Wealthy families are becoming increasingly sceptical on taking wealth advice, harboring concerns over wether the services provided to them by family offices are truly bespoke, according to a new study.
Findings from Sanlam UK and international wealth association Global Partnership Family Officers say the ultra-high net worth individuals who use family office set ups believe the same wealth advice solutions are often given to multiple families.
This made them more resistant to seeking external wealth advice.
The research says: “Families are becoming more resistant to wealth advice and is essential to think about what is right for each family as each family is different, and then structure service requirements appropriately.”
The report added that some in family office arrangements rely on recommendations from their advisers and have strong relationships while other seek only basic advice.
It also said advisers should instead be able to assess each stage of the family’s journey and offer tailored advice.
“It’s also important that families are aware of, and understand, any decisions advisers take on their behalf.”
“Service providers often form strong relationships with the family across generations. Yet each generation may need their own set of advisers to cater to their evolving requirements and it must ultimately be the family who make any decisions,” the report said.