Family Office Advice. In the latest Family Office Sherpa Podcast, I discuss the current vs potential advice system for family offices. What will be the industry's "Netflix Moment" of going from selling DVDs in the mail to all in on streaming? Where is the firm that successfully provides a true alternative to the current method of providing wealth management services to this unique client type.
The reason this topic was of interest:
I see a lot of advice firms struggle with this client - is it worth trying to stand out from the crowd?
Family Offices seem to be the target for every advice firm, regardless of the ability to service them. Is the juice worth the squeeze?
Incentives for changing are there - there might be model where advice and client match with greater impact.
Is scalability/profitability viable for this very customisation heavy client type?
Where will the advice "Netflix" firm come from? Those spun out of family offices, those that have deep knowledge of hundreds of clients or will it be the start ups that have decided to zig where everyone is zagging?
I go into the different models I'm seeing, how family offices themselves can assist with any shift in the industry (after all, it benefits them to have a better counterparty) and what the challenges and benefits we may see.
Just to be clear, I don't know what the new firm could look like - I just like the idea that this new push towards family offices could produce something special.
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Cheers
Shaun.
“Hall Road Investments Pty Ltd is a Corporate Authorised Representative (CAR No. 001279456) of Non Correlated Capital Pty Ltd (AFSL No. 499882). Shaun Parkin is an Authorised Representative (AR No 001279458) of Hall Road Investments Pty Ltd (CAR No. 001279456) and is authorised to provide general advice to wholesale investors”
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