Family Office Market: HNWIs and Wealth Management Analysis in New Market Research Report at

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“The Family Office Report 2013” is the new market research report added to store.

Report reviews the global family office industry. It also includes family office lists for over 30 countries.

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Family offices provide a more customized offering than wealth managers and private banks. Services on offer typically include: managing household staff, property management, philanthropy coordination, managing family education, intergenerational transfer and legal and tax services, on top of the usual investment services. A family office’s services are exclusively for family members and their related trusts, foundations, charities, non-profit organizations and family-related investment vehicles.

Family Office Industry - at the end of 2012:

  •     Worldwide wealth held by individuals amounted to US$195 trillion.
  •     There were 16.8 million HNWIs in the world and worldwide HNWI wealth stood at US$66 trillion.
  •     Assets managed by worldwide wealth managers, private banks and family offices totaled US$19.3 trillion. US$8.3 trillion of this was held in offshore centers.
  •     There were more than 5,000 family offices operating globally, the majority of which were based in the US and Europe. This includes 2,700 single family offices (SFOs) managing approximately US$1.7 trillion in assets and 2,300 multi-family offices (MFOs) managing US$800 billion in assets.
  •     Together, the global family office industry managed US$2.5 trillion, which accounted for 13% of global wealth management assets under management (AuM) (US$19.3 trillion) and 3.7% of global HNWI wealth (US$66 trillion).
  •     There were over 2,900 family offices in the US.

Single family offices
A single family office (SFO) is an entity created by a family to manage its investments and financial affairs. SFOs generally take the form of a private company that manages the investments and trusts of ultra high net worth individuals (UHNWIs), those with more than US$100 million, and their extended family.
Usually, an SFO has a small team consisting of a lawyer, an investment specialist, a tax lawyer and an accountant. SFOs offer wealthy individuals a high degree of privacy and control in the management of their wealth.

Multi-family offices
There are a significant number of families with at least US$5 million that do not have the economies of scale to establish stand-alone family offices. Multi-family offices (MFOs) cater to these families and allow them to co-invest and share due diligence and other administrative costs with other families.

MFOs tend to employ professionals to manage all activities in-house (e.g. families may share a chief financial officer, legal, trust, tax and insurance professionals). This saves on operating costs and increases the range of expertise in managing wealth, while still offering UHWNIs access to a highly personalized wealth management service MFOs can be a competitive threat to high-end financial advisors.

Clientele model

WealthInsight has shaped an HNWI clientele model that depicts the various business units operating in the wealth management industry in Canada. Different wealth bands are catered to by different service providers.

Although service providers look to cater to a specific wealth band, their services often overlap. Wealth managers have the widest coverage, servicing everyone from mid-tier millionaires to billionaires. SFOs are the most exclusive of all service providers, catering exclusively to cent millionaires and billionaires. At the base are retail banks which offer generalized solutions. In these cases, one relationship manager often caters to a large number of individuals and personalized attention is rare.

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