The ranks of family offices — wealth management firms serving all the financial needs of an ultrahigh net worth family (or multiple families) — have grown rapidly in recent years, as have their needs.
“Right now, everybody’s talking ‘family office.’ You hear it from every major bank, but people weren’t doing that 20 years ago,” Brien Biondi, the CEO of Campden Wealth, North America and the Institute for Private Investors, said in an interview. Campden is a “community of families” formed around three decades ago and provides networking and research serving family offices.
READ MORE: What the growing family office sphere means for wealth managers
To differentiate on the market for serving family offices — which typically a family can form if it amasses at least $100 million of investable assets — requires keeping up with not only the age-old problems that plague UHNW clients, such as wealth transfer, family interpersonal dynamics and succession planning, but also the latest trends.
Below, industry experts shared with Financial Planning four trends they are seeing in the family office world now, and what they mean for financial advisors.