Product Type: Market Research Report
Published by: TowerGroup
Published: March 2007
Product Code: R301-1264Description The ultra-high net worth (UHNW) family attracts extra attention from financial services institutions (FSIs) because of the group's high percentage of total investable assets. UHNW customers require highly customized solutions. Many have the wealth and wherewithal to set up single-family offices (SFOs) to marshal best-of-breed FSI resources to meet their needs. This TowerGroup Research Note examines wealth management for UHNW, the role played by SFOs, and the fragmented technology landscape. In addition, the Note provides insights into opportunities for FSIs both to work with SFOs directly and to indirectly learn best practices from SFOs on how to service the UHNW marketplace.
Table of Contents
- TowerGroup Take-Aways
- Report Coverage
- Vision: Impact and Opportunity for the Financial Services Industry
- Wealth Management for the Ultra-High-Net-Worth Family
- Exhibit 1 Critical Wealth Management Success Factors for Institutions Serving Ultra-High-Net-Worth Families
- UHNW and the Single-Family Office
- What Is a Single-Family Office and Why Start One?
- Exhibit 2 Single-Family Office: Self-Determined Wealth and Lifestyle Management in Ultra-High-Net-Worth Family
- What Does a Single-Family Office Do?
- Primary Challenges to Running an SFO
- Data Management
- Nontraditional Investments
- Complex Legal Structures
- Exhibit 3 To Serve an Ultra-High-Net-Worth Family, Create and Administer Complex Cross-Ownership Structures
- Multinational Complexity
- Infrastructure Requirements of a Single-Family Office
- Exhibit 4 Single-Family Office Infrastructure Serves a Wide and Complex Spectrum of Family Financial Needs
- Core Administration
- Internal Network and Applications
- Family and Advisor Web Portal
- No Dominant Technology Option in Single-Family Office Market
- Summary
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