The Family Office Roundup #24

REPORT

EYP: GenAI WEALTH & ASSET MANAGEMENT SURVEY

Highlights include:

• 84% of wealth and asset managers (WAM) are already or planning to invest in GenAI.
• 75% of WAM are building or mobilising GenAI teams.
• Wealth managers expect greatest time and cost savings in front office in client onboarding (61%) and marketing and client acquisition (51%).
• Key concerns about using external data include data accuracy (67%), data quality (45%) and data privacy (42%).

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INSIGHTS

HAVE YOU PICKED THE RIGHT PEOPLE TO MANAGE YOUR WEALTH?

Taking the Australian entrepreneurial spirit into consideration, this article argues that to achieve real world success, family offices need adept teams. Success hinges on teams with firsthand experience in wealth creation and investment strategies that prioritise quality, strategic allocation, and fresh perspectives. True success lies in innovation and bold choices, not just financial metrics. (David Kenney, Medium)

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INSIGHTS

HOW UHNWI ARE CHANGING FOs

The ultra-wealthy increasingly demand specialised services, driving SFOs towards exclusivity to cater to their unique needs, amid macro trends like regulatory changes and emphasis on private assets. SFOs might look to collaborate or transition into MFOs to maintain tailored services. LPs are also moving towards strategic asset allocation. Wealth management firms are looking to hire Gen Z talent, while using automation and AI to streamline efficiency and manage client relations. (Josipa Majic Predin, Forbes)

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TRENDS

TOMORROW'S FAMILY OFFICE: KEY TRENDS

DBS Private Bank's new research highlights next-gen influence, succession planning, philanthropy, impact investment, and sustainable investment strategies as key trends for the family office of tomorrow. (Financial Times)

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INSIGHTS

THE INHERITANCE CONUNDRUM

The author underlines reasons why wealth frequently fails to survive beyond one generation. These include failure to create income, lack of financial literacy, lack of a long-term vision, and inadequate estate planning. (Giles Graves, Campden FB)

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