The private wealth management industry for the ultra-wealthy has become extremely congested over the past few decades with trillions of dollars being managed by family offices and wealth managers across the globe. However, the terms are increasingly being used interchangeably, offering sometimes very distinct and dissimilar services. Hence, it is imperative that readers understand the difference between multi-family offices and wealth managers before making the decision about which is right for them.
What is a multi-family office and a wealth manager?
A multi-family office offers holistic wealth management services either to a closed group of families (private multi-family offices) or to any UHNW family who might be willing to acquire their services (commercial multi-family offices). Their fundamental goal is not only to manage and grow upon the wealth of the present family generation by building and managing carefully curated portfolios but also to preserve that wealth for future generations.
