Single Family Offices Losing Ground
As a follow up to a post we put out a few weeks ago, here is some more evidence that multi-family offices may still be growing as some wealth management operations and single family offices struggle:
Citing a collapsing investment market and increased demands from family members, many single-family offices are worried about keeping their doors open, saying that “sustainability” is the biggest challenge they face.To learn more about family office wealth management firms please visit FamilyOfficesGroup.com.
That was a key finding from the “Single-Family Office Study" released last month by Family Wealth Alliance LLC of Wheaton, Ill.
“For single-family offices, assets are down and expenses are up,” said Thomas Livergood, chief executive of Family Wealth Alliance.
“When things are hunky-dory, as they've been for the past few years, nothing is questioned,” he said. “When things start going wrong, everything is questioned.”
Many single-family offices “will need to change,” Mr. Livergood said. source