This study presents the multi-family office business model and proposes a specific approach to the construction and management of investment portfolios, in order to make them more efficient at serving their clients interests. Financial advisory – the multi-family offices core activity – is aimed at guiding clients towards making better decisions. For this purpose, the proposed framework incorporates elements of behavioral finance, which confronts standard economic theory in order to explain the behavior of normal investors; that is, subject to selfcontrol problems, the pain of regret, cognitive biases and so on. It is understood that the portfolio elaboration and management process must be iterative and dynamic, relationship-driven and guided by the quality of communication between the parties (manager and client). A base-model was developed to guide this process, identifying and relating the different risk components that are involved, such as tolerance, capacity and risk attitude. Furthermore, it incorporates the client s objectives, values, investment horizon, the company s philosophy and both the client s and manager s behavioral finance knowledge. This approach foreshadows the manager as a true educator, presenting practical recommendations so that they can better understand their own behavior, improving their decisions and knowledge regarding their clients motivations. This will make managers better at serving and educating them, favoring long-term retention.