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Why are independent asset managers important for affluent families

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by Altoo
| 18/10/2023 08:00:00

In the last 'Great Wealth Transfer', more than 18,000 Ultra-High-Net-Worth (UHNW) US families passed assets to Gen X and Millennial inheritors. Thus, wealthy families have been turning to family offices though they’re not the last stage of wealth management development.

New generations challenges
UHNW families clearly seek a legal structure that enables them to not only preserve their wealth but also to pass on their wealth in a thoughtful manner. The younger generations want to be more involved. Today’s UHNW families and their family offices use more complex governance and investment strategies, like those used by institutions, to keep their wealth safe for future generations and pass it on to their heirs.

Still, the connection between the family office and private asset manager can be the most proper instrument in many ways. By gaining the trust and loyalty of Gen X and Millennial inheritors, the asset management firm can greatly benefit in the long term.

Tailored content
Millennials are famously more socially conscious than their parents and grandparents, with keen interests in ESG, socially responsible investing, and transparency. At the same time, asset managers are creating tailored content as well as products and services that align with the unique views of younger generations. 

They market ESG commitment, communicate clearly, and use a digital-first approach. Thus, misunderstandings are minimised by facilitating communication. Family members can retain a measure of control, even though most of the responsibility lies with private asset managers.

Access for the family members
Families striving to preserve family unity, mission, and vision can give their heirs a head start in transitioning. They can bring their kids when they are old enough and let them have some say and learn something before it is time for the next generation to take over the relay. Family members still get the benefits of having access to the most appropriate jurisdictional trust law and courts, as well as the benefits of asset protection and estate tax planning that its knowledge and experience offer.

Altoo Wealth Platform: a modern way of family wealth management
Institutions like private banks and independent asset managers may be able to bring in a new crop of investors by making things easier for everyone and giving their clients a more complete picture of their wealth. 

Above this, the Altoo Wealth Platform also offers a more comprehensive view of the accumulated wealth. “Private bankers and Independent asset managers have access to a robust resource with all the bells and whistles necessary to maintain their current level of success”, Altoo says.

Here, the modern way of family wealth management is being done via the adoption of digital wealth data consolidation and management. “This strategy frees up resources and helps wealth management entities make informed financial decisions by leveraging real-time reporting”, Altoo notices. The effective connection between the family office and independent private asset manager needs a reliable expert tool in order to preserve the family fortune.

Read the original article here.