditors to support both oversight and compliance.
Strengthen governance: formalize the role of CIO, CFO, and investment managers to ensure accountability.
Integrate reporting systems: unify data to create a single view of the investment portfolio and family wealth.

By following these steps, families can adapt their office into a model that reflects their current reality while safeguarding the legacy of future generations.

Compliance Boundaries Across Family Office Legal Structures

Family office legal structures must be carefully defined to comply with regulations. Most families establish a legal structure such as an LLC or a private trust company. To remain exempt from broader financial regulation, these entities must meet strict criteria under U.S. securities law and demonstrate that they serve only the family and not outside investors.

Oversight is determined by state and federal regulators, who assess whether the office qualifies for exemption from investment adviser registration. Families that expand services to other family offices or unrelated parties risk falling outside these exemptions and facing additional compliance obligations.

For any appropriate family office structure, clear governance and the right legal framework ensure both compliance and protection of the family’s interests.

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Without prejudice to any other rights or remedies and notwithstanding anything contained in Clause 11.1 above, the Company shall have an unfettered right to terminate this Agreement at any time upon Licensee’s failure to comply with all the terms and conditions of this Agreement.
Company may terminate this Agreement, effective immediately, if the Licensee files itself, or any other Person has filed against the Licensee (and fails to obtain a dismissal within sixty (60) days thereof), a petition for voluntary or involuntary bankruptcy or pursuant to any other insolvency law, makes or seeks to make a general assignment for the benefit of its creditors or applies for, or consents to, the appointment of a trustee, receiver or custodian for a substantial part of its property.
Upon expiration or earlier termination of this Agreement, the license granted hereunder shall also terminate, and Licensee shall cease using and destroy (to the extent reasonably practicable) all copies of the Software Platform. No expiration or termination shall affect Licensee’s obligation to pay all Licensee Fees that may have become due before such expiration or termination, or entitle Licensee to any refund, in each case except as set forth in Clause 11.3.

Limited Warranties, Exclusive Remedy and Disclaimer/Warranty Disclaimer.

The Company warrants that, during the Term, the Software will substantially contain the functionality described in the Documentation, and when properly accessed and used on a computer (as per requirements specified in the Documentation) and operated in accordance with the Documentation the Software shall substantially perform in accordance therewith. However, the Company does not represent or warrant that any and/or all errors will be corrected and that any and/or all incidents will be prevented or corrected.
The warranties expressly set forth in this Clause will not apply and will become null and void (i) if Licensee breaches any provision of this Agreement, and/or (ii) if Licensee and/or any Authorized User and/or any other Person to whom access to the Software is provided , whether or not in violation of this Agreement:
uses the Software Platform on or in connection with any hardware or software not specified in the Documentation, provided that the warranties in this Section shall continue to apply to Software that is installed or used on any hardware, software, configuration or operating system in accordance with the Documentation; or
misuses the Software, including any use of the Software other than as specified in the Documentation.
During the Term of this Agreement, if the Software fails to perform substantially in accordance with the Documentation, and such failure is not excluded from warranty pursuant to Clause 12.1, the Company will, at its sole option, use commercially reasonable efforts to repair the Software, provided that Licensee provides Company with all information which the Company requests to resolve the reported failure, including sufficient information to enable the Company to recreate such failure. Provided further that, the Licensee shall within 5 days after such failure has occurred, notify in writing to the Company informing about the failure. The Licensee acknowledges and agrees that the Software Platform may produce inaccurate results because of a failure or fault within the Software Platform for reasons not attributable to the Company or failure by Licensee to properly use and/or deploy the Software Platform. The Licensee assumes full and sole responsibility for any use of the Software Platform and bears the entire risk for failures or faults within the Software Platform on account of reasons not attributable to the Company. Licensee agrees that regardless of the cause of failure or fault or the form of any claim, the Company’s obligation if any shall be governed by this Agreement. Further, the Licensee acknowledges that the remedies set forth in this Clause 12.3 are Licensee’s sole remedies and Company’s sole liability with respect to the warranties provided in this Clause 12.
The software and documentation are provided to licensee on an “as is where is” basis and with all faults and defects without warranty of any kind other than as expressly set forth in this Clause 12. The Company, on its own behalf and on behalf of its affiliates expressly disclaims all warranties, whether express, implied, statutory or otherwise, with respect to the software and documentation, including all implied warranties of merchantability, fitness for a particular purpose, and warranties that may arise out of course of dealing, course of performance, usage or trade practice. Without limitation to the foregoing, the Company provides no warranty or undertaking, and makes no representation of any kind that the licensed Software Platform will meet the Licensee’s requirements, achieve any intended results, operate without interruption, meet any performance or reliability standards or be error free or that any errors or defects can or will be corrected.
The Licensee represents and warrants that it has due authorisations to enter into this Agreement and perform its obligations. Further, the Licensee represents and warrants that its is not barred under law, contractually or otherwise to enter into this Agreement and perform its obligations.

Limitation of liability

The Company and its affiliates, shall not be liable to the Licensee or to any third party for any use, interruption, delay or inability to use the software, lost revenues or profits, delays, interruption or loss of services, business or goodwill, loss or corruption of data, loss resulting from system or system service failure, malfunction or shutdown, failure to accurately transfer, read or transmit information, failure to update or provide correct information, system incompatibility or provision of incorrect compatibility information, or breaches in system security, or for any consequential, incidental, indirect, exemplary, special or punitive damages, whether arising out of or in connection with this agreement, breach of contract, tort (including negligence) or otherwise, regardless of whether such damages were foreseeable and whether or not the Licensee was advised of the possibility of such damages.
In no event will the Company’s and its affiliates’, collective aggregate liability under or in connection with this Agreement or its subject matter, under any legal or equitable theory, including breach of contract, tort (including negligence), strict liability and otherwise, exceed the total amount paid to the Company under this agreement for immediately preceding three month period.

Export Regulation.

The Software Platform may be subject to US export control laws, including the US Export Administration Act and its associated regulations. The Licensee shall not, directly or indirectly, export, re-export or release the Software Platform to, or make the Software Platform accessible from, any jurisdiction or country to which export, re-export or release is prohibited by law, rule or regulation. The Licensee shall comply with all applicable federal laws, regulations and rules, and complete all required undertakings (including obtaining any necessary export license or other governmental approval), prior to exporting, re-exporting, releasing or otherwise making the Software Platform available outside the US.

Indemnification

Licensee hereby agrees to indemnify the Company and its officers, directors, employees, agents, and representatives (“Indemnified Person”) from each and every demand, claim, loss, liability, or damage of any kind, including actual attorney’s/legal fees, whether in tort or contract, that may incur by reason of, or arising out of, any claim which is made by either the Licensee and/or any third party against the Indemnified Person with respect to any breach or violation of this Agreement by the Licensee or any claims based on Licensee’s and/or its client’s use of the Software Platform.

Miscellaneous.

Governing Law: This Agreement is governed by and construed in accordance with the internal laws of United States of America without giving effect to any choice or conflict of law provision or rule that would require or permit the application of the laws of any other jurisdiction. Any disputes arising from or related to this Agreement or any Company Software or service shall be subject to the exclusive jurisdiction and venue of the courts situated in New York, and both Parties hereby consent to such jurisdiction and venue.
Force Majeure: The Company will not be responsible or liable to the Licensee, or deemed in default or breach hereunder by reason of any failure or delay in the performance of its obligations hereunder where such failure or delay is lockdowns, due to strikes, labor disputes, civil disturbances, riot, rebellion, invasion, pandemic, epidemic, hostilities, war, terrorist attack, embargo, natural disaster, acts of God, flood, fire, sabotage, fluctuations or non-availability of electrical power, heat, light, air conditioning or any other circumstances caused beyond the Company’s reasonable control (“Force Majeure Event”). It is hereby clarified that the Licensee’s payment obligation shall continue during the Force Majeure Event.
Notices: All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by e-mail (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next business day if sent after normal business hours of the recipient; or (d) on the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid.
Entire Agreement: The terms and conditions of this Agreement, including its exhibits, constitutes the entire agreement between the parties with respect to the subject matter hereof, and merges and supersedes all prior and contemporaneous agreements, understandings, negotiations and discussions. Neither of the parties shall be bound by any conditions, definitions, warranties, understandings, or representations with respect to the subject matter hereof other than as expressly provided herein. The section headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. No oral explanation or oral information by either party hereto shall alter the meaning or interpretation of this Agreement. No amendments or modifications shall be effective unless in a writing signed by authorized representatives of both parties. These terms and conditions will prevail notwithstanding any different, conflicting or additional terms and conditions which may appear on any purchase order, acknowledgment or other writing not expressly incorporated into this Agreement.
Assignment:

a. Licensee shall not assign or otherwise transfer any of its rights, or delegate or otherwise transfer any of its obligations or performance, under this Agreement, in each case whether voluntarily, involuntarily, by operation of law or otherwise, without Company’s prior written consent, which consent Company may give or withhold in its sole discretion. For purposes of the preceding sentence, and without limiting its generality, any merger, consolidation or reorganization involving Licensee (regardless of whether Licensee is a surviving or disappearing entity) will be deemed to be a transfer of rights, obligations or performance under this Agreement for which Company’s prior written consent is required. No delegation or other transfer will relieve Licensee of any of its obligations or performance under this Agreement. Any purported assignment, delegation or transfer in violation of this Clause 16.5 is void. The Company may assign or otherwise transfer all or any of its rights, or delegate or otherwise transfer all or any of its obligations or performance, under this Agreement without Licensee’s consent. This Agreement is binding upon and inures to the benefit of the parties hereto and their respective permitted successors and assigns.

b. This Agreement is for the sole benefit of the parties hereto and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer on any other Person any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

Amendment and Waiver: This Agreement may only be amended, modified or supplemented by an agreement in writing signed by each party hereto. Failure or neglect by the Company to enforce at any time any of the provisions hereof shall not be construed nor shall be deemed to be a waiver of the Company’s rights hereunder nor in any way affect the validity of the whole or any part of this License nor prejudice the Company’s rights to take subsequent action.
Reservation of Rights and Remedies: The Company reserves all of its rights to proceed to enforce its rights in connection with all rights not expressly granted to the Licensee in this Agreement.
Severability: If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision shall to that extent be severed from the remaining terms, conditions and provisions which shall continue to be valid to the fullest extent permitted by law.
Interpretation: For purposes of this Agreement, (a) the words “include,” “includes” and “including” shall be deemed to be followed by the words “without limitation”; (b) the word “or” is not exclusive; and (c) the words “herein,” “hereof,” “hereby,” “hereto” and “hereunder” refer to this Agreement as a whole. Unless the context otherwise requires, references herein: (x) to Sections and Exhibits refer to the Sections of, and Exhibits attached to, this Agreement; (y) to an agreement, instrument or other document means such agreement, instrument or other document as amended, supplemented and modified from time to time to the extent permitted by the provisions thereof and (z) to a statute means such statute as amended from time to time and includes any successor legislation thereto and any regulations promulgated thereunder. This Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted. The headings in this Agreement are for reference only and do not affect the interpretation of this Agreement.
Independent Development: This Agreement does not preclude the Company from evaluating, acquiring from third parties not a party to this Agreement, independently developing or marketing similar technologies or products, or making and entering into similar arrangements with other companies. The Company is not restricted by this Agreement to make such products or technologies available to third parties.
Disclaimer: The Software Platform is subject to the Disclaimer set out in the Appendix V of this Agreement.

Appendix IV : Privacy Policy

The Customer can access the privacy policy of the Company at the following link: Privacy Policy

Appendix V: Disclaimer

All of the operating procedures with respect to the Software Platform have been designed based on the Company’s experience in working with hundreds of global family offices. Under no circumstances should any person using the Software Platform should make investment decisions based solely on the information setout therein. The Company is not a qualified financial advisor and the Licensee should not construe any information discussed herein to constitute investment advice. The information in the Software Platform is not meant to be, and should not be construed as advice or used for investment, financial planning, legal, accounting, or tax purposes. The Licensee agrees to consult with a registered investment advisor, which the Company is not, prior to making any investment/trading decision of any kind. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. It must be implemented as per individual family office requirements in consultation with the family office’s local accounting and legal professionals.
The Software Platform is based upon information that is relevant while making investment decisions and the Company considers it reliable, but the Company does not represent that it is accurate or complete, and that it should be relied upon, as such. The Licensee should not rely solely on the information in making any investment. Rather, the Licensee should use the information only as a starting point for doing additional independent research in order to allow the Licensee to form its own opinion regarding investments. All recommendations, advice or opinions cited are the professional views of the Company. The Licensee must act upon them with due diligence.
The Company is neither registered as a wealth advisor, wealth manager, investment advisor nor soliciting any investment in any jurisdiction. Further, the Company does not accept any responsibility or liability for the actions or inactions on the part of any individual or firm stemming from the information mentioned in the Software Platform. The Licensee is solely responsible for verifying the information as being appropriate for the Licensee’s use, including without limitation, seeking the advice of a qualified professional regarding any specific financial, legal, accounting, or tax questions that the Licensee may have.
The Company makes no warranties and gives no assurances regarding the truth, timeliness, reliability, or good faith of any material/factual data in the Software Platform. The Company does not warrant that investment/trading methods or systems presented in the manual will result in profits or losses. The Company makes no guarantees as to the accurateness, quality, or completeness of the information and the Company shall not be responsible or liable for any errors, omissions, inaccuracies in the information or for Licensee’s reliance on the information Vis-à-vis the Software Platform.