What family offices need from wealth managers today
The latter need to become trusted advisers who can offer integrated solutions and specialist guidance
FAMILY offices globally, including in Asia, are experiencing a significant shift. Once relatively straightforward structures for preserving wealth, they have today evolved into sophisticated, multi-generational institutions managing diverse asset classes and complex structures.
This shift presents an important challenge for traditional wealth managers. To remain relevant and a vital partner to these family offices, the industry must adapt swiftly.
A decade ago, most family offices were simple set-ups, managing the fortunes of first-generation entrepreneurs. Fast-forward to today, and they have evolved into complex organisations, serving multiple generations. They now boast professional investment teams, sophisticated technological infrastructure with the ability to extend administration, reporting and tailored advice to individual family members, and global perspectives rivalling institutional investors.
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