New priorities for family offices and UHNW clients revealed in global survey

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New priorities for family offices and UHNW clients revealed in global survey

Private market investments reign supreme with a sharp increase in interest in this area over the past five years to top position of importance, according to Global wealth manager Julius Baer's just published 2nd Annual Family Barometer 2021 which highlights the top priorities for UHNW families right now.

The survey covered more than 800 wealth management industry experts who work with and advise UHNW clients and their families.

However, it is sustainable and impact investing and ESG-related topics which have grown the most (17%) in terms of importance over the past five years when it comes to investing.

We commissioned a survey of more than 800 industry experts to shed light on the topics that families are discussing right now, from investment to governance, to learn where their concerns lie, and to explore how they make important decisions."

The survey covered more than 800 wealth management industry experts who work with and advise UHNW clients and their families.
Further findings included that in every second family, decisions are being made by just one person. Moreover, the overwhelming majority of specialists primarily engage with only the patriarch or the matriarch of a family.

Family wealth-related topics and family governance continue to be the most important ‘beyond investments' topics, at 26% and 25% respectively. However, less than 1 in 10 UHNW families seem to have established a formal governing body.

Against the backdrop of Covid-19, health has replaced regulatory aspects as the third most important topic when it comes to topics ‘beyond investments' for families, with 19% of respondents citing it as the most important topic for their clients.

Guy Simonius, head of family office service at Julius Baer, said: "Perhaps now is the right time to think about starting a meaningful dialogue with your family and your chosen experts. Experience shows that doing so can bring greater peace of mind and contentment, and can also help to mitigate conflict and bring a family closer together.

That is why we are passionate about promoting open, honest dialogue around both financial and personal matters. For that reason, we commissioned a survey of more than 800 industry experts to shed light on the topics that families are discussing right now, from investment to governance, to learn where their concerns lie, and to explore how they make important decisions."