As professionals and executives in the mining and resources sector accumulate wealth, their financial needs often evolve beyond personal investment advice. They begin to ask: “How do I manage not just my own personal finances, but secure the legacy of my entire family across generations?” That’s where Family Office Services can assist.
A Family Office is a comprehensive wealth management structure designed to support affluent families in managing their financial, legal, and relational affairs. These services are typically delivered through one of three models:
- Single Family Office: A dedicated team employed by one family to manage all aspects of their wealth and affairs.
- Multiple Family Office: A shared service model where several families pool resources to access professional services
- Virtual Family Office: A flexible model where families engage external professionals – such as accountants, lawyers, and financial planners – to manage their affairs collaboratively.
From an accountant and business advisor’s perspective, managing wealth is only half the equation, the other half is managing people. Family dynamics between generations, siblings, and extended relatives can be complex, and these dynamics become especially important when planning for wealth or business succession.
Research shows that, without professional planning and due consideration, only 30% of wealth transfers from the first to second generation succeed, and that number drops sharply with each subsequent generation. Structured planning and open communication are essential to reversing this trend.
Family Office services are becoming increasingly relevant for those with $10–30 million in assets, especially with complex families. Consider the following scenarios:
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- A retired couple passing wealth to children unfamiliar with asset management and the decisions required to ensure the financial legacy endures.
- A business owner with adult children unsure about taking over.
- A blended family with differing expectations around business involvement.
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The above scenarios are examples of situations we have advised on, and through the multidisciplinary approach applied at Resources Unearthed, clear strategies and pathways were developed, resulting in certainty and harmony within the family group.
Even families with existing accounting, financial, and legal relationships may find succession planning and family governance requires a more integrated approach. Divorce, blended families, and varying levels of engagement in the family business can create tension if not addressed early. Some studies suggest that, without a structured approach, as little as 5% of wealth successfully transfers to the third generation. At Resources Unearthed, we’ve seen this trend play out firsthand, often not due to financial mismanagement, but as a result of lack of structure, communication, and readiness.
One of the first steps in building a successful Family Office is establishing a governance framework. This often culminates in developing a family charter that outlines shared values and long-term goals, defining roles and responsibilities to reduce conflict, and setting clear decision-making protocols to ensure transparency and accountability. These structures are especially vital in mining and resources families, where business interests may span multiple entities and jurisdictions, and where succession planning must account for both operational and ownership transitions.
For those in mining and resources, complexity is often amplified by industry-specific factors. High incomes, employee share schemes, performance incentives, and bonuses, combined with valuable accumulated assets, typically require asset protection, tax management structures, and multiple family and business entities.
These structures must be carefully managed to remain compliant with ATO regulations, ASIC reporting requirements, and cross-border tax treaties, especially for executives with international interests.
Investment strategies within a Family Office are equally as nuanced. Families in the mining and resources sector often hold diverse portfolios that include investments in mining ventures, private equity, infrastructure, real estate, and philanthropic capital. Specialist oversight is essential to ensure these investments are resilient across commodity cycles. This includes portfolio liquidity planning for capital-intensive projects, and scenario modelling to prepare for succession or exit strategies. The multidisciplinary approach applied at Resources Unearthed ensures that investment decisions are aligned with both financial goals and family values.
Senior executives and business leaders often face time constraints that make professional oversight essential. Reviewing current needs and identifying the benefits of a coordinated financial, tax, business, and legal service is a smart starting point. One of the greatest advantages of building a Family Office team is the ability to delegate day-to-day personal and family administration to highly experienced advisers. This results in a seamless and considered response to your requirements.
Those in mining and resources who engage Family Office services through Resources Unearthed benefit from direct access to individual advisers, while a central coordinator ensures all services are aligned and outcomes are delivered efficiently. This collaborative approach increases accuracy, reduces cost, and saves time. During the establishment phase, the family matriarch or patriarch often leads the process. However, involving other family members over time, ensures responsibilities are shared and prepares the next generation for leadership and responsibility. This is vital for successful intergenerational wealth transfer.
Diverse perspectives across age and circumstance help identify evolving needs and mitigate potential issues. Shared involvement also provides safeguards, especially if a sole decision-maker becomes unavailable due to illness or other unforeseen events. These are the types of discussions that shape a family charter and guide long-term financial and non-financial goals.
Family Office services provide a clear framework for decision-making and service delivery and support both immediate and long-term goals.
For professionals in mining and resources, a Family Office is not just a financial tool – it’s a strategic asset. It provides continuity across generations, protection against industry volatility, and alignment of personal, business, and family goals.
By integrating governance, tax, investment, and relational strategies, Family Offices- especially virtual models – deliver clarity, control, and confidence.
For more information and arrange a 20-minute discussion with Craig Barry, please contact Resources Unearthed on +61 (0) 7 3007 2000 or email contact@resourcesunearthed.com.au.
Read more about Craig here
Further reading: Family Office Services – Not just for the ultra wealthy
Resources Unearthed is a solutions hub that provides integrated financial, legal, property and accounting and business advisory services for executives, professionals and business owners in the mining and resources sectors.
