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The Multi-family Office: A Solution for the Ultra High Net Worth Client
VRL Financial News Publishing, June 2011, Pages: 115
Aimed at private bankers and wealth managers as well as those in client facing, sales, and marketing positions in wealth management organizations and law firms, this report provides an analysis of the fastest growing segment of the wealth market.
Demographics, global distribution and prospective growth are all presented and discussed along with a number of case studies illustrating the different types of family offices, multi-family offices and private investment offices present in the market today.
Family offices” together with “family office services” have started to arouse considerable interest within the wealth management sector as an alternative to the traditional service model.
Anecdotal evidence suggests that the number of wealth management firms that either offer family office services, or use the family office moniker to describe the services they provide, has increased significantly since the start of the millennium, especially in the ultra-high net worth market segment.
With traditional service providers, such as private banks, stockbrokers and private client investment management firms, still under considerable scrutiny in the wake of their performance during the deep equity bear market of 2000 to 2003 and the near collapse of global financial markets in 2008, some experts think that family offices, and especially multi-family offices, offer a much more compelling alternative. As a consequence, family offices look set to move much nearer to the wealth management mainstream.
What is a family office?
How precisely does a family office differ from a more traditional wealth management service provider? And, more to the point, is the multi-family office model viable from the standpoint of both the client and the service provider?
This management report explores these and a number of other related questions. It argues that the differences between multi-family offices and conventional family offices are more marginal than at first seems the case. Indeed, in some instances, it can all come down to semantics.
Firms that use the family offices, or multi-family office moniker, can possess powerful positional advantages. But these are not unique to these institutions and are often shared with firms that eschew any connection with the family office concept, such as independently owned wealth management boutiques that cater to a very rich client base.
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