A family office is a private wealth management advisory which is established to manage family’s private wealth. It can also said that family office offers investment advice only to family members, is solely owned and controlled by family members. However, a family office further helps and secures family’s financial future by building, preserving, and transferring the family wealth and legacy. A family office also serves by being a personal CFO to ultra-wealthy, and also providing disciplined approach in today’s volatile markets for enabling a successful protection and growth of the wealth.
According to the study “Global Family Office Market Size study, by Product (Singe Family Office (SFO), Multi-Family Office (MFO), Virtual Family Office (VFO)), by Services (Financial Planning, Strategy, Governance, Advisory) and Regional Forecasts 2018-2025”.Some of the key organizations operating in the global family office market are Bessemer Trust, CTC I my CFO (BMO Financial Group), UBS Global Family Office Group, U.S. Trust Family Office (Bank of America), Pictet, Atlantic Trust (CIBC), Abbot Downing (a Wells Fargo Business),BNY Mellon Wealth Management, Citi Private Bank, Cambridge Associates, Wilmington Trust (M&T Bank), Hawthorn (PNC Financial), Glenmede, HSBC Private Bank, Stonehage Fleming Family & Partners, Northern Trust.
Rise in incidence of high network individuals said to be one of substantial driving factor of market. Moreover, increase in frequency and demand of financial advisory with the rise to financial services that are not being fulfilled by the wealth management firms and by the private banks. In addition rise in demand for the family offices over the developing countries is further creating an abundant opportunity in over the forecast period. The family offices offers benefits such as preserving wealth through proactive management & suitable strategies, it also assists over the allocation of wealth from one generation to next through the strategic asset allocation and it also mitigate the risks by diversifying investments such benefits over using of family office have boosted its demand across the globe. However, limited availability of family offices is one of the major challenges limiting the growth of the market growth.
Majorly the family offices are classified as single-family offices or multi-family offices. A single-family office can be defined as an organization created to upkeep the financial requirements related to a specific family group. The multi-family office can be defined as an organization that delivers family office services to more than one family or the group of families. The multi-family type provides a similar range of customized services as are provided by a single-family office but without the need to set up a separate family office infrastructure. A family office provides a complete explanation to manage family’s wealth and financial matters. Family offices provide a wide range of investment advice for wealth advisory and investment services, estate planning, tax advisory, philanthropy services, and inheritance and wealth transfer services. The wealth management firms and hedge funds are looking to diversify and further broaden their investments consulting portfolio to serve their clients in a more holistic approach by moving up the value chain. Moreover, some of large banks and hedge funds are impacted by financial crisis and further turning their attention towards the family office segment.
Increase in wealth in the emerging markets of Asia-Pacific and Latin America regions have significantly been increased over the last decade however the number of family offices are increasing by providing good investment advice.
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Global Family Office Market Research Report
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