The number of family offices is set to grow exponentially in the next five years, but they will need to evolve to meet the changing needs of wealthy clients according to Morgan Stanley Wealth Management.
With Deloitte saying that the wealth controlled by family offices is expected to grow 73% to $9.5 trillion by 2030, the importance of this sector of investment and wealth management adapting is clear.
Two key factors are driving what Morgan Stanley sees as necessary changes.
Firstly, the purpose of family offices, beyond the financial aspects of wealthy family needs to include human, intellectual, and social capital and alignment with families’ long-term mission and values.
Secondly, the families themselves, where dynamics and trends are evolving.
“Family Offices are pivotal in managing wealth and preserving legacies, and as families and environments evolve, so must the industry,” said Liz Dennis, head of Private Wealth Management.
The report identifies six essential pillars that it says family offices will need to embrace to keep up with trends and client demands:
“This guidance is designed to support family offices of all shapes and sizes as they work to ensure continuity across generations,” added Dennis. “Even with technology's potential, human expertise remains irreplaceable—and forward-thinking family offices must define clear strategies and infrastructure to continue adding value as indispensable partners for generations to come.”
Mayer Brown, GWG's law firm, agreed to pay $30 million to resolve conflict of interest claims.
Orion adds new model portfolios and SMAs under expanded JPMorgan tie-up, while eMoney boosts its planning software capabilities.
National survey of workers exposes widespread retirement planning challenges for Gen Z, Millennials, Gen X, and Boomers.
While the choice for advisors to "die at their desks" might been wise once upon a time, higher acquisition multiples and innovations in deal structures have created more immediate M&A opportunities.
A father-son pair has joined the firm's independent arm in Utah, while a quartet of planning advisors strengthen its employee channel in Louisiana.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave