Family Offices Market 2024: Rising Demand for Tailored Wealth Management

Dublin, March 06, 2024 (GLOBE NEWSWIRE) -- The "Family Offices Market by Type, Office Type, Asset Class, Service Type, and Region 2024-2032" report has been added to's offering.

The global family offices market size reached US$ 19.7 billion in 2023. The market is projected to reach US$ 29.3 billion by 2032, exhibiting a growth rate (CAGR) of 4.5% during 2023-2032. The escalating adoption by high-net-worth individuals demanding for tailored wealth management systems, continual technological advancements enabling efficient and strategic decision-making, and a growing focus on socially responsible investments and philanthropy represent some of the factors that are propelling the market.

Family offices are private firms that manage the investments and wealth of high-net-worth individuals or families. Offering a comprehensive range of services, including investment management, estate planning, tax advisory, and philanthropic coordination, family offices are designed to manage the complex financial needs of wealthy families. These firms can be categorized into Single Family Offices (SFOs), catering to one family's needs, and Multi-Family Offices (MFOs), serving multiple families. They function with a tailored approach, ensuring that the financial goals, preferences, and values of the family are reflected in their investment strategies and planning. The integration of various financial disciplines and the alignment with the family's long-term objectives enable family offices to provide unique solutions that extend beyond traditional wealth management.

The global market is primarily driven by the increasing number of high-net-worth individuals seeking personalized wealth management solutions. In line with this, the desire for a consolidated approach to financial services, including investment management, tax planning, and estate coordination, is providing an impetus to the market. Moreover, the growing emphasis on preserving family wealth across generations and the need for specialized advisory services are acting as significant growth-inducing factors for the market. In addition to this, the evolving preferences of wealthy families for socially responsible investments and personalized financial strategies are influencing the market positively. Besides this, the considerable rise in technological advancements, enabling sophisticated investment analytics and reporting, is creating lucrative opportunities in the market. Apart from this, easy accessibility to various financial products, introduction of regulations that align with the needs of high-net-worth families, and the integration of philanthropy in wealth management strategies are propelling the market.

Companies Mentioned Include:

  • BMO Financial Group
  • Cambridge Associates LLC
  • Citigroup Inc.
  • HSBC Private Banking (HSBC Holdings plc)
  • Northern Trust Corporation
  • Silvercrest Asset Management Group Inc.
  • Stonehage Fleming Family & Partners Limited
  • The Bank of New York Mellon Corporation
  • The Bessemer Group Incorporated
  • The Glenmede Corporation
  • UBS Group AG
  • Wells Fargo & Company

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Global Family Offices Market

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