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Boom Time for Family Offices

Written on 10 June 2008 by Jennifer Pooni

New research has highlighted the growing demand for family office services around the world. In this article, the author analyzes the reasons for this growth, the impact of cultural differences and what having more choice will mean for families.

Family offices are being established at a rapid rate across the globe, largely in response to unprecedented transfers of wealth and business control, cultural and generational shifts, and amplified demand for unbiased and sophisticated advice and services. Research published since the start of the year on regional trends and worldwide office launches indicates a growing interest among international families for various types of family office structures and services.

A study by consulting firm Cerulli indicates that ultra high net worth individuals in the US are gravitating to multi-family offices, while a study by US research firm Celent estimates that family office organisations in India will grow over 30% by 2015, possibly reaching $1 trillion in the next five years.

"The explosion of liquid wealth is really what has been fueling this growth," says Samantha Bradley, managing director and wealth planning attorney of Withers' newly-launched office in Hong Kong, noting that as families' interests become more global, "wealth needs have become more complex".

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