GPFO reposted this
"Family offices often want to “separate church and state” and spread assets around [institutions] to avoid conflicts and get access to different research, deal flow and people." from Michael Thrasher's latest note, hits perfectly on one of the 4 secular trends we have seen fuelling single family office growth over the past decade and a half. The slide below is from Dr. Michael J. Oliver opening remarks at the GPFO European Conference (https://lnkd.in/eC5vJ8P7) last year, entitled 'Family Offices: Hidden in History and Shaping the Future'. The talk was a retrospective to mark 15 years of GPFO, exploring the secular trends that have shaped the family office ecosystem and our view on the landscape going forward. The trend of "decentralisation of financial services" is exactly the pitch outlined in Michael Thrasher's piece talking to Matt Somma & Bill Burgess of Piper Sandler and an increasing recognition from institutions that the days of family offices and UHNWIs parking all assets with a single bank are long gone. Increasingly 'a la carte' services that are best in class, and tailored to family offices, are preferred. Link to the Modus News article: https://lnkd.in/enkVGfVV
Furthermore, technology provides family offices with more availability of alternative options & strategies. I encourage them to be curious when exploring where to spread there capital. Things have materially changed over the last five years.
Great insight, decentralization, and tailored services are the future of wealth management for UHNWIs and family offices.
Not really a surprise when younger in the business! The days of monolithic banking relationships are fading, making way for bespoke, tech-enabled solutions.
Really interesting trend - seems like what is gained is diversification, access, and agility. Is anything put at risk in the decentralization approach that needs to be managed for? Does it increase the need for careful governance and alignment across functions and assets?
Founder & Editor of Modus, a newsletter for family-office professionals.
1moThanks for the shoutout, Hugo King-Oakley!