Motivated by a series of recent works, an interest in multifractal phases has risen as they are believed to be present in the Many-Body Localized (MBL) phase and are of high demand in quantum annealing and machine learning. Inspired by the success of the Rosenzweig-Porter (RP) model with Gaussian-distributed hopping elements, several RP -like ensembles with the fat-tailed distributed hopping terms have been proposed, with claims that they host the desired multifractal phase. In the present work, we develop a general (graphical) approach allowing a self-consistent analytical calculation of frac-tal dimensions for a generic RP model and investigate what features of the RP Hamil-tonians can be responsible for the multifractal phase emergence. We conclude that the only feature contributing to a genuine multifractality is the on-site energies' distribution, meaning that no random matrix model with a statistically homogeneous distribution of diagonal disorder and uncorrelated off-diagonal terms can host a multifractal phase.