"For decades, the value proposition of private banking was clear: access to exclusive investment opportunities and superior portfolio management. However, this model often operates in a silo. A family might engage a private bank for investments, a separate law firm for succession planning, an accountant for tax structuring, and an independent consultant for philanthropy. The result is a fragmented landscape where strategies can conflict, oversight becomes a burden for the client, and no single entity holds a complete, coordinated view of the family's wealth ecosystem."
"This fragmentation has directly fuelled the appeal of the dedicated Family Office, both Single (SFO) and Multi (MFO). A 2023 report by KPMG[1] on global family office trends highlights that the primary motivation for establishing an SFO is the desire for consolidated control, tailored governance, and holistic oversight, benefits rarely found in a traditional, product-centric private bank. The Family Office sets a new standard: integrated advice with perfect alignment to the family's unique goals."
Traditional private banking focused on portfolio management and exclusive investment access, but often operates in silos with legal, tax, and philanthropic advice provided by separate advisers. Fragmentation creates conflicting strategies, oversight burdens for families, and lack of a single coordinated view of the family's wealth. Single-family and multi-family offices attract families by delivering consolidated control, tailored governance, and holistic oversight. Wealth managers increasingly adopt a family office philosophy, shifting from product provision to strategic coordination. The bank becomes an integrated steward, orchestrating investment, succession, tax, governance, and philanthropy to deliver unified, client-centric solutions aligned to the family's long-term goals.
Read at London Business News | Londonlovesbusiness.com
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