As ultra-high-net-worth (UHNW) families increasingly turn to family offices to manage their wealth, the structure and purpose of these entities remain widely misunderstood. Many so-called “family offices” function primarily as investment vehicles, failing to address the broader needs of wealth preservation, governance, and legacy planning. On February 27, 2025, a panel of experts convened for a Hubbis Digital Dialogue event to explore the essential components of a true family office, from defining long-term objectives to establishing a governance framework that ensures both financial sustainability and family unity. The discussion examined key challenges, including the complexities of wealth management across multiple jurisdictions, the balance between in-house expertise and outsourcing, and the evolving regulatory landscape shaping family office operations. The session underscored how important it has become that a well-structured family office must extend beyond investment management, incorporating estate planning, succession strategies, and effective governance mechanisms. Without a clearly defined set of objectives, wealth fragmentation and misaligned strategies become inevitable. Experts shared insights on building a robust operational framework, ensuring compliance with international regulations, and fostering family engagement through advisory councils and structured decision-making processes. As more UHNW families seek to professionalise their family offices, the discussion provided crucial guidance on how to move beyond the investment-first mindset to create a lasting, values-driven institution that safeguards wealth for future generations.
Sponsors
- Eton Solutions
- Henley & Partners
Panel Members
- Jessica Xu, Chief Investment Strategist, Annum Capital
- Bryan Henning, SVP, Head of International, Eton Solutions
- Philippe Amarante, Head of Middle East, Henley & Partners
- Jelmer Kattevilder, Director, Leo Wealth
- Zac Lucas, Partner – International Private Wealth, Spencer West LLP
The Digital Dialogue Dozen: 12 Key Takeaways on The Evolution of Family Offices
No Universal Definition of a Family Office
Family offices vary widely in structure and purpose across jurisdictions. Some function as fully integrated wealth management entities, overseeing governance, succession planning, and philanthropy, while others operate as investment offices focused solely on asset management. The term is often applied loosely, with some jurisdictions using family offices as a gateway for investment migration, offering incentives like residency permits and tax advantages. Understanding the true scope and function of a family office is critical before establishing one.
The Growing Appeal of Family Offices Across Asia and the Middle East
Interest in family offices has surged in key financial centres, with jurisdictions such as Singapore, Hong Kong, Dubai, and even Saudi Arabia actively promoting their family office frameworks. The UAE, in particular, has emerged as a major wealth hub, transitioning from an exporter of capital to an importer of private wealth. Meanwhile, Singapore remains attractive due to its structured regulatory framework, and Hong Kong is offering new tax incentives to bolster its appeal. Families are increasingly taking a multi-jurisdictional approach, leveraging the strengths of different financial centres.
Why Families Are Establishing Family Offices
The motivation behind setting up a family office varies. Some families are transitioning from operating businesses to financial wealth, seeking a structure to preserve capital across generations. Others are responding to regulatory complexity, consolidating their assets for more efficient management and reporting. The driving force behind most family offices is not just investment returns but long-term stability, ensuring that governance, taxation, and legal structures align with family objectives. Without clear purpose and planning, a family office can become an expensive administrative burden rather than a wealth-enhancing entity.
Governance Is Often Overlooked but Critical
Many newly established family offices focus too heavily on structuring investments and tax optimisation while neglecting governance. A well-run family office requires defined roles, oversight mechanisms, and clear succession planning. Without this structure, families risk internal disputes, misaligned investment strategies, and difficulties in wealth transfer. Governance frameworks, such as Family Constitutions and Family Councils, help to formalise decision-making and ensure a consistent vision across generations. The challenge is moving beyond informal agreements to institutionalising the family’s approach to wealth and legacy.
Technology Is No Longer Optional for Family Offices
One of the biggest operational challenges for family offices is data management. Many still rely on manual processes to aggregate data from multiple banks, investment accounts, and private assets. This leads to inefficiencies, poor reporting, and a lack of visibility into overall wealth. Integrated technology platforms that provide real-time data consolidation, automated reporting, and compliance tracking are becoming essential. Without automation, family offices risk being overwhelmed by complexity, unable to make timely, informed decisions.
Regulatory Pressures Are Reshaping Wealth Structures
With increasing global scrutiny on wealth structures, family offices must ensure they remain compliant with evolving tax laws, anti-money laundering (AML) requirements, and cross-border reporting standards. The OECD’s push for greater transparency, including the Common Reporting Standard (CRS) and Beneficial Ownership Registers, means that many of the tax advantages traditionally associated with family offices are being reassessed. Wealthy families can no longer rely on offshore entities and zero-tax structures alone—they need robust, legally sound frameworks that withstand scrutiny.
Multi-Jurisdictional Strategies Are Becoming the Norm
Instead of choosing a single jurisdiction for wealth structuring, families are increasingly using a combination of locations to diversify risk, protect assets, and optimise taxation. For example, a family might establish a trust in Jersey, hold operating assets in Singapore, and maintain banking relationships in Switzerland or the UAE. The most sophisticated family offices are moving beyond static structures, ensuring their global footprint is both flexible and compliant with international regulations.
Succession Planning Is Still a Major Weakness
Despite its importance, succession planning is often neglected until it becomes an urgent issue. Many wealth creators fail to properly integrate the next generation into the family office, leading to disputes, disengagement, and a lack of long-term continuity. Educating and preparing heirs to take on leadership roles within the family office—whether through structured training, advisory boards, or staged involvement—is critical. Without a clear succession plan, family wealth can quickly become fragmented.
The Shifting Role of Private Banks in Family Offices
Many private banks claim to offer family office solutions, but their ability to provide truly independent advice remains in question. Families are increasingly frustrated with banks that prioritise selling products over long-term wealth planning. While private banks can offer valuable services such as credit facilities, investment access, and specialist lending, they often struggle to deliver the holistic, multi-generational solutions that a well-structured family office requires. The most successful families are seeking independent advisors who act solely in their interests.
The War for Talent in Family Offices
As family offices become more complex, they face serious talent shortages. Finding professionals with expertise in cross-border structuring, tax, investment strategy, and governance is increasingly difficult. Many private banks and law firms struggle to retain experienced advisors, leading to a limited pool of specialists available to guide family offices. Some families are opting to develop internal talent, bringing in the next generation and equipping them with the necessary skills to manage family wealth strategically.
The UAE’s Emergence as a Major Wealth Hub
Dubai and Abu Dhabi have positioned themselves as global wealth centres, attracting family offices, private capital, and institutional investors. The UAE’s business-friendly regulation, strategic location, and competitive tax environment have made it a prime destination for families seeking stability and expansion. However, the success of the UAE as a financial hub depends on building deep expertise in wealth management, ensuring that advisory and regulatory frameworks keep pace with the increasing complexity of global wealth.
The Future of Family Offices: Beyond Investment Returns
The most forward-thinking family offices are evolving beyond asset management to focus on legacy, impact, and long-term sustainability. Philanthropy, ESG investments, and social responsibility are becoming core considerations, with younger generations pushing for greater alignment between wealth and values. Ultimately, the future of family offices will be defined by how effectively they adapt to regulatory shifts, integrate technology, and establish governance structures that preserve wealth for generations to come.
Six Key Calls to Action for the Wealth Management Community
Move Beyond Product Selling to True Advisory Services
Ultra-high-net-worth families are increasingly sceptical of traditional private banking models that prioritise selling financial products over providing truly independent advice. To win business in the family office space, wealth managers must position themselves as trusted advisors, offering expertise in governance, succession planning, structuring, and long-term wealth sustainability. Firms that provide holistic, client-centric solutions—rather than just investment options—will stand out in a crowded market.
Invest in Technology to Deliver Superior Client Solutions
The biggest operational challenge for family offices is managing fragmented financial data across multiple jurisdictions, banks, and asset classes. Wealth managers should encourage their UHNW clients to adopt cutting-edge technology solutions that provide real-time aggregation, automated reporting, and compliance tracking, recognising the increasing importance of family offices building seamless, tech-enabled platforms that improve efficiency, transparency, and strategic decision-making for their family members.
Strengthen Expertise in Cross-Border Structuring and Regulation
With global regulatory scrutiny increasing, families need advisors who deeply understand tax, compliance, and structuring across multiple jurisdictions. Wealth managers should focus on upskilling their teams’ understanding of areas such as CRS, FATCA, Economic Substance Rules, and global tax treaties. The ability to direct their clients towards the best experts to provide sophisticated, legally sound structuring solutions will be a key differentiator in an industry where highly informed, highly competent, globally minded advisors remain in short supply.
Develop a True Multi-Jurisdictional Proposition
Families often no longer rely on a single financial centre—they strategically spread wealth across multiple jurisdictions. Wealth managers who wish to be relevant in this space must offer seamless cross-border expertise, helping families navigate the complexities of international banking, trust structures, and investment diversification. Firms that remain too locally focused will find themselves outpaced by those offering globally integrated solutions.
Position Your Firm as a Partner in Multi-Generational Wealth Planning
A significant challenge for family offices is preparing the next generation to manage wealth effectively. Wealth managers who can assist with education, succession planning, and family governance—through structured programmes, mentoring, and dedicated advisory services—will build long-term client loyalty. The firms that succeed will be those that embed themselves within the family’s long-term vision, not just their investment portfolios.
Differentiate by Offering a Customised, Scalable Approach
Every family office has unique needs, and a one-size-fits-all approach will not work. Wealth managers should focus on offering flexible, scalable services that grow with the family’s evolving requirements. Whether through outsourced CIO services, private office solutions, or bespoke structuring advice, firms should tailor their offerings to each client’s complexities. Those who can adapt to shifting wealth dynamics, generational transitions, and regulatory changes will be best positioned to win and retain business in this lucrative space.
