"Smaller fortunes are getting in on the act A global survey by Julius Baer and PwC - covering 2,485 wealth management and family office experts across Europe, Asia, the Middle East, and Latin America - found that 41% of ultra-high-net-worth respondents cited cost as the main barrier to setting up a single-family office, followed by management complexity and the belief that their wealth wasn't substantial enough."
"What began as the domain of the Rockefellers and Rothschilds is now being reimagined for entrepreneurs, founders, and even upper-middle-class families seeking to professionalize their approach to managing and preserving wealth. "The idea that one must have billions to justify a family office is rooted in outdated thinking," María Eugenia Mosquera, Head of Wealth Planning Key Clients & Family Office Services at Julius Baer, wrote in a blogpost on Friday."
Family offices have expanded beyond billionaires to include entrepreneurs, founders, and upper-middle-class families seeking professionalized wealth management. New hybrid, virtual, and shared models reduce cost and complexity, enabling smaller fortunes to access the same services historically reserved for dynastic wealth. A global survey found cost, management complexity, and perceived insufficiency of wealth as main barriers to single-family offices. Technology, regulatory changes, and global mobility have facilitated adaptable solutions that preserve assets and values across generations. Families can selectively retain control over areas such as philanthropy and governance while outsourcing specialized functions to professional teams.
Read at Business Insider
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