Dr. Alan Starkie, “Wealthy families are “insti-viduals”, individuals who have institutional needs in terms of complexity and sophistication”. As a result the family office market is rapidly evolving, with more family offices, more MFOs, leading to more demands on providers of services, and more outsourcing expertise needs. There are some favorable trends and facts that support the needs of outside consultants; buying support consult is cheaper than build it internally, generation changes, acquisition, specialization, lack of omniscience, independency, advanced technology.

To keep pace and take advantage of the myriad opportunities, good consultants need to differentiate themselves in the industry through their objectivity, specialized services, product and service mix, and technological sophistication. Rather than focusing on performance, they should concentrate on providing a level of service commensurate with the demands of “insti-viduals.” If they fail to do this, the perception will remain that consultants lack value added and wattage, are not “on the line” for results, and are not candid in their advice. Read more…

– Richard

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