The research firm Rothstein Kass recently did an interesting survey of financial advisors on family office service. The most interesting finding was that 80 percent of financial advisors are interested in incorporating the multifamily office model. Many financial professionals would like to offer multifamily office services to their clients but have yet to do so. About 25% of financial advisors currently offer family office services to clients.
The Rothstein Kass Family Office Group, a division of professional services firm Rothstein Kass, today announced the release of “The Family Office Model: A Smart Move for the Financial Advisor?” a comprehensive study examining how traditional financial advisors are confronting the growing demand for family office services among their wealthy clients. Nearly 80 percent of financial advisors polled are interested in providing some level of multifamily office support, while less than 25 percent currently provide such services to clients. Roughly 60 percent of advisors indicated that they would consider introducing family office services for select clients, while an additional 17 percent expressed interest in launching a comprehensive platform. Survey participants included independent advisors (44 percent), registered representatives (35 percent) and registered investment advisors (21 percent). All respondents have been active in the space for at least five years, with nearly 70 percent in business for between 11 and 20 years.
“Over the past several years, our research has chronicled the ongoing and accelerating proliferation of the family office sector. Demand continues to surge, driven by increased awareness among wealthy families of the advantages that an integrated wealth management approach provides. Our latest research shows that the majority of traditional financial advisors have started to explore the benefits associated with a shift toward a family office model,” said Rick Flynn, Principal and Head of the Rothstein Kass Family Office Group. “These advantages can include greater client retention, enhanced revenues and improved client acquisition. However, the decision to introduce family office services is not one that should be taken lightly. A thorough assessment of current competitive positioning, can suggest what services will be of most value to existing and prospective clients.”
Rothstein Kass is a premier professional services firm that has served privately held and publicly traded companies, as well as high-net-worth individuals and families, for more than 50 years. As trusted advisors to our clients, Rothstein Kass provides accounting, auditing and tax services, as well as a full array of integrated services, to clients across industry spectrums and in all stages of organizational development. At the core of Rothstein Kass’ remarkable success lies our commitment to hiring, developing and retaining employees that represent an entrepreneurial spirit mirroring that of the sophisticated business and financial services communities that we serve.
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