Evolution of the Wealth Management Landscape

In 1989, when Family Office Exchange was launched, and the wealth management industry was still in its infancy, wealthy individuals and families had limited options for managing their financial wealth in a comprehensive manner. Their diversified investment portfolios consisted of stocks, bonds and cash, and they often relied on their home town banker, broker, and lawyer for guidance. Tying together estate and financial planning strategies, income tax planning techniques and investment diversification alternatives was considered innovative. The wealth management landscape was lightly populated with advisors who delivered very specific products and services.

Today’s wealth owners have an abundance of choice. The number of financial providers serving wealth owners has exploded in the last two decades. The concept of an integrated or holistic approach to wealth management has taken hold, and advisors recognize that successful management of multi-generational wealth is as much about the family as it is about the money.

Wealth owners get better financial results when they take an integrated approach to considering their alternatives.