Summary
The right family office for your household comes down to two things: how much complexity you’re carrying and how much of the office you want to own. Families with $10 million to $75 million are usually best served by a multi-family office, which shares one team of specialists across a small group of families. Above $75 million, most families need a firm that can run a dedicated office for them or help them build their own. Here are the six firms we suggest you look at first:
- Guardian Resources (Minnetonka): family office service for $10M – $75M households, with investment, tax and estate planning under one roof
- Okabena (Minneapolis): multi-family office that began as the Dayton family’s office in 1967; generally $25M+
- Sawmill Trust (Minneapolis): shared-cost multi-family office with in-house tax preparation and bill pay
- Cresset (Minnetonka): outsourced family office with its own trust company and private-market access
- Ascent Private Capital Management of U.S. Bank (Minneapolis): family office services for families with $75M+ net worth
- Northern Trust (Minneapolis): global family office group that can run your office or help you build one
Best Multi-Family Offices in Minneapolis for Households with $10M – $75M
The right family office for your household comes down to two things: how much complexity you’re carrying and how much of the office you want to own. Families with $10 million to $75 million are usually best served by a private wealth management firm that offers a multi-family office, sharing one team of specialists across a small group of families. Above $75 million, most families need a firm that can run a dedicated office for them or help them build their own.
| Guardian Resources | Okabena | Sawmill Trust | |
| Reviews | 4.8 Stars, 16 Reviews | No Reviews | No Reviews |
| Location | Minnetonka, MN | Minneapolis, MN | Minneapolis, MN (also Sioux Falls, SD) |
| Minimum Investment | $500k+ for private wealth management; shared family office service for households with $10M – $75M | Generally $25M in investments; may be waived | Not disclosed |
| Fee Structure | Approximately 1% of AUM, scaling down for higher AUMs | 0.50% on the first $50M, 0.40% on the next $50M, 0.30% above $100M; outside manager fees are extra | Shared-cost model where every family pays on the same terms; rates not published; tax returns included in the standard fee |
| Services | |||
| Investment management | Yes | Yes | Yes |
| Multi-generational estate and trust | Yes | Yes, including trustee services through Boulder Bridge Trust Company | Yes, including trustee services through its South Dakota trust company |
| Business exit and liquidity events | Yes | Not disclosed | Not disclosed |
| Alternative investments | Yes | Yes, including in-house private funds | Not disclosed |
| Tax planning and preparation | Yes | Yes; in-house tax accounting and reporting team | Yes; prepares 500+ returns a year in-house |
| Philanthropy and foundations | Yes | Yes | Yes |
| Family governance and next-gen education | Yes | Yes | Yes |
| Bill pay and family administration | Yes | Not disclosed | Yes |
| Team Structure | |||
| Number of employees | ~27 | ~36 | ~49 |
| Number of CFAs | Multiple CFA professionals | 5 CFA professionals | 2 CFA professionals |
| In-house investment management | Yes | Hybrid; in-house team selects and oversees outside managers | Yes |
Best Single-Family Offices in Minneapolis for Households with $75M+
A true single-family office works for one family only, so you won’t find one taking new clients. Above $75 million, the real decision is whether to build your own office or have a firm run one for you. The three firms below do both. They can act as your family’s dedicated office, staff the pieces you don’t want in-house, or help you design and launch an office of your own.
| Cresset | Ascent Private Capital Management of U.S. Bank | Northern Trust | |
| Reviews | 5.0 Stars, 2 Reviews | No Reviews | 3.0 Stars, 2 Reviews |
| Location | Minnetonka, MN | Minneapolis, MN | Minneapolis, MN |
| Minimum Investment | No stated minimum; intake brackets start at $5M | $75M+ net worth | Not disclosed; the average Global Family Office client has about $1B |
| Fee Structure | AUM fees up to 2.00%; published schedule runs from 1.25% down to 0.60% above $50M; family office services billed as negotiable fixed or project fees | Not disclosed | Not disclosed; outsourced CIO and multi-manager fees are negotiable |
| Services | |||
| Investment management | Yes | Yes; investment consulting model | Yes |
| Multi-generational estate and trust | Yes, including trustee services through Cresset Trust Company | Yes, including fiduciary trust and estate services | Yes, including serving as trustee or executor |
| Business exit and liquidity events | Yes | Yes | Yes |
| Alternative investments | Yes, including direct private-market access | Yes | Yes, through 50 South Capital |
| Tax planning and preparation | Yes | Coordination | Yes; scope not disclosed |
| Philanthropy and foundations | Yes | Yes | Yes |
| Family governance and next-gen education | Yes | Yes | Yes |
| Bill pay and family administration | Yes | Yes | Yes |
| Building or running a single-family office | Outsourced family office; outsourced CIO through Monticello Associates | Can act as your family office (non-fiduciary service) | Yes; from fully outsourced to helping families build their own office |
| Team Structure | |||
| Number of employees | ~425 firmwide; 24 in the Minneapolis office | ~18 in the Minneapolis office | ~23,800 firmwide; ~300 in the family office group |
| Number of CFAs | 2 in the Minneapolis office | Not disclosed | Not disclosed |
| In-house investment management | Yes | Not disclosed | Yes |
Common Services Provided by Family Offices
A family office earns its fee by coordinating everything around your wealth, not just the portfolio. Here’s what that typically covers.
Estate Planning and Wealth Transfer
- Multi-generational estate planning: Structures trusts, gifting strategies and ownership so wealth passes to children and grandchildren with as little tax and family friction as possible.
- Trust administration and fiduciary services: Serves as trustee or works alongside one, handling distributions, recordkeeping and compliance for family trusts.
- Philanthropy and foundation management: Sets up and runs private foundations or donor-advised funds so your giving reflects your values and stays tax-efficient.
- Family governance and next-gen education: Runs family meetings, drafts mission statements and teaches heirs how to manage what they’ll inherit.
Investment Management and Alternative Investments
- Investment management: Builds and oversees one portfolio across every account, trust and entity the family owns, rather than a patchwork of separate advisors.
- Alternative investments: Opens access to private equity, private credit, real estate and direct deals that are often closed to individual investors.
- Business exit and liquidity events: Plans the sale of a family business or a large stock position years in advance, so the deal terms, tax bill and reinvestment plan all work together.
- Lending and liquidity management: Arranges credit lines and loans against assets so the family can access cash without selling investments at the wrong time.
Tax, Administration and Risk Management
- Tax planning and preparation: Coordinates income, gift, trust and partnership tax decisions year-round and, at many firms, prepares the returns in-house.
- Bill pay, accounting and consolidated reporting: Pays household bills, tracks every entity’s books and rolls it all into one report you can read in a few minutes.
- Risk management and insurance review: Audits property, liability and life coverage across homes, vehicles, art and businesses to close gaps before they become claims.
- Concierge and lifestyle services: Handles the logistics of a complex life, from managing household staff to coordinating travel, property and major purchases.
How Our Team at Guardian Resources Helps HNW and UHNW Families in Minnesota
Since 2008, our team in Minnetonka and Hudson has helped families coordinate investments, taxes and estate plans under one fiduciary roof. For households with $10 million to $75 million, we act as a family office: our CFP® and CFA® professionals, tax specialists and dedicated estate attorneys work as one team on your wealth management, tax planning, estate planning, business exits, alternative investments, philanthropy and family administration. The goal is simple: one plan, one team, and every decision made with the rest of your financial life in view. Schedule a conversation to see whether our approach fits your family.
Common Questions We Get Asked About Family Wealth Management
What’s the difference between a single-family office and a multi-family office?
A single-family office serves one family and is usually owned by it. The family hires the staff, sets the priorities and pays every cost, from salaries and software to office space. A multi-family office serves a group of families with one shared team, so each household gets the same expertise at a fraction of the cost.
| Single-Family Office | Multi-Family Office | |
| Who it serves | One family | A small group of families |
| Who owns it | The family | An independent firm |
| Who pays the costs | The family pays the full payroll and overhead | Costs are shared across client families |
| Control | Complete; the family sets every priority | High, within the firm’s process and service model |
| Privacy | Highest; no other clients | High, but you share the team with other families |
| Where it tends to fit | Usually nine-figure wealth and up | Usually $10M to $75M+ |
The line between the two is blurrier than it looks. Many multi-family offices started as single-family offices that opened their doors to other families. Okabena began as the Dayton family’s office in 1967 and started serving other families in 2015, and Sawmill Trust grew out of the Brooks family’s office before taking outside clients in 2006. Today, many large families also land in the middle: they keep a lean office of their own and hand investment, tax or administrative work to an outside firm.
The practical question isn’t which label sounds better. It’s whether the work your family needs justifies a full-time staff that works only for you.
How much in investable assets do I need to work with a family office?
Most multi-family offices start working with families somewhere around $10 million to $25 million in investable assets. Firms focused on the largest families set the bar much higher. Here’s how the numbers break down among the firms in this guide:
| Household Assets | What Usually Fits | Examples From This Guide |
| Under $10M | A private wealth management firm with integrated planning | Guardian Resources works with households from $500k |
| $10M – $75M | A multi-family office | Guardian Resources; Okabena (generally $25M+); Sawmill Trust |
| $75M+ | An outsourced or dedicated family office | Ascent Private Capital Management of U.S. Bank ($75M+ net worth); Cresset |
| Nine figures and up | A single-family office of your own, often with outside support | Northern Trust’s average family office client has about $1B |
That said, the dollar figure is only half the story. Complexity matters just as much. A $15 million household with a family business to sell, trusts for three generations and a private foundation needs more coordination than a $40 million household with a simple portfolio and no heirs.
If you’re not sure where you fall, ask yourself how many professionals you’re coordinating today. If your CPA, estate attorney, investment advisor and insurance agent don’t talk to each other, you’re likely ready for a family office, whatever your exact number is.
Disclosure
Firms are listed in no particular order. All information was gathered from third-party and firm-published sources and should be verified before moving forward with a family office or wealth management partner.
Sources
- Okabena, Home and Firm History: okabena.com, okabena.com/firm
- Okabena, Services: okabena.com/services
- Okabena, Team: okabena.com/team
- Okabena, Form CRS (minimum and fee schedule): Form CRS, March 2026
- Private Fund Data, Okabena Investment Services: privatefunddata.com
- Sawmill Trust, Home and About: sawmilltrust.com, sawmilltrust.com/about
- Sawmill Trust, Services: sawmilltrust.com/services
- Sawmill Trust, Our Team: sawmilltrust.com/our-team
- Cresset, Minneapolis Office: cressetcapital.com/locations/minneapolis
- Cresset, Form CRS: cressetcapital.com/crs
- Cresset, Family Office Services: cressetcapital.com/family-office
- SmartAsset, Cresset Asset Management Review: smartasset.com
- InvestmentNews, Cresset Company Profile: investmentnews.com
- WealthManagement.com, Cresset Merges With Monticello Associates: wealthmanagement.com
- U.S. Bank, Ascent Private Capital Management: usbank.com/wealth-management/ascent
- U.S. Bank, Ascent Minneapolis Office: usbank.com
- U.S. Bank, Ascent Family Office Services: usbank.com
- Northern Trust, Minneapolis Office: northerntrust.com
- Northern Trust, Global Family Office Services: northerntrust.com
- Northern Trust, Trust and Estate Services: northerntrust.com
- Northern Trust, Business Owner Services: northerntrust.com
- Business Wire, Northern Trust Expands Global Family Office Services (April 2025): businesswire.com
- Family Wealth Report, Northern Trust Family Office Growth: familywealthreport.com
- Guardian Resources, Top 14 Private Wealth Management Firms in Minneapolis: myguardianresources.com
