Delivering family office services critical to advisor success

Demand for family office-style services is surging as more mass affluent Americans – individuals with $1 million or more to invest – seek the kind of bespoke, holistic services once exclusive to ultra-wealthy families with $100 million or more.

The number of family offices is expected to grow by 75 percent between 2020 and 2030, according to a recent Deloitte study. This democratization marks a redefinition of wealth management. Firms that adapt to this shift will shape the industry’s future; those who don’t will be left behind.

Four factors drive this increasing demand for family office services, starting with increased client sophistication. Today’s high-net-worth (HNW) individuals expect integrated wealth management solutions that encompass risk management, tax strategy, and estate planning as well as asset management and multigenerational governance.

Secondly, families are seeking long-term, holistic financial planning services to meet their financial planning needs. The modern client rejects one-size-fits-all advice and demands tailored solutions to solve complex financial issues, from reviewing benefits to optimizing Social Security and Roth conversion strategies.

For example, investors expect guidance on how federal tax code changes impact them. Additionally, we are seeing more interest in alternative investments, which requires both a deeper investment platform and the ability to discuss liquidity with clients.

The good news is that the third factor, technological enablement, is helping advisors meet this need in a more efficient and scalable way. A modern, integrated tech stack is crucial to delivering excellent client service. Automation and digital platforms allow more advisors to deliver these tailored services for far less than the astronomical costs of single-family offices.

Financial planning software using a client portal allows clients to take a more active role in the financial planning process. On the tax and estate planning front, there are solutions enabling advisors and in-house specialists to review and summarize estate planning documents with greater efficiency.

Tax software can be used to model the impact of taking certain actions, such as Roth IRA conversions. In light of the recent tax code changes, this allows the advisor to quickly adjust to changes and assist families in sorting through very complex tax issues.

Finally, there are new delivery models. The multi-family office (MFO) model pools resources and capabilities across multiple clients to unlock economies of scale.

Evolving your firm to deliver family office services

The wealth advisor’s role has shifted from transactional to strategic partner. Those who redefine their value and services will be better positioned to compete for this new class of clients. Based on my experience, here is a blueprint for how firms can evolve to serve modern HNW clients.

• Offer tiered, scalable services: Develop tiered service packages to meet a range of wealth and planning needs. Ensure even those with $1 million in assets receive strong foundational advice. Use MFO models to pool resources, cut costs, and serve more clients efficiently.
   
• Prioritize deep, tax-first planning: Financial planning must be the top focus for modern clients, ensuring they avoid costly missteps in estate, cash flow, and investments. Preserving wealth requires comprehensive planning across estate design, cash flow, and portfolio structure. Leading teams integrate tax professionals into advisory teams, optimizing every decision for tax efficiency.
   
• Use technology strategically: Nearly 80 percent of affluent households would pay more for human advice, according to McKinsey & Co., but they also expect tech-driven convenience. Virtual meetings reduce costs and expand reach, while AI and data analytics can spot trends, manage risk, and offer personalized insights.
   
• Deliver educational stewardship: Today’s HNW individuals are savvier than past generations, yet they also want guidance from experts. Firms can incorporate financial literacy into client onboarding and then follow up with regular workshops, newsletters, and one-on-one sessions.
   
• Embrace collaboration: Education also fosters collaboration – a core aspect of the modern family-office model. Use meetings as springboards to understand client needs deeply, then partner with attorneys, tax pros, and fintech innovators to build a robust, responsive service ecosystem.

Today’s drive for deeper and more sophisticated services continues a long-term push on RIAs to deliver more value. Firms that embrace this evolution will position themselves as indispensable, long-term partners in their clients’ financial journeys. The opportunity is clear: redefine your value, modernize your approach, and take the lead in the era of democratized family office services.

Stan Gregor is Chairman and CEO of Summit Financial Holdings, a preeminent investment advisory firm based in Parsippany, New Jersey, overseeing $19.8 billion in assets as of June 30, 2025.