As ultra-wealthy families jet between homes and conduct business in multiple countries, they disperse assets around the world and among multi-generational family members, said Thomas V. Smith, senior vice president and a head of wealth management at Northern Trust.
This, according to Smith, is prompting the need for global family offices to operate like multinational corporations.
“We could be seeing the end of the quintessential Swiss bank account, once the epitome of status and wealth, as a crop of multinational family offices spring up to cater to the needs of mobile, global families,” he said. “Instead of having a few Swiss Bank accounts, families now may control several-hundred investment accounts and operate with nearly as many advisors and investment managers, in cities from Toronto to Tokyo.”