Quote of the week

"[People] don’t expect retirement to begin with social security and sit on the back deck in a lounge chair for the rest of their lives. This group really wants to remain active."

Jeff Cimini, head of personal retirement at Merrill Lynch

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While less than one quarter of traditional US financial advisors provide “some level” of multifamily office service, 80 per cent have expressed an interest in doing so, according to new research from Rothstein Kass.

The study, entitled The Family Office Model: A Smart Move for the Financial Advisor?, explored the ways in which financial advisors are confronting the growing demand for family office services among their wealthy clients.

About 60 per cent of advisors indicated that they would consider introducing family office services for “select clients,” while an additional 17 per cent expressed interest in launching a comprehensive platform, the study found.

“Demand continues to surge, driven by increased awareness among wealthy families of the advantages that an integrated wealth management approach provides,” said Rick Flynn, principal and head of the Rothstein Kass Family Office Group.

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