Family offices and lifestyle management
The modern family office is starting to recognise the importance of lifestyle management. Apart from traditional private wealth management, they are broadening their range of services to adopt a more holistic approach and focus on their clients’ non-financial needs. Taking a more holistic approach provides several benefits. It strengthens loyalty and reinforces relationships, making family office services even more valuable to family members. For example, organising private dinners for family business stakeholders or arranging childcare services can leave clients feeling well cared for and truly supported.
The expansion of family office concierge services
Today, family offices are experiencing a shift in values as the future generation begins to take over. Younger family members prioritise experiences, sustainability, and social responsibility and place less importance on material possessions. So instead of a sizeable investment in a fleet of luxury sports vehicles, it’s more likely that they will indulge in unique travel experiences or opt to drive a Tesla. As a result, the family office lifestyle and concierge services have undergone a significant shift. The traditional image of a luxurious hotel staff attending to every whim of the wealthy is fading away. Nowadays, family office lifestyle managers are going beyond the usual tasks of arranging private jets or finding French tutors. To keep up with the changing times, their services are expanding to include new luxury investment services and covering emerging fields such as medical healthcare and cybersecurity. Below are some of the latest concierge services:
