Morgan Stanley Wealth Management has released a report highlighting essential focus areas for family offices to drive growth. The report emphasizes the need for flexible structures that align with evolving family dynamics and complex market conditions.

The report projects a 75% increase in the number of family offices by 2030, indicating an urgent demand for adaptable frameworks to uphold values, safeguard legacies, educate heirs, and utilize technology effectively. This is particularly relevant as intergenerational wealth transfers accelerate.

The six pillars identified in the report include evolving governance structures, institutional staffing approaches, data utilization, financial education enhancement, cybersecurity measures, and AI integration. These are deemed crucial for family offices to remain effective and relevant.

Liz Dennis, Head of Private Wealth Management at Morgan Stanley, stated: “Family Offices are pivotal in managing wealth and preserving legacies, and as families and environments evolve, so must the industry.”

Dennis further emphasized that despite technological advancements like AI, human expertise remains vital: "This guidance is designed to support family offices of all shapes and sizes as they work to ensure continuity across generations."

Morgan Stanley aims to assist family offices in understanding these shifting dynamics. More information can be found on their website under Morgan Stanley Family Office.

For further insights into this expanding sector, Deloitte Private’s Family Office Insights Series also provides a global perspective on future trends.