J.P.Morgan – Global Family Report, 2024

Family offices are becoming more advanced in their investment strategies, with many seeking advice from external advisors and investing heavily in alternative assets. Despite this, family members retain control over investment decisions, with the majority actively involved in the process. In the US, family principals make the majority of decisions compared to the international average. In addition to managing investments, family offices are being used to strengthen family bonds and plan for the future. Succession planning and governance structures are top priorities for most families, with many already implementing some form of governance. However, families acknowledge the need for assistance in areas such as cybersecurity, succession planning, and wealth education, and are willing to invest in their family offices to achieve their goals. Operating costs for family offices can be significant, with many large offices spending over $6 million annually, and a quarter spending over $10 million per year.