Generational differences are starting to show in family offices

Ocorian’s study among family members, senior family office employees and intermediaries working for family offices with total combined wealth of $68.26 billion found that 96% believe the approach and priorities of the next generation of family members differs from the founding generation, with 28% saying it differs ‘significantly’. Just 3% say there is no difference between the founding and next generation.

Almost all (97%) say the next generation of family members will widen their reach of trusted advisors compared to the founders, with 10% saying that this will widen significantly. At the same time, the majority of family office members (92%) say they are only slightly aware of the full scope of offering provided by the third-party private client service firm that they use.

Despite the planned changes, 95% agree that the next generation of family members have strong relationships with the private client professionals that the founding generation already work with. Of these, 64% say they already have strong relationships and 31% say that they are starting to establish strong relationships.

When specifically asked about their relationship with private client service providers, over three quarters (78%) of family office members say that they are somewhat involved in decision-making around their wealth, but that they generally take the advice of professionals. Just over one in ten (11%) say they are actively involved in managing their wealth and that the professionals are there for governance and regulation reasons only. A further 11% are less active, saying they make no day-to-day decisions about their wealth and leave this to their service providers, but instead shape the strategy around their wealth management.

The global study reveals that while family offices are very happy with the quality of their banking intermediaries, with 48% rating them ‘excellent’ and 50% rating them ‘good’, they are slightly less happy with their tax advisers and law firms. Just 27% of family offices rated their tax advisers as ‘excellent’, 39% rated them as ‘good’, and 29% rated them as ‘above average’. This compares to just 10% of family offices who rated their law firm as ‘excellent’, 47% who rated them as ‘good’, 30% who said they are ‘above average’ and 13% who rated them as only ‘average’

These findings point to some unease among family office members about the service they are receiving. More than half (51%) believe that the private client industry needs to significantly improve to better serve its clients. A further 37% say it needs to slightly improve. Just 12% say there are no further improvements that can be made.

Andrew Ho, Regional Head, Private Clients, APAC at Ocorian explained, “With many family offices preparing for or undergoing a succession of wealth, our research shows that the next generation may well decide to do things differently. It’s a period when many are likely to lean on their professional support more than ever, but at the same time they will also be looking to establish new relationships, strategies and ways of working.”

Jack Koo, Managing Partner and Head of Wealth Management at Merliance Capital said, “We are seeing first-hand how rising generations are reshaping the advisory landscape. They value continuity, but they also expect broader perspectives, greater transparency and a more collaborative approach from their professional partners. As family offices redefine how they work with advisers, the firms that thrive will be those able to combine long-standing trust with innovation and a truly global view.”

* In June 2025, Ocorian commissioned independent research company PureProfile to interview 200 people in the family office sector including family members, full-time employees of family offices and specialist intermediaries such as lawyers, wealth managers, private bankers and tax advisers working for family offices of UHNW family businesses. The total value of wealth managed or owned by the families was $68.26 billion and respondents were based in the UK, UAE, Singapore, Switzerland, Hong Kong, South Africa, Saudi Arabia, Mauritius, Bahrain, Bermuda, Cayman, British Virgin Islands and Jersey.