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2014 Private Wealth Outlook

Redefining the roles and responsibilities of the evolving family office


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In 2014 the private wealth industry is expected to be as competitive as ever. While worldwide wealth is growing, there is an increasing number of institutions competing for the assets of the relatively few, very wealthy families. Many ultra-high-net-worth families are broadening their investment portfolios in search of the right mix of risk and return for their portfolios. They are entering new geographies and participating in more direct investments. These investments, when combined with additional tax and client reporting demands, are placing greater due diligence and operational burdens on private wealth managers.

These new burdens are prompting private wealth managers to adopt a more institutional structure that includes a renewed focus on procedures and controls. To implement these efforts, many private wealth managers are seeking experienced wealth management talent and continuing to invest in technology. The increasing use of technology calls for robust business continuity planning and preparation for cyber-attacks.

Despite the competitive and cost pressures, private wealth managers offer distinct advantages that are likely to remain very popular for wealthy families for the foreseeable future.

As used in this document, “Deloitte” means Deloitte LLP [and its subsidiaries]. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.

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