Compare the differences between family offices and private banks for managing significant family wealth, including cost, control, and customization.
While both family offices and private banks serve the needs of wealthy individuals, their models differ significantly. Private banks typically offer standardized products and advisory services with relationship managers, while family offices provide a bespoke approach aligned with a family’s long-term goals. Cost is a differentiator—family offices require significant setup and operating budgets but offer unmatched control and discretion. For families with $100M+ in assets, a dedicated family office often yields better results in tax planning, privacy, and cross-generational wealth transfer. In contrast, private banks may suit those seeking a lighter-touch model with fewer administrative burdens.
(Editors: admin)