Why family offices should matter to a thought leader
Family offices are a popular trend in the private wealth and advisory sector. Many high-value clients are increasingly looking for ways to gain avice, across their business and personal interests in a cohesive way through a family office service.
Besides the fact that a professional services firm can benefit from positioning itself as a family office, be it a multi or single-family office, a thought leader can take on the leadership in this.
The benefit of doing business with family offices
Family offices are multiplying every day, and we are already aware of how popular they are in the private wealth sector. However, what many don’t realise is the fact that they are more and more relying on external experts. The most usual reasons for this are financial, stemming from the desire to work with the very best, catering to differing interests between personal / business / multi generations and these becoming more and more complex. What that means is that family offices are increasingly learning that they can benefit from outsourcing specific needs.
This provides an opportunity to establish though leadership in this area of expertise. It’s not just accounting, nor legal advisory, or wealth management, or capital growth or investment – it’s all of this combined, with the client benefit extending across a family’s wealth, not an individual’s.
All of this means that family offices can be an excellent opportunity for a thought leader in a wide variety of industries. Some of the typical professionals that tend to work with family offices are:
- Wealth managers
- Insurance agents
- Security specialists
Maybe this brings you an opportunity to work together and create family offices across multiple advisor networks and each work together to design bespoke family offices and the aligned thought leadership. Bring your expertise into the public eye and introduce the concept to the next generation, looking to take on ownership, or succession from baby boomers. It’s a bog time for change and the time to encourage early adoption. They may not even be aware that a family office is a service at all, nor understand why they need one.
In essence, the better you are at positioning yourself as a thought leader, and the better your marketing is, the more chances you have for connecting with the right people. After that, it’s only a matter of formalities as they already like what you have to offer.
If you want to learn more, feel free to contact the Thought Leadership Initiative.