The ultra-wealthy (net worth = US$30 million or more) are preferred clients for investments, life insurance, bankers and other professionals. They have the financial needs and wants coupled with the ability to pay for value. Consequently, a lot of different types of firms are competing to address the financial needs and concerns of the ultra-wealthy.
In a survey of 206 ultra-wealthy individuals, about three-quarters of them prefer to work with multi-family offices. Another 15% like wealth management firms. Less than 10% choose investment advisors. The remaining few percent opts for planning firms. Clearly, individuals with money are strongly attracted to multi-family offices.
Russ Alan Prince is a strategist for family offices and many of the wealthiest families in the world. He helps them define and refine the desired outcomes they want. Russ also provides direction in selecting and structuring ultra-wealthy families’ relationships with private wealth industry professionals so they get superior results.