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Ultra-high net worth fear cookie-cutter wealth advice

Families with family office wealth arrangement harbour concerns over whether the services provided them are truly bespoke, a new report says.

Findings from Sanlam UK and international wealth association Global Partnership Family Officers say the ultra-high net worth individuals who use family office set ups believe the same wealth advice solutions are often given to multiple families.

The research says: “Families are becoming more resistant to wealth advice and is essential to think about what is right for each family as each family is different, and then structure service requirements appropriately.”

The report says that some in family office arrangements rely on recommendations from their advisers and have strong relationships.

Others appear to only rely on their family office for basic decisions such as implementing trade execution orders, however.

The report says service providers should be aiming to assess each stage of the family’s journey and offer tailored advice.

It says: “It’s also important that families are aware of, and understand, any decisions advisers take on their behalf.”

“Service providers often form strong relationships with the family across generations. Yet each generation may need their own set of advisers to cater to their evolving requirements and it must ultimately be the family who make any decisions.”

Last week, Money Marketing reported that wealth manager and advice firm Tilney is recruiting a team of specialist wealth managers to support its ultra-high net worth clients to personalise “complex financial affairs.”


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