Capgemini's recent World Wealth Report highlights that the ultra-high-net-worth segment, defined as those with over $30 million in investable assets, presents a lucrative opportunity for wealth managers. However, reaching this demographic is challenging. According to WealthManagement, the report surveyed over 1,300 UHNW individuals across 26 international markets. It suggests that family offices may better address this group's multigenerational and multijurisdictional needs with their one-stop-shop model.

UHNW individuals desire non-financial value-added resources, with concierge services being the most sought-after. Half of the respondents indicated that family offices excel in providing top non-financial services, including concierge, networking opportunities, legal consultation, and lifestyle advice.

The study found that UHNW individuals appreciate wealth managers for their stability, regulation, licensing, global presence, and access to club deals. Conversely, family offices are favored for their transparency, personalization, independence, consolidated view, and educational support across generations.

Therefore, wealth management firms that cannot expand their non-financial value-added services might benefit from partnering with family offices that already offer these services while outsourcing their financial management, according to the WealthManagement article.

Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.