The current niche service offering of a family office for high net worth clients will become a stronger proposition for financial advisers to consider in the future, according to Shadforth Guest McLeod private client adviser Chris Taylor.
"The family office is really an investment for the future of your business, of your advisers' business and it's the easiest way to get clients," Taylor said.
The one-stop shop service of a family office would become more of a mainstream service offered by advisers in the future as a result of Australia's ageing population, he said.
"It has to because the demographics are such that that is what is going to happen," he said.
"The reality is we're finding the grey power, the baby boomers, are getting to a point where they are starting to inherit money, and they are also getting to a point where they are passing some of that inherited money off to their kids, so you've got a massive chain happening here."
AFA chief executive Richard Klipin said this holistic advice experience currently occupied a small sector of the advice market.
"There are advisers who have positioned themselves as a combination of the family CFO [chief financial officer], the family financial coach, with a range of concierge services that sit around that," Klipin said.
"The role that they play with the family is to effectively run all of their financial affairs in conjunction with the decision makers in the family.
"For the businesses that are structured that way it's a terrific offer and what it means is they deal with a lesser number of clients but provide a very hands-on and tailor-made service."
