A majority (56%) of family offices have a governing board, according to the 2012 FOX Family Office benchmarking Board Report. Fifty-five percent of those with a governing board include external advisors, though outside advisors make up only 17% of all board members. Most family offices lack a strategic plan or risk management process, and less than half (44%) produce an annual report. Family office oversight and governance, however, show a marked increase in maturation and complexity once a family reaches the third generation. 

Infographic: Family Office Oversight and Governance