The Global Multi-Family Office has established a global network of Single-Family Offices that forms part of our private wealth management advisory portfolios. These Single-Family Offices were pre-approved as Premier Gold Members and were established by Premier Gold Global Wealth which therefore authorizes them to part take in the high-profile private placement opportunities made available only to Premier Gold Members.
The objective of a Single-Family Office is to ensure wealth remains preserved for the future generations but also to ensure the family remains focused and driven to grow wealth responsibly and securely. The family must be at all times remain aligned with their future objectives and strategic investment strategies. However, a Single-Family Office goes beyond just managing wealth. It also helps secure a family’s financial future by building, preserving, and transferring family wealth and legacy to the future generations.
While early single-family offices typically transferred the complete wealth to the oldest son this was clearly a mistake in many families that can clearly be traced back to most wealthy families in Europe. It was only during the early 19th century that wealthy merchants along the east coast of the United States started hiring advisors to protect their family interests. The demand for single-family office services kept growing as the number of Ultra-High-Net-worth Wealthy families increased over the years. In today’s times wealthy families rely on single-family offices for full-time professional management of their family fortune. The number of single-family offices in the U.S. has grown more than 4,500 single-family offices, with assets under management more than USD$ 2.3 trillion. The estimated 280 multi-family offices having assets under management more than USD$ 890 billion.
The growth of the single-family offices has not gone unnoticed by private wealth management firms who have started offering family-office type services for Ultra-High-Net-worth Individuals.
This however puts family offices directly in competition with the private banking industry but the Ultra-High-Net-worth-Individuals in the wake of the financial crises have a tenuous level of trust and confidence in banks, and increasingly prefer single-family offices. It therefore becomes imperative to understand these challenges and make business decisions that will help your single-family office emerge successfully in an environment of intense competition with private banks and other wealth management firms.
