Banks, brokerages and advisors expand family office services
Updated
Updated · Barron's · May 8
Banks, brokerages and advisors expand family office services
12 articles · Updated · Barron's · May 8
In the US, more than 101,240 households now hold at least $30m, up 8% year on year, creating an $11.3tn market for increasingly broad wealth-management offerings.
Services now range from investment, estate planning and reporting to bill pay, staffing, cybersecurity, philanthropy and private-markets access, while specialist firms handle jets, yachts and collectibles.
Experts say the unregulated label risks confusing families, as true single-family offices can cost $2.1m to $20.8m annually and many wealthy clients instead assemble lower-cost multifamily or specialist ecosystems.
With trillions managed in the shadows, are family offices the next big risk to the global economy?
How can the ultra-rich spot a predator disguised as a trusted family office?
Will AI soon manage the world's great fortunes, making human advisors obsolete?