While birds of a feather may flock together, opposites also attract. Surrounding yourself with people of similar pedigree breeds comfort, but tapping into people from different backgrounds may complement and create a more dynamic environment. In this vein, family office networking clubs exist to create windows of opportunities where like-minded and different family offices can come together. This insight dives into the three main benefits of networking within family offices and recommends a list of suitable network partners.
Building relationships
The private nature of family offices may make networking challenging. The industry is not conducive to dishing out business cards or blasting banner ads on social media or Google Ads. Family offices wishing to build trustful long-term relationships may find networking groups helpful in expanding their network.
Family office networking groups are well-versed in bringing people together. They provide platforms and opportunities for family offices to connect with each other and with relevant service providers. From family members and wealth managers to insurance and financial advisors, networking groups have vast and robust databases.
They organise educational events and conferences and even facilitate introductions to potential partners. Family office networking can take many forms, from educational webinars to bonding over a barbeque in the backyard or hitting it off with 18 holes on the golf course. The aim is to create a bonding experience that fosters community.
Facilitating partnerships
Word of mouth and recommendations go a long way in choosing the right partnerships for a family office. However, while the method may benefit from the comfort of shared acquaintances, it also carries the risk of breeding homogeneous ideas that lead to stagnation.
Network working groups present a more sustainable way of building relationships within family offices. They typically operate globally and carry out extensive vetting processes when onboarding family offices and experts to their communities. They practise strict privacy policies that ensure members’ personal information.
By bringing together a community of high-net-worth individuals and businesses worldwide, they are fertile ground for meeting and building good business partnerships from different backgrounds.
Advancing professionalism
As the family office industry grows, it needs to attract talent capable of tackling the complex challenges of preserving family wealth. And as business practices become more professionalised with tech, family offices must gain exposure to the latest industry news and product opportunities.
By joining a reputable family office network, family offices can access the latest technology developments and gain insight from industry experts. They can position themselves to take advantage of emerging opportunities by balancing human interaction with technological efficiency.
Groups focused on family office networking create windows of opportunities where like-minded and different family offices can come together.
Leading family office networks
Global Partnership Family Office GPFO
The Global Partnership Family Office GPFO, based in London, hosts intimate, discreet and private affairs for family office executives, family members, successful entrepreneurs and advisors. The range of topics discussed is deliberately broad to match the diverse needs and interests of the family office community. The club is open for new members, and interested individuals or firms can apply for membership on their website. The GPFO charges an annual membership fee.
Family Office Club
The Family Office Club, based in Miami, Florida, is a global organisation that provides family offices, investors, and ultra-high-net-worth individuals with education, networking opportunities, and resources to support their investment and wealth management strategies. It holds events and webinars worldwide, covering various topics related to wealth management, such as alternative investments, estate planning, tax strategies, and philanthropy.
The organisation is open to new members, and interested individuals or firms can apply for membership on their website. Membership fees vary depending on the level of access and benefits.
Campden Wealth Institute for Private Investors (IPI)
The Campden Wealth Institute for Private Investors has its headquarters in New York. It is a private membership organisation offering non-commercial investor education, in-person networking and an online community to over 1000 ultra-high-net-worth investors.
It has two memberships, a Domestic Membership for United States citizens and a Global Membership for Europe, Americas, Asia and the Middle East. The organisation is open to new members, and interested individuals or firms can apply for membership on their website. Membership fees range from $7,500 to $20,000 per year.
Family Office Association
The Family Office Association, based in the US, is a highly selective single-office membership organisation. It focuses on the multigenerational success of families and the thriving and understanding of family members of all generations.
It hosts events about investments, wealth management, family governance, philanthropy, and more. The organisation is open to new members. Membership fees range from $5,000-$10,000 per year, depending on the benefits.
Family Office Exchange (FOX)
The Family Office Exchange, based in the US, is a membership organisation that brings together families, family office executives, and trusted advisors. It aims to help family offices and professional advisors share knowledge and best practices for managing wealth.
Founded in 1989, it educates family offices about investment management, governance, education, philanthropy, family dynamics, and more. It is open to new members, and annual membership fees apply.
Family Wealth Alliance
The Family Wealth Alliance, a US-based organisation, focuses exclusively on North American multi-family offices, external CIOs, high-end wealth management firms and trust companies. It also welcomes developed, professionally-run SFOs.
It hosts intimate and purposeful events – no large auditoriums or exhibition halls. The firm serves approximately 25,000 private families and advises on ap $450B of assets. Membership is exclusive, and applications are available on the website.
Single Family Office (SFO) Alliance
The Single Family Office Alliance is a global organisation for single-family offices investing in private equity, venture capital, real estate and more. Its purpose is for family offices to realise their investment goals.
It exercises a strict onboarding policy: To qualify for membership, you must be a single-family office with $400m+ AUM. The firm does not manage third-party capital or charge advisory fees as a primary business.
Association of Family Offices in Asia
The Association of Family Offices in Asia, headquartered in Hong Kong, is an organisation that connects Asian family offices and provides educational resources and networking opportunities. It supports multi-family offices in wealth management, investments, family governance and succession planning.
Family offices need to receive a letter of nomination, and service providers need to fill out a form of registration, to become a member.
Family Office Networks (FON)
Family Office Networks created FON Marketplace as an online technology platform for family offices to access private deals and connect with other family offices to co-invest, research luxury goods and services, and share philanthropic ideas.
FON membership is open to family offices, wealth managers, attorneys, bankers, consultants, and other professionals. The firm offers a variety of membership options for approved individuals and families. Membership fees range from $999 to $15000 per annum, depending on the benefits.
Lido Consulting
Lido Consulting is an L.A.-based consulting firm. It coordinates conferences and events to reach family offices, high-net-worth individuals, and privately held enterprises. Their primary focus is to educate family offices about wealth management and estate planning.
Lido brings together experts in the field, including attorneys, tax professionals, financial advisors, and wealth managers, to provide insights and guidance on relevant topics. The firm hosts virtual and in-person events. Interested parties can register on their website.
Tiger 21
Tiger 21 is a global peer-to-peer learning network for high-net-worth individuals and wealthy families. Founded in 1999, Tiger 21 is a membership-based organisation that provides a platform for wealthy individuals to share and exchange knowledge, experiences, and insights on various topics related to wealth management, investments, and lifestyle.
The primary focus of Tiger 21 is to facilitate a confidential and collaborative environment where its members can discuss financial and investment matters openly. It provides members with a personal board of directors for candid discussions around wealth creation and preservation, family, legacy and philanthropy.
