Navigating the Future: Insights from the 2024 Global Family Office Report by J.P. Morgan Private Bank

J.P Morgan Private Bank recently surveyed 190 single family office clients, from over 48 global locations, on a wide range of topics from size and functions to investment management and governance, to costs and staffing needs.

The survey explored a broad spectrum of topics, from size and functions, to costs and staffing, investment management and governance; and shed light on the crucial insights into the challenges facing single family offices with an average net worth $1.4B.

Discover invaluable insights into the current landscape of family offices, and the key hurdles around succession planning, family governance, and cybersecurity strategies – all which request trusted guidance and expertise.

Key takeaways from the 2024 Global Family Office Report include:

1. Family offices are investing in sophisticated investment strategies to diversify their investment portfolios, with 80% engaging in external investment advisors
2. Family control in investment decision-making, with close to 90% involving family members
3. Strategic role of family offices to ensure multi-generational success, with 70% of respondents prioritising succession planning and governance structures
4. Acknowledgement of requirement for support areas, such as cybersecurity (40%), family governance and succession planning (31%), and family wealth education (31%)
5. Increasing investment in Family Office operations, with large, established offices averaging over $6 million in annual operating costs, and nearly a quarter exceeding $10 million annually

To read the full article and discover the key trends influencing family offices in 2024, head to the 2024 Global Family Office Report on J.P Morgan’s website.