Video: Family Offices in the US, Europe, and Asia
Click to Print This Page
- Offices typically have about 4 to 6 employees.
- Fully integrated wealth management shops are becoming increasingly rare, with small targeted offices becoming more prevalent.
- Larger, (usually) older family offices are looking to sustain infrastructure and keep younger generations engaged by partnering and sharing services with other offices for noncore services.
- Offices are relatively large with an average of 13 employees.
- Europeans are more likely than Americans to use concierge services that provide everything in one shop, but are looking to outsource more specialized services.
- Family offices in Asia are smaller than those in the US and Europe.
- Over 80% of families' wealth is tied into their primary operating company. They will often use people in their business for personal financial dealings.
- Because family offices in Asia are still in the beginning stages, the focus should be on hiring quality staff and building.
In both the US and Europe, wealth is often tied to a business that is not necessarily the primary source of wealth. A major focus for wealth managers should be educating and engaging the next generation, along with finding the best resources.