Industry Background:
Family office is a private wealth management advisory firm designed to manage wealthy family’s private wealth. This firm provides investment advice only to family members. Family office also securing family’s financial future by building, preserving, and transferring family wealth and legacy. The demand of family office services is kept growing over the years. It provides full time professional management. The presence of family offices in the United States is grown around 3,000 single-family offices and 150 multi-family offices. The growth of family offices got unseen by private wealth management firms and become a big competitions with private banks. The family office is having strong opportunity. However, these are struggling with regulatory, operational, and technological challenges. The family office majorly classified in two types such as single-family office and multi-family office. And apart from these two others are hybrid family office, administrative family office, and fully integrated family offices.
According to AMA Research, the market for Family Office is expected to register a CAGR of 11.0% during the forecast period to 2030. This growth is primarily driven by Increasing Resurgent Economic Activity in Latin America and Asia Have Driven Investors to Return to Emerging Markets
.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Volume Unit | N |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Specialized Consumer Services sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as HSBC Bank (United Kingdom), Northern Trust (United States), Bessemer Trust (United States), BNY Mellon Wealth Management (United States), Pictet (Switzerland), UBS Global Family Office (Switzerland), BMO Financial (Canada), Abbot Downing (United States), Bank of America (United States) and Wilmington Trust (United States), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In May 2023, BlackRock Wealth launches "Next Gen Connect," a digital platform connecting younger family members with financial resources and experts.
In September 2023, Flexport launched "Family Office Solutions," a platform providing trade finance, logistics, and supply chain management for family businesses.The market is fragmented by key vendors who are focusing on production technologies, improving efficiency and shelf life. Growth opportunities can be captured by tracking the ongoing process improvement and financial flexibility to invest in optimal strategies.
Influencing Trend:
Rising Wealth, Demand for Family Offices Grows In Latin America & Asia
Market Growth Drivers:
Increasing Resurgent Economic Activity in Latin America and Asia Have Driven Investors to Return to Emerging Markets, Rising Ultra-HNWI Wealth and Growing Complexity of Ultra-HNWI Financial Needs
Challenges:
Implications of New Regulations for Family Offices
Restraints:
Growing Cross-Border Transaction Leading To Complexity Managing Operations
Opportunities:
Brazil Is One of the Best Opportunities in a Generation and Family Offices Can Adopt a Lean Business Model by Outsourcing Non-Core Functions
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Vendors landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Family Office Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Family Office Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Family Office players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Family Office Study Sheds Light on
The Family Office Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Family Office industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Family Office industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.