2024 Global Family Office Report

2024
Global Family Office

Report
FO REWORD
Welcome to our 2024 Global Family Office Report, a culmination of insights gathered from our
extensive network of family office principals and professionals worldwide. At J.P. Morgan Private Bank,
we are both proud and honored to work with some of the world’s wealthiest families, many of whom
we have served for generations. Through the years, we have been privileged to work closely with
many clients who have shared their hopes, goals and challenges as they look toward the future.
We often travel to meet with prominent and influential families and their family offices, and have seen
certain themes emerge time and time again. Our most complex clients are focused on all aspects of
their families’ success, both on and off the balance sheet. In particular, our family office clients look to
J.P. Morgan for best-in-class wealth management and investment capabilities, but also for guidance on
how to approach wealth transfer planning, stewardship, family governance, impact and legacy. Many
clients also turn to us for guidance on how to start a family office, and for insights into how it should
be managed and run.
With this in mind, we surveyed our longstanding network of family office principals and professionals
across the world in order to offer our clients a quantitative view into how other families are employing
their family offices and approaching key topics, including governance and decision making, investment
management, succession planning and family office operations. The results are presented in this
latest report.
We interestingly found that despite being top objectives for most family offices, succession planning,
family governance and cybersecurity strategies remain key unresolved gaps. We frequently work
alongside families to address these critical and complex issues—providing our trusted guidance
and expertise. These are undoubtedly areas in which we, as a firm, will continue to invest time and
resources in order to meet the varied and evolving needs of our clients.
We are grateful to the many participants who took the time to complete our survey. Your generous
efforts and willingness to share your experiences and knowledge were instrumental in gathering this
information. We hope you find it as valuable as we do.
Should you have any questions or wish to delve deeper into any specific topics covered in the report,
please don’t hesitate to reach out to your dedicated J.P. Morgan team. We’re here to support you every
step of the way.
Mary Callahan Erdoes Andrew L. Cohen

Chief Executive Officer Executive Chairman
J.P. Morgan Asset & Wealth J.P. Morgan Private Bank
Management
David R. Frame Martin G. Marron

Chief Executive Officer Chief Executive Officer
J.P. Morgan Private Bank, U.S. J.P. Morgan Private Bank,
International
3
TOP 5 TAK EAWAYS
1 Family offices are taking sophisticated approaches to help broaden

the opportunity sets in their investment portfolios.
Almost 80% work with external investment advisors, and the average portfolio
currently has a 45% allocation to alternative assets, with a target return of 11%.
2 Families remain firmly in control of investment decision making.

Almost 90% report that family members are closely involved in investment
decisions, with nearly half saying the investment decisions are made by the
family principal. This is even more true in the United States, at 56% compared
to 26% internationally.
3 Beyond their balance sheets, many families are strategically

employing their family offices to build stronger family unity and
ensure success across generations.
Nearly 70% cite succession planning and preparing the rising generation as a
family office goal; and almost two-thirds have implemented some degree of
governance structure.
4 Many recognize that they need help in key areas.

The top three cited services gaps are in cybersecurity (40%), family
governance and succession planning (31%), and family wealth education
(31%). The emphasis on cyber risk is unsurprising, given that 24% report being
exposed to a cybersecurity breach or financial fraud, even as more than one
in five offer no cybersecurity services.
5 They are willing to invest in their family offices.

The average annual operating cost for a large, established family office is more
than $6 million, and nearly 25% have annual costs exceeding $10 million.
Table of contents
FOREWORD 02
TOP 5 TAKEAWAYS 03
INTRODUCTION 05
EXECUTIVE SUMMARY 06
RESEARCH METHODOLOGY 09
SECTION 1 11 SECTION 2 23 SECTION 3 39

GENERAL LANDSCAPE SERVICES INVESTMENTS
Family members served 13 Services offered 24 Investment 40

Family office objectives 17 Managing 38 decision making
Family net worth and 20 cybersecurity risk Performance targets 44

family office assets and evaluation
under supervision Asset allocation 47
Use of external managers 54
SECTION 4 56 SECTION 5 70
GOVERNANCE COSTS AND
STAFFING
Steps to a 57 Annual 71
governance system operating costs
Governance for the 58 Staffing levels 73
family Executive roles 75
Preparing the 62
rising generation
Governance for the 67
family office
CONCLUSION/ABOUT US 93
ACKNOWLEDGMENTS 94
AN IMPORTANT NOTE ABOUT CHARTS

Throughout this report, responses are often shown segmented by asset levels. This refers to the amount of assets
under supervision by the family office. For simplicity, we have grouped the seven bands noted below into three ranges
in these charts: $50 million to $500 million, $501 million to $999 million, and $1 billion or more globally, in the United
States and also internationally.
GLOBAL UNITED STATES INTERNATIONAL
In addition, the use of arrows indicates significantly higher or lower relative responses noted between regions.
Due to rounding, some totals may not equate to exactly 100%.
5
IN TRODU C TI O N
We are pleased to present J.P. Morgan Private Bank’s 2024 Global

Family Office Report, highlighting the findings of our latest industry
survey focused exclusively on our global family office clients.
J.P. Morgan has been working with family offices for more than 200 years, starting close to home
with the creation of one of the first family offices, the House of Morgan, established in 1838. Our
tenure in this space, combined with the relationships we have built with our family office clients,
provides us with valuable perspectives and insights into steps family offices are taking to achieve
their wealth stewardship objectives. We surveyed 190 single family offices from around the
globe in this year’s research. These entities are each as unique as the families they serve, with
differences in structure, scope, scale and services. However, collectively their responses offer a
useful benchmarking tool across a range of key areas, from size and functions to investments and
governance, to costs and staffing needs.
Our findings highlight the opportunities and challenges facing family offices today. They also point
to some of the changing dynamics that have resulted from the rapidly growing number of families
exploring the potential benefits of establishing a family office. One consistent takeaway is that
family offices continue to come in all shapes and sizes. While this phenomenon has always been
true, it is even more so today, with a growing number of younger, smaller families employing family
office frameworks.
To be sure, some of our clients are just getting started on this path and must consider a vast array
of choices, including how to structure their family offices, how to develop a strategic plan, what
services might be managed in-house and what might be better to access through outside providers.
Many longstanding, more established family offices are navigating moments of transition and/or
rethinking old approaches and incorporating new strategies to help face the future head on. We are
proud to partner with family offices from across this spectrum, offering personalized resources and
guidance across investment management, family office design, family governance, trust and estate
planning, and much more.
We sincerely thank the family office principals and professionals who participated in this study, and
we hope that you find the responses interesting and valuable.
William C. Sinclair Jamie Lavin Buzzard Elisa Shevlin Rizzo

Head of U.S. Family Office Head of U.S. Private Bank Head of Family Office
Practice and Financial Family Office Investments Advisory
Institutions Group & Advice J.P. Morgan Private Bank, U.S.
J.P. Morgan Private Bank, U.S. J.P. Morgan Private Bank, U.S.
Natacha Minniti Adam Tejpaul

Head of Institutional Head of Investments
Wealth Management & Engagement
J.P. Morgan Private Bank, J.P. Morgan Private Bank,
International International
6
E XECU T IVE SU MM A RY
Our 2024 Global Family Office Report gathered information and insights in five
key areas: Size, Services, Investments, Governance, and Costs and Staffing.
The survey was conducted as family offices continued to navigate a complex and often changing
economic and investment landscape. A year ago, U.S. markets were recovering from 2022’s broad
turbulence, and most investors were preparing for a much-anticipated recession that did not
materialize. Instead, public equity markets have continued to rise, bolstered by strong earnings
growth and remarkable tailwinds from a booming technology sector, benefiting from innovation and
artificial intelligence (AI) advancements. Yet a range of substantial global uncertainty remains, from
political unrest and war to pockets of slowing growth and lingering inflation fears.
Navigating ever-changing markets is nothing new for family offices. Of course, those with fresh
liquidity, or at the beginning of their wealth planning, often feel the effects of some uncertainty
when deploying capital. However, one commonality we find among most family offices is that
long-term investing is often at the core of the investment mandate. Liquidity management is also
another vital function. That said, there are other equally as important family office roles, and the
survey underscored this fact. These key areas of family office work include preparing for a smooth
transition of wealth from one generation to the next, the family’s impact on the broader community,
and most importantly, planning for the future of the family and the shared family enterprise. How
family offices approach these various issues varies widely, and many are cognizant of the fact that
they have much work to do to be future-ready. As they grapple with today’s complexities, many are
looking for ways to be more effective, nimble and adaptable through the use of technology, strategic
outsourcing and seeking guidance from other similarly situated families and advisors.
Below is a high-level overview of key highlights from our focus areas in the research:
SERVICES PAGE 23
Family offices vary widely in terms of the types of services they offer and the means they use to
employ them. The primary focus of most family offices is managing the family’s financial assets,
but they are also focused on other less quantitative needs, including family governance, succession
planning and risk management. However, family offices, as a whole, are less prepared to address
these more qualitative needs in-house and are looking for assistance from the outside.
• The vast majority—90%+—offer financial asset management services in investment
management, private investments, and trading and market execution; professional services
in accounting and taxes, legal services and estate planning; and administration services in
balance sheet aggregation and reporting, finance administration, and family office staffing and
compensation.
• One-quarter report they have been exposed to a cybersecurity breach or financial fraud,
and yet one in five do not have cybersecurity measures in place.
• The biggest gaps or room for improvement family offices see are in cybersecurity services
(40%), family governance and succession planning (31%), and family wealth education (31%).
7
E X EC U T I V E S U M M A RY
INVESTMENTS PAGE 39
Family offices tend to have longer investment time horizons and are heavily allocated to alternative
investments, including private equity, real estate, venture capital and hedge funds. They generally
also hold sizable positions in fixed income and cash, a theme that we have seen with other clients
throughout 2023.
• The average family office portfolio target return is around 11%. However, U.S. family offices
are less likely to have a target return at all, 49% compared to 72% for international family
offices. Those that do tend to have notably higher targets, with 44% setting a goal of 10% or
higher versus 21% internationally.
• Almost 40% of small ($50 million to $500 million in assets under supervision) and
mid-sized ($501 million to $999 million in assets under supervision) family offices
outsource investment management in some capacity. In contrast, only 20% of global offices
with $1 billion or more in assets under supervision outsource investment management.
• The average portfolio allocation to alternatives is a notable 45%. This represents a shift
we are seeing among many family offices, where greater portions of their allocations are
able to take illiquidity risk, in order to achieve greater potential long-term returns. Despite
healthy allocations to alternatives, family offices are still consistently building out core, liquid
portfolios with an average public equity allocation of 26%, and an average fixed income and
cash allocation of 20%. Cash allocations still appear relatively high relative to history.
• While many family offices do engage robust investment teams, when it comes to actual
decision making, authority most likely lies within the hands of a single family member.
Almost half indicate that the family principal ultimately makes investment decisions. This is
even more true in the United States, at 56% compared to 26% internationally. As a group, the
international family offices that responded tended to be older, larger and more established,
and the differences in decision making that we have observed may be more a reflection of
the different stages that our respondents are in as opposed to true regional or geographic
approaches.
GOVERNANCE PAGE 56
Succession planning, family governance and preparing the rising generation are frequent topics of
conversation with our largest clients. However, many are behind the curve in actually taking steps to
tackle these difficult, but unavoidable, issues. Why is that the case? There are a variety of reasons,
but fear of change and uncertainty around how to broach these topics are prevalent. With the
imminent transfer of wealth, now is the time for family offices to ready proof the rising generation.
• While most identify succession planning and preparing the rising generation as a primary
family office objective (69%), the majority are either managing it in-house, with many
recognizing that they need assistance, or have not necessarily started work in this area
at all.
• 29% do not have any structured approach to preparing the rising generation.
8
E X EC U T I V E S U M M A RY
COSTS AND STAFFING PAGE 70

Family offices are focused on managing costs, and recruiting and retaining top talent. Like any
business, these two objectives often find themselves at odds, and many newer family offices, as well
as more established enterprises, are taking a hard look at how they staff for particular services.
Outsourcing certain functions through a hybrid approach is becoming more common among family
offices of all sizes.
• With average family office operating costs at $3.2 million annually (median $1.3 million),
expense management is a key area of focus. More modest family offices ($50 million to $500
million in assets under supervision) spend an average $1.5 million (median $0.4 million),
mid-sized ($501 million to $999 million in assets under supervision) family offices spend an
average $2.7 million (median $1.5 million), and larger family offices ($1 billion or more in assets
under supervision) spend an average $6.1 million (median $4.2 million).
• Across the industry, family offices are becoming more “professionalized,” and recruiting
and retaining talent is an important area of focus, both as they build and as they assess and
monitor their talent needs. While the average staff size is 11, a full half report five or fewer
staff members.
• Increasing professionalization does not necessarily mean that family members are not
involved in running the family office. To the contrary, family members continue to play key
roles in the leadership of family offices, particularly the C-suite.
9
RE SEARCH M ETH O D O LO GY
From October 17 through December 15, 2023, the Family Office Practice conducted an
online survey with our global single family office clients. A total of 190 family offices
participated, 144 in the United States and 46 internationally.
Following completion of the survey, we partnered with Savanta, a leading data and
SOUTH 42% NORTHEAST 32% MIDWEST 14% WEST 12%
market research firm based in New York, to anonymize the data you see presented in
Texas 22% Delaware 14% Illinois 3% California 4%
this report.
Florida 11% New York 10% Ohio 3% Wyoming 2%
Louisiana 3% Massachusetts 3% Wisconsin 2% Other states 6%
Below are breakdowns
Maryland 2% of these Pennsylvania
single family office 3%
respondents,
Otherboth by region
states 6%and
assets
Other under 4%
states supervision. We cover
Otherthe landscape in
states 4%more detail in Section 1 of our
report and have broken out the sizing consistently throughout.
KEY STATS
32%
W E I N T E RV I E W E D W H E R E O U R R E S P O N D E N T S A R E LO C AT E D
42%
14%
12%
190
global single family offices
46
internationally
144
in the United States
DETAILED LOOK INTO THE REGIONS
EUROPE 65% ASIA 19% SOUTH AMERICA 16%

Germany 28% Denmark 2% Singapore 13% Chile 4%
United Kingdom 9% Guernsey 2% Hong Kong 4% Costa Rica 4%
Switzerland 7% Italy 2% China 2% Argentina 2%
Spain 7% Jersey 2% Panama 2%
France 4% Luxembourg 2% Uruguay 2%
65%
19%
16%
10
R E S E A R C H M E T H O D O LO GY
SOUTH 42% NORTHEAST 32% MIDWEST 14% WEST 12%

Texas 22% Delaware 14% Illinois 3% California 4%
Florida 11% New York 10% Ohio 3% Wyoming 2%
Louisiana 3% Massachusetts 3% Wisconsin 2% Other states 6%
Maryland 2% Pennsylvania 3% Other states 6%
Other states 4% Other states 4%
32%
42%
14%
12%
GLOBAL ASSETS UNDER SUPERVISION AND FAMILY NET WORTH
$8 6 4.6 MI L L I ON AVE R AG E
ASSETS U ND ER SU PE RV ISION
EUROPE 65% ASIA 19% SOUTH AMERICA 16%
Germany 28% Denmark 2% Singapore 13% Chile 4%
United
$50M–$500M9%
Kingdom Guernsey 2% $501M–$1B
Hong Kong 4% $1B+Costa Rica 4%
Switzerland 7% Italy 2% China 2% Argentina 2%
Spain 7% Jersey 2% Panama 2%
France 4% Luxembourg 2% Uruguay 2%
24%
45%
65% 31%
19%
16% L NET WORTH

$1 .4 BI L L I ON AVERAGE FA MILY TOTA
11
SECTION 1
G E NERAL L A N D SC A P E
Who uses a family office?

Over the last two decades, the number of people who are defined as “ultra-
high-net-worth” individuals and the amount of wealth that they control,
both in terms of dollars and the overall percentage of total global wealth,
have increased dramatically.
While in 2004, approximately 157,000 ultra-high-net-worth individuals held 9.6% of global
private wealth, in 2022, 395,070 ultra-high-net-worth individuals worldwide controlled over
$45 trillion—roughly 10.6% of global wealth.1
Looking ahead, this trend seems likely to continue. By 2027, the global ultra-high-net-worth
population is expected to increase to a total of 528,100 people, up by 133,000 individuals
from 2022, and the level of global ultra-high-net-worth wealth will increase by $14.9 trillion
to an estimated $60.3 trillion (11.1% of global wealth).2
Alongside this growth, there has been a significant increase in the number of family offices
worldwide. While specific figures are difficult to pinpoint, some industry estimates suggest
that there are 10,000 to 20,000 single family offices globally, many of which have been
established in the last 15 years.3 Just five years ago, other estimates set the number of
family offices globally as between 6,000 and 7,300.4 There is also a greater awareness of,
and continued growing interest in, the concept of family offices, which in general seems to
be further fueled by the proliferation of wealth management and accounting firms that now
offer outsourced family office services.
What is behind this increased interest in family offices? There are a number of factors that
have led to increased interest in the concept, notably the desire for privacy, control and
customization. A family office can also simplify matters by providing coordinated oversight
of a vast array of financial and personal assets, and serving as a single point of contact for
families with complex balance sheets. Another catalyst to create a family office is the desire
to engage in direct investments, where there is interest and mindset alignment in addition to
the potential of better value and return.
FAC TO R S FO R I N C R E A S E D I N T E R E ST FO R FA M I LY O F F I C E
PRIVACY
CONTROL
CUSTOMIZATION
FINANCIAL ASSET MANAGEMENT
DIRECT INVESTMENTS
1
Altrata (September 2023), World Ultra Wealth Report 2023. Based on the number of individuals with $30 million or more.
2
Altrata (September 2023), World Ultra Wealth Report 2023. Based on the number of individuals with $30 million or more.
3
EY Private (September 2023), How Can You Build a Future That Will Last for Generations? Create a Family Office to Nurture the Family
Legacy (https://assets.ey.com/content/dam/ey-sites/ey-com/en_us/topics/tax/ey-foas-e-guide-interactive-sept-2023-2308-4318671.pdf);
and KPMG, Agreus (June 2023), The 2023 Global Family Office Compensation Benchmark Report (https://www.agreusgroup.com/2023-
global-family-office-compensation-benchmark-report/).
4
Josh Baron and Rob Lachenauer (September 26, 2022), “Is Your Family Office Built for the Future?” Harvard Business Review.
Citing to Campden Research 2019: Family Wealth Report, Single Family Offices—Who Knows the Numbers? (https://www.
familywealthreport.com/article.php?id=184381#.XUsMpehKiUk).
S EC T I O N 1 : G E N E R A L L A N D S C A P E 12
To help establish some initial baseline characteristics of the types of families using family
offices to support their long-term financial visions and needs, our analysis examined three
key areas: the size of the families being served (as measured by households and generations),
their family office objectives, and their total net worth and the amount of assets under
supervision by the family office.
THE SIZE OF THE FAMILIES BEING SERVED
THEIR FAMILY OFFICE OBJECTIVES
THEIR TOTAL NET WORTH AND THE AMOUNT OF ASSETS

UNDER SUPERVISION BY THE FAMILY OFFICE
These findings represent a snapshot in time, of course, and it is important to note that
family offices can often evolve as a family’s size, wealth levels, needs and goals change and
grow. Not surprisingly, smaller family offices are usually less complex, offer fewer services
and are less costly to run than family offices supporting multiple, multigenerational
households.
13
S EC T I O N 1 : G E N E R A L L A N D S C A P E
FAMILY MEMBERS SERVED

The survey looked at the number of households and generations being served by the family office.
Overall, family offices globally are supporting an average of just over five households and two
generations. International family offices (i.e., family offices that are located outside of the United
States) support, on average, slightly more households than U.S.-based family offices.
The ranges behind these averages offer a more nuanced view: 24% support only one household,
26% serve two to three households, 26% support four to five households, and 24% work with six
households or more. More than half (56%) support two generations or less, 37% work with three
generations, and only 7% serve four generations or more. These results are in line with anecdotal
observations from our work with new family offices, where we have seen a great deal of interest
from principals with young and/or college-age children, as well as some individuals who have been
interested in moving away from larger, multigenerational family offices that were established years
ago by more senior family members.
HOUSEHOL D S G ENERATIONS
24% 56%
support one household support two generations
or less
26%
serve two to three households
37%
work with three generations
26%
serve four to five households
24% 7%
serve six or more households serve four generations or more
14
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gure 1.6 INT-V08.ai 01 Figure 0% 1.6 INT-V08.ai 51900a_CH-Section 01 Figure
51900a_CH-Section
% 0%
17
FAMILY OFFICE OBJECTIVES

We find that many family members look to family offices strategically, and
envision them playing a significant role in the management and oversight of
the family’s holistic balance sheet. Areas of interest to many of our family office
clients include investment management, wealth transfer planning, succession
planning, and legacy and impact. By and large, these clients largely see their
family offices as an extension of the family, and they tend to place greater
emphasis on services and capabilities that will support long-term family success
and less focus on short-term, administrative and personal services.
That being the case, it is no surprise to us that this year’s responses show the vast majority of surveyed
family offices continue to be centered firmly around ensuring the financial security and longevity
of the families they serve. By far the most frequently cited objective is financial asset management,
noted by 95% of U.S. family offices and 100% of international family offices.
In addition, while family offices may be initially established to meet specific and often more immediate
financial needs, many families look at their family offices with longer-term views. This is evidenced
by the almost 70% of global respondents who identify succession planning and preparing the rising
generation or wealth advisory as goals. More than 40% also view continuing the entrepreneurial
legacy of family as a key objective.
Family offices can also support a family’s philanthropic and other legacy goals. The term “legacy”
means different things to different people, and our conversations with clients tend to coalesce around
several themes: financial legacy for the family; continuation of the family business, if applicable;
philanthropic, social and environmental impact; and standing or legacy within the community.
While these broad themes are largely consistent around the globe, our research revealed a few
notable regional differences. Specifically, U.S.-based family offices seem to be much more focused on
philanthropy and impact investing than international family offices. On the other hand, international
family offices are much less likely than U.S.-based family offices to report concierge/lifestyle services
as being a key priority.
FINANCIAL ASSET CO N C I E R G E A N D
M A N AG E M E N T L I F E ST Y L E S E RV I C E S
most frequently cited objective
95%
U.S. family offices
44%
U.S. family offices
100%
international family offices
28%
international family offices
18
What are your family office’s objectives?

nancial assets of the family
Managing financial assets of the family Managing financial assets of the family
Managing financial assets of the family
95%
96% 96% 98%
97%
Succession planning and preparing for the next generation
FSuccession
IG
planning and preparing forUthe
R Enext
2.1 : GLOBAL
and preparing OVERVI
generation
planning EW
for the next generation FIG URE 2.2: G LOBA LSuccession BY AUSplanning
67%
and preparing for the ne
67%
69% 69% 73%
68% 68
ancial assets of the family
Wealth advisory Managing
Wealth financial assets of the family
advisory
ory 95%
Wealth advisory 96% 96% 67%
98%
67%
64% 64%
66% 66% 64% 97% 64%
Succession planning
Impact investing andand preparing
philanthropySuccession
for the
Impact next
planning
generation
investing and and preparing for the ne
philanthropy
lanning and preparingSuccession
for the next
planning
generation
and preparing for the next generation
45% 67% 45% 67%
ting and philanthropyImpact investing
69% and philanthropy 69% 47% 73% 47%
46% 68% 46% 68
46% 46% Wealth advisory Wealth
Continuing the entrepreneurial legacy of advisory
thethe
Continuing family
entrepreneurial legacy of the
ory Wealth advisory 40% 67% 40% 67%
44% 64% 44% 64%
he entrepreneurial legacy of 66%
thethe
Continuing family
66%family 64% 64%
47% 47%
43% 43% Impact investing
Concierge and philanthropy
and lifestyle Impact investing
services Concierge and philanthropy
and lifestyle services
45%
40% 40%45%
ting and philanthropyImpact investing and philanthropy
36% 47% 36% 47%
nd lifestyle services 46% 46%
46%Concierge and lifestyle services
46% 44% 44%
Continuing the entrepreneurial legacy
Continuing
of the the
family
40% 40% $50MM–$500MM $501MM–$999MM
40% $1B or 40%
$50MM–$500MM more
$501MM–$999MM
he entrepreneurial legacy
Continuing
of the the
family
entrepreneurial legacy of the family 44% 44%
47% 47%
43% 43% Concierge and lifestyle services Concierge and lifestyle services
40% 40%
36% 36%
d lifestyle services Concierge and lifestyle services 44% 44%
40% 40% $50MM–$500MM $501MM–$999MM $50MM–$500MM $1B or more
$501MM–$999MM
e 51900a_CH-Section
2.1 Global-V08.ai 01 Figure 2.1 Global-V08.ai 51900a_CH-Section 01 Figure 51900a_CH-Section
2.2 Global-V08.ai 01 Figure 2.2 Global-V08.ai
2.1
51900a_CH-Section
Global-V08.ai 01 Figure 2.1 Global-V08.ai 51900a_CH-Section 01 Figure 2.2
51900a_CH-Section
Global-V08.ai 01 Figure 2.2 Global-V08.ai
F I G U R E 2. 3 : U.S. OVERVI EW FIG URE 2.4: UNITED STATES BY AUS
nancial assets of the family
94%
95% 95% 97%
96%
Succession planning and preparing for the next
Succession generation
planning and preparing for the ne
planning and preparing for the next
Succession generation
planning and preparing for the next generation 67% 67%
70% 70% 81%
68% 68
Wealth advisory Managing
Wealth financial assets of the family
advisory
ory 94%
Wealth advisory 95% 95% 68%
97%
68
58% 58%
65% 65% 64% 96% 64%
Succession planning
Impact investing andand preparing
philanthropySuccession
for the
Impact next
planning
generation
investing and and preparing for the ne
philanthropy
lanning and preparingSuccession
for the next
planning
generation
and preparing for the next generation
50% 67% 50% 67%
ting and philanthropyImpact investing
70% and philanthropy 70% 58%  81% 58% 
47% 68% 47% 68
51%  51%  Wealth advisory Wealth advisory
Concierge and lifestyle services Concierge and lifestyle services
ory Wealth advisory 44% 68% 44% 68
35% 58% 35% 58%
nd lifestyle services Concierge
65%and lifestyle services 65% 64% 64%
49% 49%
44% 44% Impact investing
Continuing and philanthropy
the entrepreneurial Impact
legacy of investing
thethe
Continuing and philanthropy
family
ting and philanthropyImpact investing and philanthropy 41% 50% 41% 50%
35% 58%  35% 58% 
he entrepreneurial legacy 47% 47%
51%  of thethe
Continuing family
entrepreneurial legacy
51%  of the family 51% 51%
43% 43% $50MM–$500MM $501MM–$999MM $1B or more
44% $50MM–$500MM $501MM–$999MM
44%
49% 49%
44% 44% Continuing the entrepreneurial legacy
Continuing
of the the
family
41% 41%
35% 35%
he entrepreneurial legacy
Continuing
of the the
family
entrepreneurial legacy of the family 51% 51%
43% 43% $50MM–$500MM $501MM–$999MM
$50MM–$500MM
$1B or more
$501MM–$999MM
19
2.3
51900a_CH-Section
US-V08.ai 01 Figure 2.3 US-V08.ai 51900a_CH-Section 01 Figure 2.4
51900a_CH-Section
US-V08.ai 01 Figure 2.4 US-V08.ai
What are your family office’s objectives?
F I G U R E 2. 5: I NTERNATI ONAL OV ERV IEW FIG URE 2.6: INTER NATIONA L BY AUS

100%
100% 100% 100%
100%
Succession planning and preparing
Succession
for the next
planning
generation
and preparing for the ne
ory Wealth advisory
70% 7
70% 70% 57% 57%
67% 67%
Wealth advisory Wealth advisory
anning and preparing
Succession
for the next
planning
generation
and preparing for the next generation 65% 65%
79%
65% 65% 67% 67%
Impact investing and philanthropyImpact investing and philanthropy
30% 30%
e entrepreneurial legacy
Continuing
of the family
the entrepreneurial legacy of the family 21%  21% 
42% 42%
43% 43%
25% 25%
ing and philanthropyImpact investing and philanthropy 36% 36%
25% 25%
30%  30%  Continuing the entrepreneurial legacy
Continuing
of the family
the entrepreneurial legacy of the
35% 35%
64% 64%
28% 28% $50MM–$500MM $501MM–$999MM
$50MM–$500MM
$1B or more
$501MM–$999MM
2.5
51900a_CH-Section
INT-V08.ai 01 Figure 2.5 INT-V08.ai 51900a_CH-Section 01 Figure 2.6
51900a_CH-Section
INT-V08.ai 01 Figure 2.6 INT-V08.ai
20
FAMILY NET WORTH AND FAMILY OFFICE

ASSETS UNDER SUPERVISION
While there has been an increasing familiarity and interest in family offices, our research indicates
that they continue to be largely the domain of families with significant assets. Globally, the average
total net worth of the families being served by the surveyed family offices is $1.4 billion.
In our experience, while many families of significant wealth are interested in exploring family
offices, families with more modest levels of liquid or investible assets are most likely to rely on
outside advisors who can provide a high level of service, consolidated reporting, bill pay and
concierge services. This can result in a family-office-type experience without the additional
financial costs, time commitment and oversight responsibilities that a standalone single family
office would require.
Once established, most family offices report managing about 60% of the family’s total net
worth. The average amount of assets being supervised by the surveyed family offices is $864.6
million.5 While a majority of family offices globally (55%) oversee assets of $500 million or more,
a significant percentage (31%) report supervising $1 billion or more. Approximately 45% of family
offices supervise assets between $50 and $500 million, with nearly equal breakdowns between the
$50 to $250 million and $251 million to $500 million ranges.
AV E R AG E TOTA L N E T WO RT H
of families surveyed
$1.4B
AV E R AG E A S S E T S U N D E R M A N AG E M E N T
of families surveyed
$864.6MM
average assets supervised by family offices
45% 55% 31%

oversee $50MM oversee $500MM oversee $1B
to $500MM or more or more
5
Approximately 60% of the families’ reported average net worth.
21
What is the approximate net worth of the What are the approximate assets under
• Median $661.6MM Mean $864MM • by
Median
family your
Mean family office$661.6MM
$1.4B • Median services? supervision the$462MM
family office?
Mean $864MM • Median $462MM
MM 3%
$50MM–$100MM 3%
6% 6%
F IG U R E 3.1 : GLOBAL OVERVI EW $50MM–$100MM
$50
MM 14%
$101MM–$250MM
Family total net worth
14% 15%
Assets under supervision by family office
• Median $661.6MM
MM 19% MEANMean $1.4B
$1.4B • Median
• MEDIAN $661.6MM
$661.6MM MEAN
31%
Mean $864MM
$864MM •• MEDIAN
Median $462MM 31%
$101MM–$250MM
Mean $864MM
$462MM • Median $462MM
$251MM–$500MM 19% $1B+
$1B+
MM
MM 3% 12% $50MM–$100MM
$501MM–$750MM 3% 12% 6% 6%
24%
$50MM–$100MM $50
MM 11% 10% 10%$251MM–$500MM
MM 14% $101MM–$250MM
$751MM–$999MM 14%
11%
$751MM–$999MM 15%
5B
MM 19% 35%$251MM–$500MM 19%
31% 31%
$751MM–$999MM
$101MM–$250MM
$1B–$5B 35% $1B+ $1B+
B+ 5% 12%
14% 14%
MM $501MM–$750MM
$5B+ 5% 12% $501MM–$750MM
$501MM
24%
MM 11% $751MM–$999MM 11% 10% 10%$251MM–$500MM
$751MM–$999MM $751MM–$999MM
5B 35% $1B–$5B 35%
B+ 5% $5B+ 5%
14% 14%
$501MM–$750MM $501MM
3.1 Global-V08.ai 51900a_CH-Section 01 Figure 3.1 Global-V08.ai:2
51900a_CH-Section 01 Figure 3.1 Global-V08.ai 51900a_CH-Section 01 Figure 3.1 Global-V08.ai:2
3.1 Global-V08.ai
F I G U R E 3. 2: U .S. OVERVI EW
51900a_CH-Section 01 Figure 3.1 Global-V08.ai 51900a_CH-Section 01 Figure 3.1 Global-V08.ai:2
51900a_CH-Section 01 Figure 3.1 Global-V08.ai:2
Family total net worth Assets under supervision by family office

• Median $626MM
MEAN $1.4B • MEDIAN $626MM Mean $767MM
MEAN $767MM •• MEDIAN
Median $476MM
$476MM
Mean $1.4B • Median $626MM Mean $767MM • Median $476MM
MM 3%
$50MM–$100MM 3%
8% 8%
$50MM–$100MM
$50
MM 16%
$101MM–$250MM 16%
• Median $626MM
MM 19% Mean $1.4B • Median $626MM
$251MM–$500MM 19%
33% 17%
33%
Mean $767MM • Median $476MMMean $767MM • Median $476MM
$1B+ $101MM–$250MM
$1B+
MM
MM 3% 13% $50MM–$100MM
$501MM–$750MM 3% 13% 8% 8%
21%
$50MM–$100MM $50
MM
MM 12%
16% $101MM–$250MM
$751MM–$999MM 16%
12%
11% 11%
$251MM–$500MM
$751MM–$999MM
5B
MM 19% 31% $251MM–$500MM
$1B–$5B 19% 31%  33% 33%17%
$751MM–$999MM
B+ 7%13%
$1B+
10% $101MM–$250MM
$1B+
10%
MM $501MM–$750MM
$5B+ 7%13% $501MM–$750MM
$501MM
21%
MM 12% $751MM–$999MM 12% 11% 11%
$251MM–$500MM
$751MM–$999MM $751MM–$999MM
5B 31%  $1B–$5B 31% 
B+ 7% $5B+ 7%
10% 10%
$501MM–$750MM $501MM
3.2 US-V08.ai 51900a_CH-Section 01 Figure 3.2 US-V08.ai:2
51900a_CH-Section 01 Figure 3.2 US-V08.ai 51900a_CH-Section 01 Figure 3.2 US-V08.ai:2
22
3.251900a_CH-Section
US-V08.ai
What is the approximate net worth of the51900a_CH-SectionWhat
01 Figure 3.2 US-V08.ai 01 Figure 3.251900a_CH-Section
are the US-V08.ai:2
approximate 01 Figure 3.2 US-V08.ai:2
assets under
family your family office services? supervision by the family office?
F I G U R E 3. 3 : I NTERNATI ONAL OV ERV IEW

Family total net worth Assets under supervision by family office
• Median $813MMMEAN
Mean$1.4B
$1.4B• MEDIAN
• Median$813MM
$813MM MEAN$1.2B
Mean $1.2B••Median
MEDIAN$444MM
$444MMMean $1.2B • Median $444MM
M 2% $50MM–$100MM 2% 2% 2% 2% 2%
$5B+ $50MM–$100MM $5B+ $50MM–
M 9% $101MM–$250MM 9% 9%
M 22% $251MM–$500MM 22%
24% 24%
$101MM–$250MM
$1B–$5B $1B–$5B
M 11% $501MM–$750MM 11%

7% 33%
7%
$251MM–$500MM
$751MM–$999MM $751MM–$999MM
M 9% $751MM–$999MM 9%
B $1B–$5B
48%  48% 
+ 0% $5B+ 0%
24% 24%
$501MM–$750MM $501MM–$75
3.351900a_CH-Section
INT-V08.ai 01 Figure 3.3 INT-V08.ai 51900a_CH-Section 01 Figure 3.351900a_CH-Section
INT-V08.ai:2 01 Figure 3.3 INT-V08.ai:2
23
SECT ION 2
SE RVICES
What types of services do

family offices offer?
Two of the most fundamental questions families must ask are what will the
family office do, and how will it operate? Many are started to help families manage
their investments, provide wealth advisory services and alleviate administrative
burden—often following a major liquidity event such as the sale of an operating
business—and then potentially expand from there based on the family’s broader
needs and goals.
Typically, family office services and capabilities tend to evolve organically and in response to
immediate needs. The key is to ensure that as services are established and expanded, they remain
well aligned with the family’s objectives. More families are recognizing the potential role that a
family office can play in developing the family’s non-financial assets, too. Increasingly, families are
focusing on governance issues and developing the rising generation of family leaders.
We find that most family offices fall into three general categories: administrative-focused,
investment-focused and “full-service.” Regardless of their primary focus and character, family
offices can adopt different approaches to managing the delivery of the desired services. While the
family may choose to manage certain services entirely in-house, it may decide to rely on third-party
advisors for other key functions and also adopt a hybrid approach for still other objectives.
The decision to provide services in-house or to outsource those functions depends on a variety of
factors. In our experience, the most common considerations are:
CONFIDENTIALITY, CUSTOMIZATION AND CONTROL

The family’s desire for confidentiality, customization and control is often key driver of the
decision to establish a family office, and may also influence the family’s decision to build from
within or partner with external advisors. There are pros and cons to both. Families that build
in-house capabilities get to define the specific roles individuals will play, and to hire and train
those individuals to handle things exactly the way the family wants them done. Further, having
dedicated in-house staff may help better ensure that private family matters remain private. On
the other hand, building from within takes time and resources, and may lead the family to build a
more complex enterprise than it might have originally intended.
Other key factors
• Talent
Another key factor that influences the decision to build versus outsource is the available
talent pool. Family offices seeking to hire top investment talent often find themselves
competing against large investment management firms, private equity firms and hedge funds.
Other professionals such as accountants and attorneys are also in high demand. The location
or jurisdiction of the family office may also be a factor in the family office’s ability to attract
24
S EC T I O N 2 : S E RV I C E S
and retain top talent. Some family offices choose to rely on external advisors as short-term
solutions to immediate needs, while others rely on third parties to provide critical guidance
and support on an ongoing basis.
• Technology
Almost nothing can run without technology these days, and the family office’s technology
and data management needs are another key consideration. In this era of rapid technological
change, many family offices find that outsourcing the technology function allows them to keep
up with new platforms and capabilities without the burden and expense of building their own.
In addition, the continued and rising threat of cyberattacks on family offices is another reason
to work with external advisors that can provide much needed technology-risk-management
services.
• Flexibility
Complexity is easy to build and often difficult to dismantle. Outsourced services allow family
offices to pivot as needed.
• Cost
Outsourced services may result in significant cost savings.
Other considerations frequently include risk management, as well as time and attention
commitment.
With all of this in mind, our survey examined two key decision points pertaining to family office
services: the types of services offered and outsourcing versus building the capability in-house.
SERVICES OFFERED
Most popular
The survey asked whether family offices provide a wide range of specific services, which we
have grouped into four broad categories: financial asset management; administration, reporting
and operations; legacy, succession planning and philanthropy; and risk management. The vast
majority of family offices polled—over 90%—offer:
• Financial asset management services in investment management, private investments, and
trading and market execution
• Professional services such as accounting and taxes, legal services and estate planning
• Administration services in balance sheet aggregation and reporting, finance administration,
and family office staffing and compensation
25
Other popular services

Noted by more than 80%—include insurance management, family governance and succession
planning, and philanthropic services.
Generally, the larger the family office, the more expansive the services offerings tend to be.
In contrast, smaller family offices are more likely to outsource a variety of their services.
They also more frequently identify needs and/or gaps in their services.
Greatest areas of need

The top three areas where family offices say they need help are in cybersecurity services
(40%), family governance and succession planning (31%), and family wealth education
(31%). Notably, almost one-quarter or more of family offices surveyed report that they do
not offer family wealth education or cybersecurity at all.
Outsourcing
As noted above, external providers play an important role in the delivery of many services by
family offices, particularly those that are more modest in size of assets under supervision and
overall staff. Among respondents, 50% or more of the family offices that offer the following
services rely on external providers instead of building capabilities in-house: legal services,
accounting and taxes, trading and market execution, estate planning, investment banking
services and cybersecurity services, and matrimonial and family planning. Of note, almost
40% of more modest ($50 million to $500 million in assets under supervision) and mid-sized
($501 million to $999 million in assets under supervision) family offices outsource investment
management in some capacity, as do 20% of global offices with $1 billion or more in assets
under supervision.
“We find that many single family offices are looking to

outsource trading and execution needs to trusted, external
advisors who have the trading capabilities, idea generation
and research to act as a seamless extension of their family
office. The Global Investment Opportunities team can act
as a resource to fulfill these needs. With over 50 investment
specialists, we serve as the conduit to the entire investment
platform across J.P. Morgan. We are the single point of
contact for family offices for the investment products and
services we offer firmwide.”
Monica DiCenso
Head of Global Investment Opportunities
J.P. Morgan Private Bank, U.S.
Family Governance & Succession Planning Insurance Management
93% 26% 57% 83% 83% 38%
26
S EC T I O N 2 :Philanthropic
S E RV I C E S Services Cybersecurity Services
93% 10% 72% 82% 82% 59% 18%
Family Wealth Education % %0 10 20 30 40 50 60 70

Which
92% of20%
the following services46% does your family66% office provide, 66%
and, if so,Matrimonial
are they& outsourced
Family Planning
to third-party providers?
75% 38% 21% 59% 59%
ent Management F I0G U10
R E 20
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Management
30 OVERVI
40 50 60 70 80EW90 100 Accounting & Taxes Accounting & Taxes
66% Outsourced 66%
32% 98%
In-House 66% 98% 98% 54% 98% 54% 46% 100%
Investments Private Investments Balance Sheet AggregationBalance & Reporting

SheetServices
Aggregation & Reporti
FINANCIAL A S S E T S M95%
A N AG E M E N T A18%
D M I N I ST R AT I O N , R E P O RT I N G 75%
17% 78% 78% 95% 95% 95% 18% 93%
A N D O P E R AT I O N S
& Market Execution
Trading & Market Execution Financial Administration Financial Administration
ent Management 63% Management92%
Investment 29% 29% 92% 92% 5%
Accounting &92%
Taxes Accounting
5% &88%Taxes 93%
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51900a_CH-Section 4.166%
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ent Banking Services
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59% 75% 16% 75% 75% 5%
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SheetServices 92%& Reporti
Aggregation
20 30 40 % 017%
50 60 10 70 20 80 30 90 401005095%
78% 60 70 80 78%
90 100
95% 95% 18% 95%
Concierge & Lifestyle 18%
Services 75% 93%
Concierge & Lifestyle Services
& Market Execution
Trading & Market Execution Financial 11% Administration75% 64%
11% Administration Financial
64%
63% 29% 92% 29% 92% 92% 5%
Specialty 92%
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& Maintenance 93% %
Specialty Asset Management & Maint
Investment Banking Services 19% Family Office Staffing & 66%
47%
Family Office Staffing & Compensation
19% Compensatio
47%
59%16% 75% 16%% 75% 75% %0 5%
10 20 75%40
30 50 5% 87% 92%
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20 30 40 50
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11% 11%
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L E G AC Y, S U C C E S S I O N P L A N N I N G R I S K M A N AG E M E N T
AND PHILANTHROPY
e1900a_CH-Section
4.1 Global-V14.ai 02 Figure 4.1 Global-V14.ai 51900a_CH-Section 02 Figure
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4.1 Global-V14.ai:202 Figure 4.1 Global-V14.ai:2
lanning Estate Planning Legal Services Legal Services
100% 57% 36% 93% 36% 93% 93% 81% 93% 81% 17% 98%
Governance & Succession

Family Planning
Governance & Succession Planning Insurance Management Insurance Management
93% 26% 57% 83% 57% 83% 83% 38% 83% 38% 47% 85% 47
hropic Services Philanthropic Services Cybersecurity Services Cybersecurity Services
lanning
93% 72%
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10% 82%72% 82% 82% 59%
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59% Services 77% 18%
100%
Wealth Education 57% 36% 93% % 36% 93% 93%% % 081%10 20 93%40
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50 17%
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4010050 60
Family Wealth Education 70 8
Governance 46%
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Family Planning
20% 66%
46% Planning 66% 66% Insurance Management
66% Insurance Management
onial &93% 26% 57%
Family Planning 83%
Matrimonial & Family Planning
57% 83% 83% 38% 83% 38% 47% 85% 47
Services 21%38%
hropic75% 59%
Philanthropic Services 21% 59% 59% Cybersecurity59%
Services Cybersecurity Services
20 3093%40 50 10% 60 7072% 80 90 100 82% 72% 82% 82% 59% 82% 59% 18% 77% 18%
%0 10 20 30 40 50 60 70 80 90 100
Wealth
ed 66% Education Outsourced
In-House Family Wealth In-House
Education % % %0 10 20 30 40 50
% 0 60 10 70 20 80 30 90 4010050 60 70 8
/ Methodology reminder: The use of arrows indicates significantly higher or lower relative responses noted between regions.
92% 20%
46% 66%
46% 66% 66% 66%
100% 57% 36% 93% 93% 81%

93% 26% 57% 83% 83% 38% 27
Philanthropic Services Cybersecurity Services
93% 10% 72% 82% 82% 59% 18%
Which ofFamily
the following services does your family office
Wealth Education % provide, %0 10 20 30 40 50 60 70
and, if so,20%
92% are they outsourced 46% to third-party66%
providers? 66%

75% F I G38%
U R E 4.2: GLOBAL 21% OVERVI EW 59% 59%
ent Management $5 00 M10 ILLI

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30 TO
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66% Outsourced 60%
38% 98%
In-House 60% 98% 98% 59% 98% 59% 40% 99%
Investments Private Investments Financial Administration Financial Administration

F I N A N C I A L A 78%
S S E T S M98%
A N AG E M E N T ADM I N I ST R AT I O N , R E P O RT I N G 84%
20% 78% 98% 98% 6% 98% 6% 90% 8
& Market Execution
Trading & Market Execution Balance Sheet AggregationBalance & Reporting
SheetServices
Investment28% 28% 91% 91% 23%
Accounting & 91%
Taxes Accounting66%
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51900a_CH-Section
ent Banking Services02 Figure 4.160% 98%
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51900a_CH-Section
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02 Figure 4.1 Global-V14.ai:4
Investment Banking Services Family Office Staffing & Compensatio
Investments 59% 16%Investments
Private 75% 16% 75% 75% 5%
Financial Administration
75% Financial
5% 83%
Administration 88% 8
20 30 40 50 20% 78% 98%
% 0 60 10 70 20 80 30 90 4010050 60
78% 98% 98% 6%
Concierge 98%
& Lifestyle 6%
Services 84% 90% 8
70 80 90 100 Concierge & Lifestyle Services
& Market Execution
Trading & Market Execution 13% 55%
Balance Sheet Aggregation13%
Balance
& Reporting
SheetServices 68%
55%
63% 28% 91% 28% 91% 91% 23% 91%
Specialty Asset 23%& Maintenance
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40% Compensatio
59%16% 75% 16%% 75% 75% %0 5%
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20 30 40 50
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%
e1900a_CH-Section
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Figure 4.2 Global-V14.ai:2
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AND PHILANTHROPY
e1900a_CH-Section
51900a_CH-Section
4.2 Global-V14.ai:2
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90% 29% 49% 78% 49% 78% 78% 33% 78% 33%44% 77% 44%

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89% 7%71%Planning
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Legal
58% 68%
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94% % 35% 94% 94%% % 088%
10 20 94%40
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Family
27% 69%
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onial & 29% 49%
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Philanthropic Services 63%
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hropic68% 44% 19% 63% 63% Cybersecurity63%
20 3089%40 50 60 70 80 90 100 78% 71%
7%71% 78% 78% 58% 78% 58%
10% 68%
10%
%0 10 20 30 40 50 60 70 80 90 100
Wealth
Education % % %0 10 20 30 40 50
% 0 60 10 70 20 80 30 90 4010050 60 70 8
88% 27%
42% 69%
42% 69% 69% 69%
100% 57% 36% 93% 93% 81%

93% 26% 57% 83% 83% 38% 28
93% 10% 72% 82% 82% 59% 18%
Which ofFamily
Wealth Education %
provide, %0 10 20 30 40 50 60 70
92%
and, if so,20%
are they outsourced 46% to third-party66%
providers? 66%

75% F I G38%
U R E 4.3 : GLOBAL 21% OVERVI EW 59% 59%
ent Management $5 00 1 10M ILLI

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20Management
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66% 36% 96%
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F I N A N C I A L 78%
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D M I N I ST R AT I O N , R E P O RT I N G
16% 78% 94% 94% 94% 9% 91% 100%
& Market Execution
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Taxes Accounting
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Figure 4.1Services
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Investments 18% Investments
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51% 69%18% 69% 69% 24%
69% 69%
24% 93%
20 30 40 % 016%
50 78%
60 10 70 20 80 30 90 401005094%
60 70 90 100 94% 94%
80 78% 9% 94%
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& Market Execution
Trading & Market Execution 9%
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9% 73% 64%
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67% 24% 91% 24% 91% 91% 91%
7% Asset
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Balance Sheet Aggregation20%
Balance
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SheetServices 69%
49%
51%
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20 30 40 50
9% 9%64% 73% 64%

& Maintenance
%
e1900a_CH-Section
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02 69%
Figure 4.3 Global-V14.ai:249%
% % %0 10 20 30 40 50
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AND PHILANTHROPY
e1900a_CH-Section
51900a_CH-Section
4.3 Global-V14.ai:2
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hropic Services Philanthropic Services Insurance Management Insurance Management

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Governance & Succession Planning Cybersecurity Services Cybersecurity Services
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94% 53%Planning
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22% 75% 53% 75% 75% 58%
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10 20 85%40
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4010050 60 70 8
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hropic93% 16% 47% 63% 63% Insurance Management
onial100% 13% 64%
& Family Planning 77% 64%
77% 77% 49% 77% 49% 38% 87% 38
73% &18%
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36% Governance &18% 54%
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20 3094%40 50 22% 70 80 90 100 75% 53%
60 53% 75% 75% 58% 75% 58% 20% 78% 20%
%0 10 20 30 40 50 60 70 80 90 100
Wealth
Education % % %0 10 20 30 40 50
% 0 60 10 70 20 80 30 90 4010050 60 70 8
93% 16%
47% 63%
47% 63% 63% 63%
100% 57% 36% 93% 93% 81%

93% 26% 57% 83% 83% 38% 29
93% 10% 72% 82% 82% 59% 18%
Which ofFamily
and, if so,20%
providers? 66%

75% F I G38%
U R E 4.4: GLOBAL 21% OVERVI EW 59% 59%
ent Management $1 0 B ILLI

%Investment
10 20OManagement
N 30OR40MORE
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ASSETS
80 90 UNDER
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ISION & Taxes Accounting & Taxes
66% Outsourced 80%
20% 100%
In-House 80% 100%100% 37% 100% 37% 63% 100%

SheetServices
A S S E T S M93%
A N AG E M E N T A D 5%
M I N I ST R AT I O N , R E P O RT I N G
15% 78% 93% 93% 93% 5% 93% 98%
& Market Execution
ent Management 59% 34%
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Accounting &93%
Taxes Accounting
3% 95%
& Taxes 98%
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51900a_CH-Section
ent Banking Services 80% 100%
02 Figure 4.1 Global-V14.ai:3 80% 100%100% 37% 100%
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66% Investments 81% 15% 81% 81% 2%
Balance Sheet81%
AggregationBalance Sheet93%
& Reporting
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Figure 4.11 INT-V14.ai:2
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AND PHILANTHROPY
e1900a_CH-Section
51900a_CH-Section
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100% 21% 57% 78% 57% 78% 78% 86% 78% 86% 14% 100%

100% 36%29%
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Legal
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20 3093%40 50 43%
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Education % % %0 10 20 30 40 50
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50% 64%
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51900a_CH-Section
ent Banking Services02  67%
Figure 4.1  100%
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51900a_CH-Section
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e1900a_CH-Section
51900a_CH-Section
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lanning Estate Planning Cybersecurity Services Cybersecurity Services

100% 25%  67% 92% 67% 92% 92% 67% 92% 67% 25% 92%
hropic ServicesPhilanthropic Services Insurance Management Insurance Management

Governance 58%Planning
100% & Succession
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17% 75% 58%Planning
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Legal Services75% 67%
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17% 84% 67%
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10 20 92%40
30 50 58% 42% 100%
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lanning
100% 50%
Estate Planning
17% 67%
50% 67% 67% Cybersecurity67%
onial100% 25% 
& Family Planning 67% 92%
67% 92% 92% 67% 92% 67% 25% 92%
hropic Services25%33%
100% 58%
Philanthropic Services25% 58% 58% Insurance Management
20 100%
30 40 50 17% %0 70 80 90 100 75% 58%
60 58% 10 20 30 40 50 60 70 80 90 100
75% 75% 17% 75% 17% 67% 84% 67%
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Education % % %0 10 20 30 40 50
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38
Over
Managing cybersecurity risk

75%
of all cyber incidents target
Cyber threats, attacks and fraud scams have become much more
small businesses
sophisticated, particularly with the aid of AI tools and bots. The cost of
cybercrime is in the trillions6 and is only expected to grow. If it were an
40%
economy, it would be considered the third largest behind the United
States and China. Further, over 75% of cyber incidents target small
businesses.7 These operating environments can be more vulnerable
than larger organizations with more layers of defense.
With these figures in mind, it is no surprise our research indicates that of all family offices report
40% of all family offices report cybersecurity as a top gap. In addition, cybersecurity as a top gap
approximately one out of four surveyed family offices (24%) said they
have been exposed to a cybersecurity breach or financial fraud. Yet
roughly one out of five (23%) do not provide family office cybersecurity
services. “J.P. Morgan takes security very seriously
and continues to invest in the latest
Of those that have put measures in place to counter cyber threats: technology to help thwart attacks in the
ever-evolving threat landscape using
a multi-layered approach to protect
our clients data and accounts. Whether
58% 37% 33%
use a technology require family and have hired a it’s helping a family office that is just
platform provider family office employees third-party
that monitors the to undergo cyber defense provider. establishing itself and considering best
family office’s safety best practices
cybersecurity. training. practices in set up, or a very established
family office looking to improve cyber
hygiene, social media education for
children, minimizing the principal’s digital
8%
have hired an footprint or helping implement technology
in-house cyber
defense team. controls within an office and beyond—we
are here to understand and help through
active education and advisory.”
Ileana van der Linde

Head of Cyber Advisory
6
Cybercrime Magazine (https://cybersecurityventures.com/cybercrime-to-cost-the-world-9-trillion- J.P. Morgan Private Bank
annually-in-2024/).
7
The 2024 Sophos Threat Report (https://news.sophos.com/en-us/2024/03/12/2024-sophos-threat-report).
51900a_CH-Section 02 PieChart-V14.ai
39
SECT ION 3
IN VEST ME N TS
How are family offices

approaching investment
management?
Investment management is at the core of virtually all family offices. However,
there are a range of approaches they may take to provide this service. Some,
mainly smaller offices, may take a less formal approach that may involve greater
outsourcing. Others have implemented more professionalized structures and
processes that may entail more defined investment decision-making frameworks,
as well as larger in-house capabilities and oversight. This latter group may view
and model themselves more like institutions.
The key point is that it is not a one-size-fits-all function, where a spectrum of approaches may make
sense based on the profiles of both the family and family office. Offering a dedicated solution can
help families pursue their portfolio strategies in ways that are purposely tailored to their specific
needs and goals. It also can help navigate the expanded investment opportunities and unique
challenges that can come from managing generational wealth, as well as address issues around
family cohesion, legacy and shared values.
Many family offices manage large, complex portfolios across a wide range of asset classes, global
markets and investment structures. Individual approaches can vary significantly, shaped by highly
personalized considerations around each family’s unique situation, financial objectives, size and the
types of assets it is comfortable including in its portfolio. Some families hold concentrated positions
in asset classes such as real estate, closely held businesses and/or concentrated public equity. Two
other variables to bear in mind are how much of the family’s overall wealth is managed by its family
office, and the scope and sophistication of services the office provides.
Our report focuses on several key areas with respect to how family offices are approaching
investment management:
INVESTMENT DECISION MAKING
PERFORMANCE TARGETS AND EVALUATION
ASSET ALLOCATION
USE OF EXTERNAL MANAGERS

40
S EC T I O N 3 : I N V E ST M E N T S
INVESTMENT DECISION MAKING

The two most common decision-making approaches are by principal and by investment committee.
Nearly 90% of the surveyed family offices report that family members are closely involved in
investment decisions, usually led by a family principal or an investment committee that includes
family members. Almost half say that a family principal, who may or may not be the family office’s
Chief Investment Officer (CIO), makes investment decisions. This is even more true in the United
States, at 56% compared to 26% internationally.
For 30% of the family offices, decisions are made by an investment committee. Nearly all of these
investment committees (94%) include at least one family member, and most contain multiple
family members. Three out of four investment committees include a nonfamily member employee,
and close to half (44%) include third-party professionals who are not direct employees of the
family office. International family offices are more likely to have decisions made by an investment
committee, 46% versus 25% in the United States.
Approximately one out of 10 make investment decisions informally by family member consensus and
no formal investment committee in place. Smaller offices tend to employ less formal decision making
approaches than larger families (i.e., less use of investment committees and more informally by
consensus). Only 7% report that decisions are made by a CIO who is not a family member.
90%
of the surveyed families
30%
of the investment
report that family members decisions are made by an
are closely involved in investment committee
investment decisions
41
WhichByofthethe following
family best
principal (who describes
may how
or may not be investment decisions are made at the family office?
the CIO)
48%
By an investment committee By an investment committee

F I G U R E 5.1 : GLOBAL OVERVI EW Number of members
30%
By the family principal (who may or may not be the CIO) Any 1 2 3+ Mean
Informally by consensus48%of family members
(if there is no investment committee) Family members 94% 39% 26% 29% 1.24

11%
Number of members
Non-family member staff 76% 23% 26% 28% 1.33
30%
By a CIO who is not a family member Any 1 2 3+ Mean
Non-family member
Informally
7% by consensus of family members 44% 19% 12% 13% 0.53
external professionals
(if there is no investment committee) Family members 94% 39% 26% 29% 1.24
Other 11%
Non-family member staff 76% 23% 26% 28% 1.33
4%
By a CIO who is not a family member
Non-family member
7% 44% 19% 12% 13% 0.53
Other 03 Figure 5.1 Global-V12.ai

51900a_CH-Section
4%
F I G U R E 5.2: GLOBAL BY ASSETS UNDER SUP ERV ISION

51900a_CH-Section 03 Figure 5.1 Global-V12.ai
$50MM–$500MM $501MM–$999MM $1B or more

By the family principal (who may or By the family principal (who may or By the family principal (who may or
may not be the CIO) may not be the CIO) may not be the CIO)
50% 44% 49%
By an investment committee By an investment committee By an investment committee
$50MM–$500MM
26% $501MM–$999MM
31% $1B or more 36%
Informally
may not bebytheconsensus
CIO) of family Informally
CIO) of family
members (if there is no investment members (if there is no investment members (if there is no investment
committee) 50% committee) 44% committee) 49%
14%
By an investment committee By an9%
investment committee 8%
By an investment committee
26%
By a CIO who is not a family member By a CIO who 31%
is not a family member By a CIO who is36%
not a family member
7%
Informally by consensus of family
9%
5%
Other Other Other
committee) committee) committee)
3% 7% 2%
14% 9% 8%
By a CIO who is not a family member By a CIO who is not a family member By a CIO who is not a family member
7% 9% 5%
/ Methodology reminder: The use of arrows indicates significantly higher or lower relative responses noted between regions.
Other Other Other
3% 7% 2%
42
family best
principal (who describes
may how
or may not be investment decisions are made at the family office?
the CIO)
56% 

F IG U R E 5.3 : U.S. OVERVI EW Number of members
25% 
By the family principal (who may or may not be the CIO) Any 1 2 3+ Mean
56% members

(if there is no investment committee) Family members 93% 36% 26% 30% 1.1 

12% Number of members
Non-family member staff 68% 27% 20% 18% 0.83 
25% 
By a CIO who is not a family member Any 1 2 3+ Mean
Non-family member
Informally
6% by consensus of family members 47% 24% 9% 13% 0.53
(if there is no investment committee) Family members 93% 36% 26% 30% 1.1 
Other 12%
Non-family member staff 68% 27% 20% 18% 0.83 
2% 
By a CIO who is not a family member
Non-family member
6% 47% 24% 9% 13% 0.53
Other 03 Figure 5.3 US-V12.ai

51900a_CH-Section
2% 
F I G U R E 5.4: U NI TED STATES BY A SSETS UNDER SUP ERV ISION

51900a_CH-Section 03 Figure 5.3 US-V12.ai

58%  55%  53%
$50MM–$500MM
23% $501MM–$999MM
23% $1B or more30%
Informally
CIO) of family
committee) 58%  committee) 55%  committee) 53%
14%
By an investment committee By an10%
investment committee By an11%
investment committee
23%
By a CIO who is not a family member 23%
By a CIO who is not a family member By a CIO who30%
is not a family member
5%
10%
4%
Other Other Other
2% 3% 2%
14% 10% 11%
5% 10% 4%
Other Other Other
2% 3% 2%
43
family best
principal (who may describes how
or may not be the CIO)investment decisions
By an investment are made at the family office?
committee
Number of members
46% 
Any 1 2 3+ Mean
F IG U R E 5.5: I NTERNATI ONAL OVERV IEW
Family members 97% 44% 26% 27% 1.65 
26% 
By a CIO who is not a family Non-family member staff 94% Number
15% 38%of members
42% 2.87 
46%member

11% Any 1 2 3+ Mean
By the family principal (who may or may not be the CIO) Non-family member
35% 9% 18% 9% 0.54
Family members 97% 44% 26% 27% 1.65 
26%  of family members
Informally by consensus
(if there is no investment committee)
By a CIO Non-family member staff 94% 15% 38% 42% 2.87 
9%who is not a family member
11%
Non-family member
Other 35% 9% 18% 9% 0.54
Informally
9%  by consensus of family members
(if there is no investment committee)
9%
Other 03 Figure 5.5 INT-V19.ai

51900a_CH-Section
9% 
F I G U R E 5.6: I NTERNATI ONAL BY A SSETS UNDER SUP ERV ISION

51900a_CH-Section 03 Figure 5.5 INT-V13.ai

35% 50% 58%
$50MM–$500MM
25%  $501MM–$999MM
21%  $1B or more33%
Informally
CIO) of family
committee) 35% committee) 50% committee) 58%
15%
By an investment committee 7%investment committee
By an 0%
25%
By a CIO who  a family member
is not 21%isnot a family member
By a CIO who By a CIO who is33%
not a family member
15%
7%
8%
Other Other Other
10% 14% 0%
15% 7% 0%
15% 7% 8%
Other Other Other
10% 14% 0%
44
PERFORMANCE TARGETS AND EVALUATION

Target returns
Long-term performance targets can offer a useful way to help M Eevaluate
A N 1 0. 8%
investment success. However,
M E DOf
only 55% have set a long-term target return for their portfolios. IAN 7.6%the average target return
those,
45%
was nearly 11%, but theHave Long-Term
range 55%
of targets spans from 4% to greater
11%: 4%than
to 6%20%. U.S. family offices
No Target Returns Yes
(49%) are less likely to have a target return compared to international
53%: 6% to 10% offices (72%). Those
family
U.S. family offices that do set targets tend to have notably higher targets,
34%: 10% with 44% setting a goal of
to 20%
10% or higher versus 21% internationally. 3%: >20%
M E A N 1 0. 8%
Do you have a long-term target return for theMfamily office portfolio?

E D I A N 7.6%
45% Have Long-Term 55% 11%: 4% to 6%
51900a_CH-SectionFI03GURE
Figure 6.1
6.1Global-V11.ai
: GLOBA L OV ERV IEW 53%: 6% to 10%
34%: 10% to 20%
3%: >20%
M E A N 1 0. 8%
M E D I A N 7.6%
45% Have Long-Term 55% 11%: 4% to 6%
53%: 6% to 10%
51900a_CH-Section 03 Figure 6.1 Global-V11.ai 34%:
M E10%
A N 1to1 .20%
3%
3%:M>20%
E D I A N 8.0 %
51%  Have Long-Term 49%  8%: 4% to 6%
No Yes
Target Returns
48%: 6% to 10%
FI GURE 6.2: U.S. OV ERV IEW
41%: 10% to 20%
3%: >20%
MEAN 11.3%
M E D I A N 8.0 %
51%  Have Long-Term 49%  8%: 4% to 6%
No Yes
Target Returns
51900a_CH-Section 03 Figure 6.2 US-V12.ai 48%: 6% to 10%
41%: 10% to 20%
3%: >20%
MEAN 11.3%
M E D I A N 8.0 %
FI51%  6.3 : Have
GURE I NTER NATIONA L49%
Long-Term  IEW
OV ERV
No Yes 8%: 4% to 6%
Target Returns
48%: 6% to 10%
51900a_CH-Section 03 Figure 6.2 US-V12.ai 41%:
M E A N10%
9.7 to
% 20%
3%:
M E D>20%
I A N 6.9 %
28%  Have Long-Term 72%  15%: 4% to 6%
Target Returns Yes
No
64%: 6% to 10%
18%: 10% to 20%
3%: >20%
M E A N 9.7 %
M E D I A N 6.9 %
Have Long-Term 72% 
45
Portfolio benchmarking
Regardless of whether they have long-term target returns for their portfolios, 76% of the surveyed
family offices use some sort of benchmark(s) to evaluate portfolio performance. Almost half use a
relative benchmark, roughly one-third construct benchmarks based on their portfolios’ strategic
asset allocations (SAA), and one-fifth apply absolute benchmarks. Larger family offices more
frequently use customized SAA benchmarks, and international family offices are more likely than
U.S. family offices to employ absolute benchmarks (30% to 17%).
76%
of the surveyed family offices
use some sort of benchmark(s) to
evaluate portfolio performance
How do you evaluate performance?
F I G U R E 7.1 : GLOBAL
Any of these Performance evaluation $50MM– $501MM– $1B or

76% approach (USA + INT) $500MM $999MM more
Use a relative benchmark Any of these 78% 69% 80%
45%
Use a relative benchmark 53% 38% 37%
Construct a detailed benchmark based
on the strategic asset allocation
Construct a detailed
32% benchmark based on
26% 27% 44%
the strategic asset
allocation
Use an absolute benchmark
20% Use an absolute benchmark 20% 11% 27%
Use a published endowment return Use a published endowment

5% 0% 7%
4% return
Other Other 3% 4% 7%
5%
51900a_CH-Section 03 Figure 7.1 GLOBAL-V22.ai

Use4%
a published endowment return return
Use a published endowment
5% 0% 7%
4% return
Other Other 3% 4% 7%
46
3 : 5%
S EC T I O N Other
I N V E ST M E N T S Other 3% 4% 7%
5%

How do you evaluate performance?
F IG U R E 7. 2: UNI TED STATES

Any of these 72% approach (USA) $500MM $999MM more
Performance evaluation $50MM– $501MM– $1B or
72% approach (USA) $500MM $999MM more
Use a relative benchmark Any of these 74% 61% 77%
Use a relative benchmark44% Any of these 74% 61% 77%
44% Use a relative benchmark 53% 35% 38%

Construct a detailed benchmark based Use a relative benchmark 53% 35% 38%
on the strategic
Construct assetbenchmark
a detailed allocation based
35%
on the strategic asset allocation benchmark based on
Construct a detailed 29% 29% 47%
the strategic asset
35% benchmark based on
allocation 29% 29% 47%
the strategic asset
allocation
17% 
Use an absolute benchmark Use an absolute benchmark 17% 10% 21%
17%  Use an absolute benchmark 17% 10% 21%
Use a published endowment return Use a published endowment
3% 0% 9%
Use4%
a published endowment return return
3% 0% 9%
4% return
Other Other 3% 0%  9%
4%
Other Other 3% 0%  9%
4%

F I G U R E 7. 3 : I NTERNATI ONAL

Any of these 89% approach (INT) $500MM $999MM more
Performance evaluation $50MM– $501MM– $1B or
89% approach (INT) $500MM $999MM more
Any of these 90% 86% 92%
Use a relative benchmark
Any of these 90% 86% 92%
Use a relative benchmark 46%
46%
30% 
benchmark based on
Construct a detailed 15% 21% 33%
30%  the strategic asset
benchmark based on
Construct a detailed benchmark based allocation 15% 21% 33%
the strategic asset
on the strategic
Construct assetbenchmark
a detailed allocation based allocation
22%
on the strategic asset allocation Use an absolute benchmark 30% 14% 50%
22% Use an absolute benchmark 30% 14% 50%
Use a published endowment return
Use4%
a published endowment return 10% 0% 0%
return
10% 0% 0%
4% return
Other Other 5% 14%  0%
Other7% Other 5% 14%  0%
7%

47
ASSET ALLOCATION
The most commonly held asset classes are:
86% 85% 77% 75% 62%

Private Public Real Cash Investment
Equity Equity Estate Grade Fixed
Income
21%
Commodities
9%
Infrastructure
Does the family office allocate to any of the following asset classes?
FI GU R E 8.1 : G LOBAL / U .S./ I NTERNAT IONA L OV ERV IEW
1900a_CH-Section 03 Pie Chart-V11.ai|
GLOBAL UNITED STATES INTERNATIONAL
Public Equities
Public Equities 85% 85% 85% 85% 85% 85%
Alternatives Alternatives
Private EquityPrivate Equity 86% 86% 86% 86% 85% 85%
Real Estate Real Estate 77% 77% 78% 78% 74% 74%
Venture Capital
Venture Capital 52% 52% 54% 54% 46% 46%
Hedge Funds Hedge Funds 45% 45% 45% 45% 43% 43%
Private CreditPrivate Credit 38% 38% 41% 41% 30% 30%
45.72% 26.26%
Fixed IncomeFixed
& Cash
Income & Cash
Alternatives Public Equity
Cash Cash 75% 75% 75% 75% 76% 76%
Investment Grade
Investment
Fixed Income
Grade Fixed Income 62% 62% 58% 58% 72% 72%
High Yield High Yield 24% 24% 23%20.85%23% 28% 28%
CommoditiesCommodities 21% 21% 22%Fixed Income
22% 17% 17%
Infrastructure
Infrastructure 9% 9% 7%& Cash 7% 17% 17%
Other Other 24% 24% 26% 26% 17% 17%
0a_CH-Section 03 Pie Chart-V11.ai|
48
In terms of average asset allocations, the largest mean holdings across the
surveyed family offices are to:
45.72% 26.26%
Alternatives Public Equity
20.85%
Fixed Income
& Cash
While public equity and fixed income holdings continue to provide solid portfolio cores, many
family offices also clearly remain very comfortable investing in alternative asset classes and
investment strategies outside of traditional markets. This offers insights into these families’
presumably higher risk tolerance and longer time horizons, on average. It also speaks to
0a_CH-Section 03 Pie Chart-2-V11.ai|
their general ability to take on greater illiquidity risk. Larger offices tend to have the highest
allocations to alternatives.
The nature of alternative asset classes can be appealing, offering unique opportunities for alpha
with less mark-to-market volatility. Many families also have backgrounds in building businesses,
and are therefore often interested in investing in emerging companies and/or those aligned
to their experience. These types of investments can offer the ability to take a control stake
or exert more direct influence over the investments. The notable mean allocations to private
equity and real estate, in particular, seem consistent with the relatively higher average target
return expectations noted in Figures 6.1–3. These types of privately held assets also tend to fit
well into the long-term, often even multigenerational investment horizons typically associated
with family offices.
49
1900a_CH-Section 03 Figure 8.1 8.2 and 8.3-V11.ai

What percentage of the family office’s assets under supervision is
allocated to the following asset classes?
F I G U R E 9.1 : GLOBAL OVERVI EW
MEAN MEAN
Public Equities 26.26% Fixed Income & Cash: 20.85%

Alternatives: 45.72% Cash 8.80%
Private Equity 17.14% Investment Grade Fixed Income 10.16%
Real Estate 14.47% High Yield 1.89%
Venture Capital 4.85% Commodities 1.59%
Hedge Funds 5.23% Infrastructure 0.54%
Private Credit 4.02% Other 5.04%
BY A S S E T S U N D E R S U P E R V I S I O N
(F) 4.29% (F) 5.56% (F) 5.74%

(A) 27.80% (A) 23.91% (A) 25.80%
(E) 21.41% (E) 22.31% (E) 18.90%
$50MM–500MM $501MM–999MM (D) 2.14% $1B or More

(D) 1.90%
(D) 0.28%
(C) 0.71% (C) 0.80% (C) 0.10%
(B) 43.89% (B) 47.14% (B) 47.31%
(A) Public Equities (D) Commodities
(B) Alternatives: Private Equity, Real Estate, (E) Fixed Income & Cash: Cash, Investment Grade
Venture Capital, Hedge Funds, Private Credit Fixed Income, High Yield
(C) Infrastructure (F) Other

50
What percentage of the family office’s assets under management is

F I G U R E 9.2: U .S. OVERVI EW
MEAN MEAN
Public Equities 26.05%  Fixed Income & Cash: 18.91% 

Alternatives: 47.41%  Cash 8.69%
Private Equity 18.19%  Investment Grade Fixed Income 8.44% 
Real Estate 14.40%  High Yield 1.78% 
Venture Capital 5.44%  Commodities 1.56% 
Hedge Funds 4.94%  Infrastructure 0.38% 
Private Credit 4.44%  Other 5.68% 
(F) 4.27% (F) 6.71% (F) 6.98%

(A) 29.76% (A) 22.13% (A) 23.43%
(E) 18.63% (E) 21.42% (E) 17.67%
(D) 1.55%
$50MM–500MM $501MM–999MM (D) 2.36% $1B or More
(C) 0.67% (D) 0.35%
(C) 0.11%
(C) 0.19%
(B) 45.12% (B) 49.19% (B) 49.44%
MEAN MEAN
Public Equities 27.02%  Fixed Income & Cash: 27.54% 

Alternatives: 39.82%  Cash 9.16% 
Private Equity 13.49%  Investment Grade Fixed Income 16.12% 
Real Estate 14.72% High Yield 2.26% 
Venture Capital 2.79%  Commodities 1.69% 
Hedge Funds 6.24%  Infrastructure 1.11% 
51
What03
900a_CH-Section percentage of the
family office’s assets under management is
Figure 9.2 US-V14.ai
F IG U R E 9. 3 : I NTERNATI ONAL OV ERV IEW
MEAN MEAN
Public Equities 27.02%  Fixed Income & Cash: 27.54% 

Alternatives: 39.82%  Cash 9.16% 
Private Equity 13.49%  Investment Grade Fixed Income 16.12% 
Real Estate 14.72% High Yield 2.26% 
Venture Capital 2.79%  Commodities 1.69% 
Hedge Funds 6.24%  Infrastructure 1.11% 
Private Credit 2.58%  Other 2.82% 
(F) 4.35% (F) 2.85%
(A) 20.77% (A) 28.17% (A) 36.86%
(E) 31.38% (E) 24.41% (E) 24.61%
(D) 3.15% $50MM–500MM $501MM–999MM (D) 1.09% $1B or More

(C) 0.87% (D) 0.08%
(C) 0.09%
(C) 2.23%
(B) 39.48% (B) 42.27% (B) 37.35%

Lastly, there are notable differences between family offices that set long-term target returns and those that
do not. U.S. family offices with long-term return goals have, on average, higher allocations to public equities
(27.13% versus 25.00%) and alternatives (48.73% versus 46.12%), which is consistent with the finding that
nearly half (44%) are pursuing return objectives of 10% or more (see Figure 6.2). In contrast, international
family offices with long-term target returns have, on average, larger allocations to fixed income, cash and
public equities, and less exposure to alternatives, which is also consistent with the earlier observation that
nearly 80% are expecting target returns below 10% (see Figure 6.3).
LO N G -T E R M TA R G E T I N V E ST M E N T
(F) 3.64% (A) 27.67% (F) 6.70% (A) 24.59%

52
S EC T I O N 3 : I N V E ST M (F)
E N T3.64%
S (A) 27.67% (F) 6.70% (A) 24.59%
(E) 21.80% (E) 19.72%
(E) 21.80% (E) 19.72%
What percentage
(D) 1.41%
of the family
Yes office’s assets under managementNo is
allocated to the followingYes (D) 1.80%
asset classes (by target return responses)?
(D) 1.41% No
(D) 1.80%
F I G U R E 1 0.1 : GLOBAL OVERVI EW

(C)
LO N G -T
BASED
0.70%
ONE ALLOCATION
R M TA R G E TMEANS
(B) 44.77%
I N V E ST M E N T
(C) 0.36% (B) 46.84%
(C) 0.70% (B) 44.77% (C) 0.36% (B) 46.84%
(F) 3.64% (A) 27.67% (F) 6.70% (A) 24.59%
(E) Venture
21.80%Capital, Hedge Funds, Private Credit (E) 19.72%
Fixed Income, High Yield
(D) 1.41% Yes No
(D) 1.80%
a_CH-Section 03 Figure 10.1 Global-V14.ai|

a_CH-Section 03 Figure 10.1 Global-V14.ai|
(C) 0.70% (B) 44.77% (C) 0.36% (B) 46.84%
FLOIGN U R EER1M0.2:
Venture
G -T
Capital,U.S.
TA R G E T I NOVERVI
V E ST M E NEW
Hedge Funds, Private
T
Credit Fixed Income, High Yield
BASED ON ALLOCATION MEANS
LO N G(C)
-T EInfrastructure
R M TA R G E T I N V E ST M E N T (F) Other
(F) 4.01% (A) 27.13% (F) 7.30% (A) 25.00%

(F) 4.01% (A) 27.13% (F) 7.30% (A) 25.00%
(E) 10.1
a_CH-Section 03 Figure 17.85%
Global-V14.ai| (E) 19.97%
(E) 17.85% (E) 19.97%
(D) 1.59%
Yes No
(D) 1.59% (D) 1.52%
Yes No
(D) 1.52%
(C) 0.69%
(B) 48.73% (C) 0.08% (B) 46.12%
(C)
LO N G -T E R0.69%
M TA R G E T I N V E ST M E N T
(B) 48.73% (C) 0.08% (B) 46.12%
(F) 4.01% (A) 27.13% (F) 7.30% (A) 25.00%
(E) 17.85%
Venture Capital, Hedge Funds, Private Credit (E) 19.97%
Fixed Income, High Yield
(D) 1.59%
Yes No
(D) 1.52%
a_CH-Section 03 Figure 10.2 US-V14.ai|

53
What percentage of the family office’s assets under management is

allocated
a_CH-Section 03 Figure to
10.1the following asset classes (by target return responses)?
Global-V14.ai|
F IG U R E 1 0.3 : I NTERNATI ONAL OV ERV IEW

BASED ON ALLOCATION MEANS
(F) 2.75% (A) 28.96% (F) 2.99% (A) 22.05%

(F) 4.01% (A) 27.13% (F) 7.30% (A) 25.00%
(E) 31.23% (E) 18.12%
(E) 17.85%
Yes (D)(E)3.50%
19.97%
No
(D) 1.59%
(D) 0.97% Yes No
(D) 1.52%
(C) 0.74% (B) 35.35% (C) 2.06% (B) 51.28%

(C) 0.69%
(B) 48.73% (C) 0.08% (B) 46.12%
(A)Alternatives:
(B) Public Equities
Private Equity, Real Estate, (D)Fixed
(E) Commodities
Income & Cash: Cash, Investment Grade
Venture
(C) Capital, Hedge Funds, Private Credit
Infrastructure Fixed
(F) Income, High Yield
Other
a_CH-Section 03 Figure 10.3 INT-V14.ai|
a_CH-Section 03 Figure 10.2 US-V14.ai|
21%
No
79%
Yes
54
USE OF EXTERNAL MANAGERS

Both family offices with in-house investment capabilities and those without frequently report
working with outsourced investment advisors. Almost 80% report using external investment
advisors, with smaller family offices the most likely to at 93%. The top services provided are
investment management (71%), access to managers (67%), trade execution (62%), asset allocation
and portfolio construction advice (61%), capital markets research (61%), portfolio performance
analysis (57%) and portfolio risk analysis (45%). International family offices were less likely to
outsource trade execution at 38% compared to 69% in the United States.
As noted earlier in the report, nearly 40% of small ($50 million to $500 million in assets under
supervision) and mid-sized family offices ($501 million to $999 million in assets under supervision)
outsource their investment management function, and 20% of large global offices ($1 billion or more
in assets under supervision) do so, as shown in Figures 4.1–12.
The most frequently cited motivations for working with external investment advisors are access
to the investment firm’s due diligence and manager platform (66%), and access to the investment
firm’s research (65%). Half (50%) note the lower cost to outsource versus building in-house.
Rounding out the top five reasons are independent advice to benchmark family office decisions
(48%) and technology access (33%).
TO P S E RV I C E S P R OV I D E D BY E X T E R N A L
I N V E ST M E N T M A N AG E R S G LO B A L LY
7 1% I N V E ST M E N T M A N AG E M E N T
67 % AC C E S S TO M A N AG E R S
62% T R A D E E X EC U T I O N
6 1% A S S E T A L LO C AT I O N A N D
P O R T F O L I O C O N ST R U C T I O N A DV I C E
6 1% C A P I TA L M A R K E T S R E S E A R C H
57% P O R T F O L I O P E R F O R M A N C E A N A LYS I S
4 5% P O R T F O L I O R I S K A N A LYS I S

900a_CH-Section 55
S EC T I O03
N 3Figure
: I N V E10.3
ST MINT-V14.ai|
ENTS
21%
Does the
900a_CH-Section 03 Figure 10.3 INT-V14.ai| family
No office work with external investment advisors?
21% 79%
Yes
FI GURENo11 .1 : GLOBA L OV ERV IEW
21% 79%
No Yes

79%
Yes
19%
FI GURENo11 .2: U.S. OV ERV IEW
19% 81%
Yes
No
19% 81%
No Yes

81%
Yes
FI GURE 11 .3 : I NTER NATIONA L OV ERV IEW

26%
No
26% 74%
Yes
No
26% 74%
No Yes

74%
Yes
56
SECT ION 4
G OVERNANCE
What types of
governance strategies
are in place?
Successful businesses often share a few key characteristics: a clear purpose and
mission, defined goals, effective leadership, open communication and continued
investment in their people. Multigenerational families and family enterprises can
also benefit from these types of thoughtful governance principles, policies and
practices.
“Family governance” broadly refers to an agreed-upon process, based on common values and vision,
for a family’s collective communication and decision making. It is designed to serve both current and
future generations, and can help families build cohesion and make sound, collaborative decisions.
As a family expands and grows, a culture grounded in governance principles can be instrumental in
increasing the odds that family values and legacy are successfully transmitted across generations.
In addition, families are increasingly focused on actively developing family members. This focus,
which is still not always put fully into practice, can involve dynamically engaging individuals across
various areas of the family’s interests and operations. It can also involve preparing family members
who are in line to inherit wealth, often referred to as the “rising generation,” for their future
responsibilities and to be good stewards of the family wealth.
In our experience working with families, effective governance strategies can be either informal or
formal. Greater formality usually becomes both more common and more important as the family
and its various enterprises increase in complexity, such as through a growing number of households,
family branches or generations, as well as the existence of a family business, large family foundation
and/or family office.
“Early stage” families (i.e., those managing wealth for one or two generations) tend to have more
decision-making authority concentrated with the founder or reach decisions informally, often by
consensus. More complexity typically begets the need for more structured policies, governing bodies
and procedures. Consequently, it is common for family governance to evolve and become more
formalized as the family, its wealth and its enterprises become more expansive.
57
S EC T I O N 4 : G 0 V E R N A N C E
Our survey looked at governance elements in three main areas: governance for the family,
governance for the rising generation and governance for the family office.
GOVERNANCE FOR THE FAMILY
GOVERNANCE FOR THE RISING GENERATION
GOVERNANCE FOR THE FAMILY OFFICE
Steps to a governance system

Implementing an effective governance system usually revolves around three
core elements—principles, policies and procedures—to help the family thrive.
For many families, this process can begin with defining shared family values
and drafting a family mission statement that can serve as guiding principles.
Regular family meetings or family assemblies are often a logical next step.
Over time, a family may establish formal policies and procedures, such as a
family wealth charter or family constitution. It may also form and implement
representative groups, such as a family council and other decision-making
bodies, such as investment committees. Advisory councils may be established
to provide family members with a voice even when they may not have direct
decision-making authority, and/or as a means of engaging and educating the
rising generation.
Further, individual family members may be engaged with different parts of

family enterprises (e.g., through the family office, family business or family
philanthropy). Clearly defining these various roles can help reduce the risk of
family conflict.
Interested in learning more? Our Family Governance trilogy covers a broad

range of practical insights and actions to help you begin to review, develop and
implement a personalized family governance strategy.
58
GOVERNANCE FOR THE FAMILY

The vast majority of families recognize the important role governance can play in helping
to ensure their legacies and enduring success. As highlighted in Section 1, almost 70% of
respondents indicate that succession planning and preparing for the next generation are primary
family office objectives (see Figure 2.1), a finding that is relatively constant across all bands
of wealth, though slightly more important for U.S.-based family offices than those outside of
the United States. Additionally, Section 2 highlighted that more than 80% are offering family
governance and succession planning services (see Figure 4.1), a figure that rises into the 90%
bracket for the largest family offices across regions. However, this is also an area in which many
are doing most of the work in-house—57% globally—and also in which they indicate that they need
help (see greatest areas of need discussion in services offered on page 25).
To help further explore this topic, our survey asked about the high-level governance elements
family offices are employing to promote family cohesion. Of surveyed respondents, almost two-
thirds globally have implemented some degree of structure. The most popular is holding regular
whole family meetings (37%). This approach is largely consistent for families both in and outside
the United States. These types of meetings can typically cover a wide range of topics, including
business and financial updates, educational components and reports on family well-being and
milestones.
Nearly one-quarter report hosting family assemblies and family retreats, respectively. These
gatherings may be in addition to more formal family meetings and can be a way to build bonds
across family branches. Written family histories and/or regular family storytelling are mentioned
by almost one-fifth of respondents, as is holding family councils. Of note, international family
offices are roughly twice as likely to employ a family council (30%) or family constitution (28%) to
promote cohesion within the family as U.S. family offices (14% and 13%, respectively).
A key takeaway from these findings is that while it appears that many families are gathering, a
smaller number are actively engaging in strategic governance measures. This may reflect the fact
that many family offices are relatively younger and smaller in terms of the number of households
or individuals served. Given that in these types of families, most decisions can be made by the
founder or consensus, and the need for formal governance structures and decision-making bodies
may seem less pressing. However, we have found that it is never too early to start thinking about
and establishing governance structures, especially as the family, its needs and its complexities
begin to expand. Indeed, this is an important and consistent message heard time and time again
in J.P. Morgan Private Bank’s Stewardship & Purpose: Conversations with the World’s Wealthiest
Families research report.
U . S . FA M I LY O F F I C E S I N T E R N AT I O N A L FA M I LY O F F I C E S
14%
employ a family council
30%
employ a family council
13%
promote cohesion with a
28%
promote cohesion with a
family constitution family constitution
59
Regular whole family meetings (apart from more social family retreats and trips)
Which of the following elements of family governance does the family have
37%
in place in order to promote cohesion within the family?
Family assembly (i.e., regular whole family gatherings)
24%
F IG U R E 1 2.1 : GLOBAL OVERVI EW
Family retreat (i.e., informal family trip)
Regular whole family meetings
23% (apart from more social family retreats and trips)
37%
Written family history and/or regular family storytelling
Family assembly (i.e., regular
19% whole family gatherings)
24%
Family council (i.e., regular gatherings of select family members)
Family retreat (i.e., informal
18% family trip)
23%
Family constitution (i.e., by-laws, statement of shared values and common objectives)
Written family history
17%and/or regular family storytelling
19%
Other
Family
4%council (i.e., regular gatherings of select family members)
18%
17%
1900a_CH-Section 04Other
Figure 12.1 Global-V15.ai
4%
F IG U R E 1 2.2: GLOBAL BY ASSETS UNDER SUP ERV ISION
$50MM–$500MM
1900a_CH-Section 04 Figure 12.1 Global-V10.ai $501MM–$999MM $1B or more
Regular whole family meetings Regular whole family meetings Regular whole family meetings
37% 40% 36%
Family assembly Family assembly Family assembly

28% 20% 20%
Family retreat
$50MM–$500MM Family retreat
$501MM–$999MM Family
$1B or retreat
more
25%
26% family meetings
Regular whole Regular16%
whole family meetings Regular whole family meetings
Written family37%
history and/or 40% and/or
Written family history Written family36%
history and/or
regular family storytelling regular family storytelling regular family storytelling
14% 22% 24%
28% 20% 20%
Family council Family council Family council
Family retreat Family retreat Family retreat
16% 16% 22%
26% 16% 25%
Family constitution Family constitution Family constitution
Written family history and/or Written family history and/or Written family history and/or
regular17%
family storytelling 11%family storytelling
regular regular 20%
family storytelling
Other14% Other 22% Other 24%
6% 2% council 2% council
Family council Family Family
16% 16% 22%
Family
/ Methodology constitution
reminder: Family
The use of arrows indicates significantly constitution
higher Family
or lower relative responses noted between constitution
regions.
17% 11% 20%
60
38%
24%
F I G U R E 1 2.3 : U .S. OVERVI EW
23% (apart from more social family retreats and trips)
38%
Family assembly (i.e., regular
20% whole family gatherings)
24%
Family retreat (i.e.,
14%informal
 family trip)
23%
13%  and/or regular family storytelling
20%
Other
Family
3%council (i.e., regular gatherings of select family members)
14% 
13% 
51900a_CH-Section 04Other
Figure 12.3 US-V10.ai
3%
F I G U R E 1 2.4: U NI TED STATES BY A SSETS UNDER SUP ERV ISION
$50MM–$500MM
51900a_CH-Section 04 Figure 12.3 US-V10.ai $501MM–$999MM $1B or more
41% 39% 34%

29% 16% 23%
Family retreat
$1B or retreat
more
26% family meetings 13% 26%
Regular whole Regular whole family meetings Regular whole family meetings
41% and/or
Written family history 39% and/or
Written family history Written family34%
history and/or
14% 23% 28%
29% 16% 23%
12% 10% 19%
26% 13% 26%
11%  10%family storytelling 19%
regular family storytelling regular regular family storytelling
Other14% Other 23% Other 28%
12% 10% 19%

11%  10% 19%
61
Which of the following elements of
35%
family governance does the family have
22%
F I G U R E 1 2.5: I NTERNATI ONAL OV ERV IEW
24%(apart from more social family retreats and trips)
35%
Family assembly (i.e.,
15%regular whole family gatherings)
22%
30% 
24%
Written family history and/or regular
28% family
 storytelling
15%
Other
Family4%
council (i.e., regular gatherings of select family members)
30% 
28% 
Other
4%
F I G U R E 1 2.6 : I NTERNATI ONAL BY A SSETS UNDER SUP ERV ISION
1900a_CH-Section 04$50MM–$500MM
Figure 12.5 INT-V13.ai $501MM–$999MM $1B or more
25% 43% 42%

25% 29% 8%
Family retreat
$1B retreat
or more
25% 21% 25%
25% history and/or
Written family 43% and/or
Written family history 42% and/or
15% 21% 8%
25% 29% 8%
30% 29% 33%
25% 21% 25%
40%  14% 25%
Other 15% Other 21% 8%
Other
30% 29% 33%

40%  14% 25%
62
PREPARING THE RISING GENERATION

The Great Wealth Transfer is coming
An estimated $84 trillion is forecasted to be transferred in the United States from the Silent
Generation and Baby Boomers to younger Americans and charities from now until 2045.8 This
massive intergenerational wealth transfer highlights the critical importance of preparing the rising
generation to receive the wealth. A sound governance framework can be instrumental in making this
process as smooth as possible.
Concerns
The top two concerns surveyed family offices identify when it comes to the rising generation are
promoting personal achievement and that wealth does not lead to complacency, and preparing for
the responsibility of inheriting wealth. Interestingly, while a majority of the surveyed family offices
note succession planning and preparing for the next generation as primary objectives and also
identify them as areas where they need help, one-quarter are not that concerned about any of the
particular stumbling blocks listed below.
F IG U R E 1 3.1 : U .S. OVERVI EW
That individuals have a sense of personal achievement, and that wealth does not lead to complacency
22% 35% 20% 16% 7%
That individuals are fiscally responsible and maintain a financially sustainable lifestyle
15% 32% 22% 23% 9%
That individuals are prepared for the responsibility of inheriting wealth

15% 41% 22% 17% 6%
That members of the next generation do not end up in family conflicts over issues related to inheritance and succession
15% 38% 17% 24% 7%
Involvement of spouses of the next generation in operating business(es) or family office

5% 19% 27% 31% 18%
%0 10 20 30 40 50 60 70 80 90 100
Very concerned Somewhat concerned Neutral Not very concerned Not at all concerned
8
“The Greatest Wealth Transfer in History Is Here, With Familiar (Rich) Winners,” The New York Times
(https://www.nytimes.com/2023/05/14/business/economy/wealth-generations.html).

%0 10 20 30 40 50 60 70 80 90 100
Very concerned Somewhat concerned Neutral Not very concerned Not at all concerned
63
Which
00a_CH-Section of the13.1following
04 Figure Global-V10.aielements
of family governance does the family have
F IG U R E 1 3.2: I NTERNATI ONAL OV ERV IEW
That individuals have a sense of personal achievement, and that wealth does not lead to complacency
37% 43% 9% 11%
That individuals are fiscally responsible and maintain a financially sustainable lifestyle
33% 35% 20% 13%
That individuals are prepared for the responsibility of inheriting wealth

35% 46% 11% 9%
That members of the next generation do not end up in family conflicts over issues related to inheritance and succession
30% 39% 17% 13%
Involvement of spouses of the next generation in operating business(es) or family office

15% 33% 22% 30%
%0 10 20 30 40 50 60 70 80 90 100
Very concerned Neutral Not very concerned Not at all concerned
Engagement strategies
How respondents approach these challenges varies to a degree by region. Some families use
a number of methods to engage with the rising generation, whereas others appear to have
no structured approach. This may be reflective of the fact that a significant percentage of the
family offices participating in the survey were managing wealth for just one household and two
generations, presumably the founder and minor or young adult children.
U.S.-based family offices are most likely to engage rising generation family members in philanthropy
as an entry point toward preparing them for greater responsibilities. For example, younger family
members may be involved in identifying areas of need and/or causes of interest, such as reviewing
grant proposals or making recommendations for future initiatives.
Working outside of family-related enterprises is another common way that rising generation
family members can develop and grow. More than one-third of U.S. respondents require that rising
generation family members obtain professional experience outside of the family by working in a
nonfamily-owned entity. Providing capital for startups and/or direct investments is another common
way that family offices in the United States seek to develop and prepare the rising generation.
anthropic endeavors Encourage philanthropic endeavors
48% 64
44%
S EC T IO N 4 : G 0 V E R N A N C E 45%
38%
sional experience outside the family Require professional experience outside the family operating business or office
ness or office 38%
42%
35% 26%
Family offices outside the United States take a slightly different approach. Working in the
Encourage entrepreneurial spirit by providing access to capital for startups
epreneurial spirit by providing access family’s operating business is the most commonly cited approach
and/or direct investing to engaging the rising
artups and/or direct investing 41%
generation—a stark contrast with U.S. family offices. They are also 26% more likely to require
34% 30%
work experience outside of family enterprises, as well as provide capital for entrepreneurial
Involve next generation in operating business
neration in operating business or investment endeavors, but less likely than larger ones to focus 27% on
 philanthropy as an
23%
25%  engagement strategy. 23% 
Shield individuals from extent of family’s wealth
als from extent of family’s wealth Interestingly, more than one in five respondents globally say they 26% shield the rising
26%
23% generation from the knowledge of the extent of the family’s 17% wealth, a fairly consistent figure
across regions. This approach was more frequently mentioned
No structured by smaller family offices than
approach
ajority of assets will be donated to charity 26%
the largest family offices, 27% to 15%, respectively. Unfortunately,26% keeping interested young
family members completely unaware of the family’s wealth may not 32% be realistic in today’s
global, digital world, nor may it be a good practice.
Otherwise, there are relatively few variations in the measures being taken by smaller
family offices when compared to larger family offices. If anything, it appears that smaller
family offices are more likely to require their rising generations to gain outside professional
experiences and to encourage an entrepreneurial spirit than family offices with larger
balance sheets.
14.3 US-V10.ai 51900a_CH-Section 04 Figure 14.4 US-V11.ai
Which of the following measures do you have in place to prepare the next generation?
F IG U R E 14.1 : GLOBAL OVERVI EW FIG UR E 14.2: G LOBA L BY A SS E TS

anthropic endeavors Top five answers Encourage philanthropic
UNDER SUP ERV endeavors
ISION
25%
54%  21%
17%
sional experience
anthropic endeavors Encourage
outside philanthropic endeavors
the family Encourage philanthropic
Require professional outsideEncourage
endeavors
experience the familyphilanthropic endeavors
operating business or office
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$50MM–$500MM 26%
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$50MM–$500MM
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e 14.5 INT-V10.ai 51900a_CH-Section 04 Figure 14.6 INT-V11.ai
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66
Of note, a sizable number of respondents indicate that they have no structured approach to preparing
the rising generation. Surprisingly, this was most pronounced with the largest U.S. family offices, where
32% report they lack any type of measures to help prepare their rising generations.
Family offices reporting no structured rising generation governance measures
FI GURE 15.1 : BY R EG ION A ND A SSETS UNDER SUP ERV ISION
Global
23%
24%
29%
United States
26%
26%
32%
International
15%
21%
17%
Degree of monetary control

The survey also asked the family offices about their philosophies around the degree of
monetary control afforded the rising generation. Globally, just under one-third allow their
rising generations to draw incomes, while financial control continues to rest with parents
until their passing. Approximately one-quarter have transferred or will transfer a significant
portion of family wealth once the rising generation reaches a certain age. A smaller portion—
roughly one-sixth—transfers decision-making power but not full control of the family wealth.
Investment committee
These results are largely consistent across regions, with only slightly more international
Investment committee
family offices, around one-fifth, indicating that the rising generation could acquire decision-35%
43%
making powers but not full control. 40%
56%
External advisors that review the family office

External advisors that review the family office portfol
portfolio periodically
38%
37% 36%
36%
Board of directors Board of directors
33% 24%
38%
67
GOVERNANCE FOR THE FAMILY OFFICE

A family office is effectively a family business and, ideally, is managed as such. However, in practice,
many family offices lag in adopting formal governance strategies and structures. The majority of
survey participants (73%) say they have instituted some sort of formal family office governance
framework, whereas the rest do not.
The need for formality usually increases with a rise in the complexity and scale of the assets under
management, and family offices overseeing $1 billion or more are more likely to report a formal
governance framework in place than family offices managing smaller pools of capital. Our research
indicates that there are some regional differences as well, with international family offices more
likely than those in the United States to employ formal governance structures.
In our experience, family offices are most likely to professionalize the investment function before
other aspects of the enterprise. The most common governance structures are formal investment
committees (43%) and boards of directors (33%). As discussed in Section 3, most of these
investment committees consist of family members. Interestingly, only 30% of respondents say that
investment decisions are made by an investment committee (Figure 5.1), suggesting that a number
of these entities are serving in more of an advisory role.
While a board of directors may be seen as a best practice from a governance perspective, only one-
third of respondents indicate they have a board of directors in place. International family offices are
much more likely to create investment committees and boards of directors than in the United States,
67% versus 35%, and 61% versus 24%, respectively. Complexity and size of assets under supervision
are notable variables, with more global family offices overseeing $1 billion or more in assets making
use of investment committees (56%) and boards of directors (42%), compared to those supervising
$50 million to $500 million in assets, 56% versus 35%, and 42% versus 24%, respectively.
Engaging external advisors to review the family office portfolio is another practice that family
offices put in place (37%), again shining the spotlight on the emphasis they place on the investment
function. There are some regional variations, as U.S. family offices are more likely to bring in
external advisors to review investments than international family offices (40% to 28%).
U . S . FA M I LY I N T E R N AT I O N A L FA M I LY
OFFICES OFFICES
40%
of U.S. family offices are
28%
of international family
likely to bring in external offices are likely to bring
advisors to review in external advisors to
investments review investments
CH-Section 04 Figure51900a_CH-Section
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15.1 INT-V10.ai $501MM–$999MM
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68
CH-Section 04 Figure51900a_CH-Section
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of thecommittee
following elements of overall governanceInvestment
are incommittee
place for the Investment
familycommittee
office?
mmittee
35% 35%
43% 43%
40% 40%
F IG U R E 1 6.1 : GLOBAL OVERVI EW FIG UR E 16.2: G LOBA L BY
56%
A SS E TS 56%
UNDER SUP ERV ISION
External
sors that review the family officeadvisors that review the family office External
External advisors that review the family officeadvisors
portfoliothat review the family office por
periodically
odically portfolio periodically
Investment committee Investment committee 38% Investment committee 38%
mmittee
37% 37% 36%
35% 35%
36%
43% 43%
36%
40% 40%
36%
56% 56%
tors Board of directors Board of directors Board of directors
External
sors that review the family officeadvisors that review the family office
External advisors 24% External
that review the family officeadvisors that
portfolio24% review the family office por
periodically
odically 33% portfolio periodically 33%
38%
38% 38%
38%
37% 36%42%
37% 36%42%
36% 36%
Other
Other Other
tors Board8%
of directors Board 9%
of directors Board 9%
of directors
33% 2% 24% 2% 24%

33%
12% 38% 12% 38%
42% 42%
$50MM–$500MM $50MM–$500MM
$501MM–$999MM $501MM–$999MM
$1B or more
Other
Other Other
8% 9%
9%
2% 2%
12% 12%
e51900a_CH-Section
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F IG U R E 1 6.3 : U.S. OVERVI EW FIG UR E 16.4: UNITED STATES BY

A SSETS UNDER SUP ERV ISION
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mmittee Investment committee Investment committee Investment committee
26%  26% 
35%  35% 
29%  29% 
51% 51%
External
sors that review the family officeadvisors that review the family office
odically portfolio periodically External
External advisors that review the family officeadvisors
portfoliothat review the family office por
periodically
Investment committee Investment committee 44%Investment committee 44%
mmittee
40% 40% 26% 
35%  26%  42% 42%
35% 
32%
29%  29% 
32%
51% 51%
tors Board of directors Board of directors
External Board of directors
sors that review the family officeadvisors that review the family office External
24%
odically  portfolio periodically
24%  15%  that review the family
External advisors officeadvisors
15%  that
portfolio review the family office por
periodically
29% 44% 29% 44%
40% 40%
34% 42% 34% 42%
Other 32% 32%
Other Other
tors Board8%
of directors Board of11%
directors
Board of11%
directors
24%  0% 15%  0% 15% 
24% 
11% 29% 11% 29%
34%  34% 
$50MM–$500MM $50MM–$500MM
$501MM–$999MM $501MM–$999MM
$1B or more
Other
Other Other
8%
11% 11%
0%
69
Which of the following elements of overall governance are in place for the family office?
F IG U R E 1 6.5: I NTERNATI ONAL FIG UR E 16.6: INTER NATIONA L BY

OV E RV I E W A SSETS UNDER SUP ERV ISION
Investment committee Investment committee Investment committee

ommittee
65%  6
67%  67% 
64%  64
75%
External
sors that review the family advisors that review the family office
office External
External advisors that review the family advisors
office that
portfolio review the family office por
periodically
odically portfolio periodically
20% 20%
28% 28% 21% 21%
50% 50%
ctors Board of directors Board of directors Board of directors
61%  55%  55% 

61% 
57% 57%
75%
Other
Other Other
9% 5%
5%
7% 7%
17% 17%
$50MM–$500MM $50MM–$500MM
$501MM–$999MM $501MM–$999MM
$1B or more
re51900a_CH-Section
16.5 INT-V10.ai 04 Figure 16.5 INT-V10.ai 51900a_CH-Section 04 Figure51900a_CH-Section
16.6 INT-V12.ai 04 Figure 16.6 INT-V12.ai
70
SECT ION 5
COSTS AND STA F FI N G
What are typical family office

costs and staffing needs?
What does it typically cost to run a family office? What are the typical in-house
talent requirements? The answer is “it depends,” driven by factors such as size
and complexity, the types of services provided and the degree of reliance on
in-house capabilities versus outsourced providers.
Typical operating costs include areas such as:
• FACILITIES
• STAFFING SALARIES, BONUSES, LONG-TERM INCENTIVE
COMPENSATION, BENEFITS AND INSURANCE
• TECHNOLOGY
• RISK MANAGEMENT
• INVESTMENT MANAGEMENT EXPENSES (E.G., INVESTMENT
MANAGEMENT FEES, TRADING, EXECUTION, CUSTODY
AND RESEARCH COSTS)
• ACCOUNTING AND REPORTING
• LEGAL SERVICES
• TAXES
Staffing often is the largest single family office cost component. Specific talent and cost
requirements can be largely dependent on the family office’s focus and location, and the nature
of the family’s assets.
A significant, talent-related cost driver can be the types of investment activities the family office
seeks to provide and the extent to which it wants to control them. For example, a family office
aiming to run a large private portfolio, particularly when it is making direct investments where it
is in a position to take major ownership stakes, will likely need to hire a sizable staff of investment
professionals, and perhaps legal and accounting talent as well, to source, evaluate and oversee deals
and relevant accounting activities. The competition for these types of resources is usually private
equity and asset management firms, and the levels of compensation will likely need to align with
industry standards, through both higher overall pay and portfolio performance incentives.
Another factor can be the nature of the family balance sheet. If it includes significant properties
and/or specialty assets, for example, that may also lead to more staff to oversee and maintain
these assets. Additionally, survey findings indicate that family offices do not necessarily manage or
supervise all of the family wealth. One conclusion that might be drawn from this is that the costs
71
S EC T I O N 5 : CO ST S A N D STA F F I N G
associated with managing wealth or assets outside the purview of the family office may be borne
directly by the family. For example, household staff costs may not be part of the total operating
expenses of the family office.
Approaches to staffing may also change depending on where the family office is based, including
if there are multiple locations. Is there top talent available locally that can perform the relevant
functions? What compensation levels are required to be competitive in that market?
Below are our survey findings on annual operating costs and staffing levels.
ANNUAL OPERATING COSTS

On average, the respondents report spending more than $3 million annually on operating costs,
with one-third spending less than $1 million and two-thirds spending $1 million or more57% up to
MM 33% Less than $1MM 16%
$10 million and higher. These operating costs tend to vary considerably
10%
by family office size. Half
of the family offices with $50 million to $500 million in assets under supervision spend less than
$1 million, whereas 24% of those overseeing $1 billion or more spend $10 million40% or more. These
MM 43% $1MM–$3.99MM 71%
trends are relatively consistent across regions. 25%
2%
MM 12% $4MM–$6.99MM $4MM–$6.99MM 11%
25%
What is the approximate total annual cost to run the family office?
0%
MM 5% $7MM–$9.99MM $7MM–$9.99MM 0%
15%
F IG U R E 17.1 : GLOBAL OVERVI EW FIG UR E 17.2: 1% G LOBA L BY

ore 8% MEAN $3.2MM • MEDIAN $1.3MM A SSETS UNDER
$10MM or more 2% SUP ERV ISION
24%
2MM • MEDIAN 1.3MM G LO B A L M

G LO
E AB
NA L MEDIAN MEAN MEDIAN 57
Less than $1MM 33% Less than $1MM 16%
$50MM–$500MM $1.5MM
$50MM–$500MM
$0.4MM $1.5MM $0.4MM
10%
$501MM–$999MM $2.7MM
$501MM–$999MM
$1.5MM $2.7MM $1.5MM
$1B or more $6.1MM
$1B or more$4.2MM $6.1MM $4.2MM 40%
$1MM–$3.99MM 43% $1MM–$3.99MM
25%
57%
M 33% Less than $1MM 16%
2%
e 17-V12.ai 51900a_CH-Section 05 Figure 17-V12.ai:2
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$4MM–$6.99MM 12% $4MM–$6.99MM $4MM–$6.99MM 11%
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M 43% $1MM–$3.99MM 71%
25% 0%
$7MM–$9.99MM 5% $7MM–$9.99MM $7MM–$9.99MM 0%
15%
2%
M 12% $4MM–$6.99MM $4MM–$6.99MM 11%
25% 1%
$10MM or more 8% $10MM or more 2%
59% 24%
0%
MM 33% Less than $1MM 13%
M 5% $7MM–$9.99MM $7MM–$9.99MM
MEAN 3.2MM • MEDIAN 1.3MM I N T E R N AT I O N A L0% 9% M
I NETAENR N AT I O NMAELD I A N MEAN
15%
$50MM–$500MM $1.5MM
$50MM–$500MM
$0.4MM $1.5MM
36%
MM 40%
$501MM–$999MM
$1MM–$3.99MM
1% $2.7MM
$501MM–$999MM
$1.5MM $2.7MM
74%
e 8% $10MM
$1B orormore
more 2% $6.1MM
$1B or more$4.2MM $6.1MM
21%
24%
MM • MEDIAN 1.3MM I N T E R N AT I O N A L MI NETAENR N AT I O NMAEL3%

DIAN MEAN MEDIAN
MM 13% $4MM–$6.99MM
/ Methodology reminder: The use of arrows indicates significantly $4MM–$6.99MM
higher or lower relative responses 10%
noted between regions.
$50MM–$500MM $1.5MM
$50MM–$500MM
$0.4MM 28% $1.5MM $0.4MM
51900a_CH-Section 05 Figure 17-V10.ai 51900a_CH-Section 05 Figure 17-V10.ai:2
$501MM–$999MM $2.7MM
$501MM–$999MM
$1.5MM $2.7MM $1.5MM
1%
eM
51900a_CH-Section
8%
05 Figure 17-V10.ai $501MM–$999MM $2.7MM
$501MM–$999MM
$10MM
51900a_CH-Section
$501MM–$999MM
or more $1.5MM
36%05 Figure 17-V10.ai:2
$2.7MM
$2.7MM
$501MM–$999MM $1.5MM
$1.5MM $2.7MM
40% $1MM–$3.99MM 2% 74%
$1B or more $6.1MM
$1B$1B or more$4.2MM
or more 0% $6.1MM
24% $6.1MM $4.2MM
21%
M 6% $7MM–$9.99MM $7MM–$9.99MM 0%
M M • M ESDEC
I ATN
72
I O 1N. 35M M ST S A N D STA F F I N G
: CO I N T E R N AT I O N A L M
I NETAENR N AT I O NMAELD I A N 19% MEAN MEDIAN
3%
M 13% $50MM–$500MM
$4MM–$6.99MM $1.5MM
$50MM–$500MM
$4MM–$6.99MM $0.4MM
10% $1.5MM $0.4MM
2%
ee 17-V10.ai
51900a_CH-Section
9% 05 Figure 17-V10.ai $501MM–$999MM $2.7MM
51900a_CH-Section $501MM–$999MM
05 Figure $1.5MM
17-V10.ai:2 28% $2.7MM
$10MM or more51900a_CH-Section
3%
$1.5MM
05 Figure 17-V10.ai:2
$1B or more $6.1MM
$1B or more$4.2MM 23% $6.1MM $4.2MM
M
What is the approximate total annual cost to run the family office?
0%
M M •6%M E D I A N 1 .4 M M $7MM–$9.99MM $7MM–$9.99MM 0%
I N T E R N AT I O N A L M
I NETAENR N AT I O NMAELD I A N MEAN MEDIAN
5
19%
Less than $1MM 33%$50MM–$500MM $1.5MM
$50MM–$500MM$0.4MM Less$1.5MM
than $1MM $0.4MM
13%
9%
17-V10.ai F IG U R E 17. 3 : U .S. OVERVI EW
$501MM–$999MM FIG UR E 17.4:
51900a_CH-Section 05
$2.8MM Figure 2% UNITED STATES BY
17-V10.ai:2
$501MM–$999MM$1.5MM $2.8MM $1.5MM
e 9% MEAN $3.4MM • MEDIAN $1.4MM $1B or more $6.4MM
$1Boror
A$10MM
SSETS more
more $4.7MM
UNDER
3% $6.4MM
SUP ERV ISION $4.7MM
23% 36%
$1MM–$3.99MM 40% $1MM–$3.99MM
M M • M E D I A N 1 .4 M M U N I T E D STAT E S MUENAI TNE D STATME ES D I A N M E A N 59% M E D I A21%
N 5
M 33%
Less than $1MM 33% Less than $1MM
13% Less than $1MM 13%
$50MM–$500MM $1.5MM
$50MM–$500MM
$0.4MM
9% $1.5MM $0.4MM
3%9%
17-V10.ai:3 51900a_CH-Section
$501MM–$999MM 05 Figure 17-V10.ai:4
$2.8MM
$501MM–$999MM
$1.5MM $2.8MM $1.5MM
$4MM–$6.99MM 13% $4MM–$6.99MM $4MM–$6.99MM 10%
$1B or more $6.4MM
36% $4.7MM 28%36%
M 40%
$1MM–$3.99MM 40% $1MM–$3.99MM $1MM–$3.99MM 74%
21% 59% 0% 21%
M 33%
$7MM–$9.99MM 6% Less than $1MM
$7MM–$9.99MM 13% $7MM–$9.99MM 0%
9% 19%
3% 3%
eM 17-V12.ai:3
13% $4MM–$6.99MM 13% $4MM–$6.99MM 51900a_CH-Section 05 Figure 17-V12.ai:4
$4MM–$6.99MM
$4MM–$6.99MM 10% $4MM–$6.99MM 10%
28%36% 2% 28%
M 40% or more
$10MM 9% $1MM–$3.99MM $10MM or more 74% 3%
21% 23%
0% 50% 0%
M
M 6% 33%
$7MM–$9.99MM 6% $7MM–$9.99MM $7MM–$9.99MM
Less than $1MM 0%
$7MM–$9.99MM 21% $7MM–$9.99MM 0%
M E A N 3 .4 M M • M E D I A N 1 .4 M M I N T E R N AT I O N A L 3% 17% M
19% I NETAENR N AT I O NMAELD I A N19% MEAN
M 13% $4MM–$6.99MM $4MM–$6.99MM 10%
$50MM–$500MM 28%$1.5MM $50MM–$500MM $0.4MM $1.5MM
$501MM–$999MM 2% $2.8MM $501MM–$999MM
50% $1.5MM
2% $2.8MM
Me 9% $10MM 52%
or more 9% $10MM or more
$1MM–$3.99MM 3% $10MM orormore
64%$4.7MM
3%
$1B or more 0% 23%
$6.4MM $1B more $6.4MM
42% 23%
M 6% $7MM–$9.99MM $7MM–$9.99MM 0% 50%
MM M • M E D I A N33%
1 .4 M M Less than $1MM 21%
M E A N 3 .4 M M • M E D I A N 1 .4 MIMN T E R N AT I O N A L I NMTI N
EER
TAENNRAT
N IAT
O NI OANLMA0%
ELD I A N19% M I NEMTAEENRANNAT I O NMAELM
D EI ADNI A N MEAN
17%
M 9% $50MM–$500MM
$4MM–$6.99MM $1.5MM $50MM–$500MM
$4MM–$6.99MM
$50MM–$500MM $0.4MM 14% $1.5MM
$1.5MM $50MM–$500MM $0.4MM
$0.4MM $1.5MM
2%
e 51900a_CH-Section
9% 05 Figure 17-V10.ai:3 $501MM–$999MM $2.8MM $501MM–$999MM
$501MM–$999MM
$10MM $1.5MM
or more 51900a_CH-Section
3%
17% $2.8MM
$2.8MM 05 Figure
$501MM–$999MM
50% $1.5MM
17-V10.ai:4
$1.5MM $2.8MM
M 52% $1B or more $6.4MM $1B or more$4.7MM 23% $6.4MM
$1MM–$3.99MM
$1B or more $6.4MM
$1B or more $4.7MM
64% $4.7MM $6.4MM
0% 42%
M
M M0%• M E D I A N 1 .4 M M I $7MM–$9.99MM
N T E R N AT I O N A L MI N$7MM–$9.99MM
ETAENR N AT I O NMA0% ELD I A N MEAN MEDIAN
0%
0%
$50MM–$500MM $1.5MM
$50MM–$500MM
$0.4MM $1.5MM $0.4MM
M 9% $4MM–$6.99MM $4MM–$6.99MM 14%
e 17-V10.ai:3 F IG U R E 17. 5: I NTERNATI ONAL
51900a_CH-Section 05 Figure 17-V10.ai:3
OVERV
$501MM–$999MM IEW FIG
51900a_CH-Section 05UR
$2.8MM E 17.6:
$501MM–$999MM
Figure 0% INTER
$1.5MM
17-V10.ai:4
17% NATIONA
$2.8MM
51900a_CH-Section
L BY$1.5MM
05 Figure 17-V10.ai:4
e 7% MEAN $2.7MM • MEDIAN $1.2MM $1B or more $6.4MM
$1B or more $4.7MM
$10MM or more 0% $6.4MM $4.7MM
0% 25%
M 0% $7MM–$9.99MM $7MM–$9.99MM 0%
MM • MEDIAN 1.2MM I N T E R N AT I O N A L M
I NETAENR N AT I O NMAELD I A N
0% MEAN MEDIAN 50%
Less than $1MM 33% Less than $1MM 21%
$50MM–$500MM $1.5MM
$50MM–$500MM $0.5MM $1.5MM $0.5MM
17-V10.ai:3 51900a_CH-Section 05 Figure 17-V10.ai:4 17%
$501MM–$999MM $501MM–$999MM
$2.5MM $1.4MM
0% $2.5MM $1.4MM
e 7% $10MM or more 0%
$1B or more $1B or more $2.1MM
$4.9MM $4.9MM $2.1MM 50%
25%
$1MM–$3.99MM 52% $1MM–$3.99MM
MM • MEDIAN 1.2MM I N T E R N AT I O N A L M
I NETAENR N AT I O NMAELD I A N M E50%
AN MEDIAN 42%50%
M 33%
Less than $1MM 33% Less than $1MM
21% Less than $1MM 21%
$50MM–$500MM $1.5MM
$50MM–$500MM$0.5MM17% $1.5MM 0%
$0.5MM
17%
17-V10.ai:5 $4MM–$6.99MM 9%
51900a_CH-Section
$501MM–$999MM 05 Figure 17-V10.ai:6
$2.5MM
$501MM–$999MM
$4MM–$6.99MM $1.4MM $2.5MM
$4MM–$6.99MM $1.4MM
14%
$1B or more $4.9MM
$1B or more $2.1MM $4.9MM
50% $2.1MM
17% 50%
M 52%
$1MM–$3.99MM 52% $1MM–$3.99MM 64%
$1MM–$3.99MM
42%50% 0% 42%
M 33%
$7MM–$9.99MM 0% Less than $1MM
$7MM–$9.99MM 21% $7MM–$9.99MM 0%
17% 0%
0% 0%
eM 17-V12.ai:5
9% $4MM–$6.99MM 51900a_CH-Section 05 Figure 17-V12.ai:6
$4MM–$6.99MM 14%
$4MM–$6.99MM 9% $4MM–$6.99MM $4MM–$6.99MM 14%
17% 50% 0% 17%
M $10MM52%
or more 7% $1MM–$3.99MM $10MM or more64% 0%
42% 25%
0% 0%
M 0% $7MM–$9.99MM 0% $7MM–$9.99MM $7MM–$9.99MM
$7MM–$9.99MM 0% $7MM–$9.99MM 0%
M E A N 2 .7 M M • M E D I A N 1 . 2 M M I N T E R N AT I O N A L0%
0% M
I NETAENR N AT I O NM0%
AELD I A N MEAN
M 9% $4MM–$6.99MM $4MM–$6.99MM 14%
$50MM–$500MM 17% $1.5MM
$50MM–$500MM$0.5MM $1.5MM
$501MM–$999MM 0% $2.5MM
$501MM–$999MM$1.4MM
0% $2.5MM
e 7% $10MM or more 7% $10MM or more 0% $10MM orormore 0%
$1B or more 0% 25%
$4.9MM
$1B more $2.1MM $4.9MM
25%
M 0% $7MM–$9.99MM $7MM–$9.99MM 0%
MM • MEDIAN M
1 . E2 A
MNM 2 .7 M M • M E D I A N 1 . 2 M IMN T E R N AT I O N A L I NM
TI N
EER
TAENNRAT
N IAT
O NI OANLMAELD I A N
0% I NEM
M TAEENRANNAT I O NMAELM
D EI ADNI A N MEAN
73
STAFFING LEVELS
Overall
Globally, most of the family offices’ overall staffing levels are relatively small. While
respondents employ, on average, 11 staff members, a full half report only five or fewer (our
view is that the mean findings regarding staffing may have been disproportionately impacted
by a small number of very large family offices, and the median may be a more appropriate
benchmark, which appears directionally similar to related industry research findings).
As family office assets rise, the number of employees also tends to rise. For example, 71% of
smaller family offices and 53% of mid-sized family offices report one to five employees, while
71%
50% 76% of larger family offices indicate they have six employees
1–5 or more, with 18% reporting
53%
more than 20 employees. 17%
20%
22% 6–10 18%
29%
7%
17% 11–20 20%
29%
How many employees does your family office employ? 1%

5% 25–50 7%
10%
F IG U R E 1 8.1 : GLOBAL OVERVI EW FIG UR E 18.2:1% G LOBA L BY A SS E TS

3% MEAN 11.1 • MEDIAN 3 More than 50 UNDER
More than 50 SUP
0% ERV ISION
8%
1MM • MEDIAN 3MM G LO B A L GMLO

E ABNA L MEDIAN MEAN MEDIAN
1–5 50% 1–5 53%
$50MM–$500MM $50MM–$500MM
6.1 2.1 6.1 2.1
17%
$501MM–$999MM $501MM–$999MM
9.3 2.8 9.3 2.8
$1B or more 19.7
$1B or more 9.1 19.7 9.1
20%
6–10 22% 6–10 18%
71% 29%
50% 1–5 53%
e 18-V10.ai 17%
51900a_CH-Section 05 Figure 18-V10.ai:2 7%
11–20 17% 11–20 20%
20% 29%
22% 6–10 18%
29% 1%
25–50 5% 25–50 7%
7% 10%
17% 11–20 20%
29% 1%
More than 50 3% More than 50 More than 50 0%
1% 76%
8%
5% 53% 1–5
25–50 55%
7%
MEAN 11.1MM • MEDIAN 3MM G LO B A L 10% 19% GMLO
E ABNA L MEDIAN MEAN
$50MM–$500MM $50MM–$500MM
6.1 2.1 6.1
1% 14% 
18%  $501MM–$999MM
6–10 16%
$501MM–$999MM
9.3 2.8 9.3
3% More than 50 More than 50 0%
$1B or more 26% 19.7
$1B or more 9.1 19.7
8%
1MM • MEDIAN 3MM G LO B A L GMLO

E ABNA L M E8%
DIAN MEAN MEDIAN
18% 11–20 19%
$50MM–$500MM $50MM–$500MM
6.1 2.1 32% 6.1 2.1
51900a_CH-Section 05 Figure 18-V10.ai $501MM–$999MM 51900a_CH-Section
$501MM–$999MM
9.3 2.8 05 Figure
9.3 18-V10.ai:22.8
$1B or more 19.7
$1B or more
2% 9.1 19.7 9.1
7% 25–50 10%
13%
8% 32%
51900a_CH-Section 05 Figure 18-V10.ai $501MM–$999MM $501MM–$999MM
9.3 2.8
51900a_CH-Section 9.3 18-V10.ai:22.8
05 Figure
1MM • MEDIAN 3MM G LO$1B
B A Lor more GMLO
E 19.7
ABNA Lor more
$1B M E8%D I A9.1
N M E 19.7
AN M E D I A9.1
N
2%
18% 11–20 19%
7% $50MM–$500MM $50MM–$500MM
6.125–50 10%2.1 6.1 2.1 74
S EC T I O N 505
: CO ST S 18-V10.ai
A N D STA F F I N G 32%
51900a_CH-Section Figure $501MM–$999MM 51900a_CH-Section
$501MM–$999MM
9.3 13%2.8 05 Figure
9.3 18-V10.ai:22.8
$1B or more 19.7
$1B or more 9.1 19.7 9.1
2%
e 18-V10.ai
7% Figure 2%
51900a_CH-Section 0525–50 18-V10.ai:2
10%
4%
How many employees does your family office employ?More than 50
More than 50 0%
13%
11%
e4 18-V10.ai
M M • M E D I A NF IG
2 .8UMRME 1 8.3 : U.S. OVERVI
U NEW
ITED FIG
STAT E51900a_CH-Section
S U IATURE
MNE05 N
EFigure18.4:
D STAT MEESD I AUNITED
2%
18-V10.ai:2N STATES
M EAN BY
MEDIAN
4% More than 50 More than 50 0%
MEAN 11.41–5• MEDIAN 2.8 53% $50MM–$500MM A SSETS UNDER
$50MM–$500MM
6.2 11%2.0 SUP ERV ISION
6.2
1–5 2.0 55%
$501MM–$999MM $501MM–$999MM
9.4 2.7 9.4 19%2.7
4 M M • M E D I A N 2 .8 M M U N $1B
I T E DorSTAT
moreE S UMNE20.1
IATN
$1BE DorSTATMEESD I A
more N
9.3 M E20.1
AN MEDIA N
9.3
1–5 53% 1–5 14%  55%
6–10 18%  $50MM–$500MM $50MM–$500MM
6.2 2.0 6.2
6–10 16% 2.0
19%
$501MM–$999MM $501MM–$999MM
9.4 2.7 9.4 76% 2.7
26%
53% 1–5 55%
$1B or more 20.1
$1B or more 9.3 20.1 14% 9.3
19%
e 18-V10.ai:3 6–10 18%  51900a_CH-Section 05 Figure 18-V10.ai:4 6–10 8% 16%
11–20 18% 11–20 76% 19%26%
14%  32%
18%  53% 1–5
6–10 55%
16%
19% 26% 8%
e 18-V10.ai:3 11–20 18% 51900a_CH-Section 05 Figure 18-V10.ai:4 11–20 2% 19%
25–50 7% 25–50 10% 32%
8%14%  13%
18%
18% 6–10
11–20 16%
19%
26%32% 2%
25–50 7% 25–50 2% 10%
More than 50 4% More than 50 More than 50 0% 13%
2%8% 55% 11%
7% 18% 41%
11–20
25–50
1–5 10%19%
32% 50%
2%
M E A N 1 1 .4 M4%
M • M E D I A N 2 .8 M M U N I T E D STAT E S 8%13% UMNEIATN
E D STATMEESD I A N MEAN
More than 50 More than 50 More than 50 0%
$50MM–$500MM 2%
2% $50MM–$500MM
6.2 11%2.0 6.2
7% 25–50 10% 40%  55%
4% More than 50 $501MM–$999MM
More than 50 $501MM–$999MM
9.4 2.7 9.4
M41%
35% EAN 1 1 .4 M M • M E D I A N 2 .8 M M 1–5 0%
6–10 E S
U N I T E D STAT 13% 21%
50%
UMNEIATN
E D STATMEESD I A N MEAN
$1B or more 20.1
$1B or more
42% 8%11% 9.3 20.1
$50MM–$500MM $50MM–$500MM
6.2 2.0 6.2
4 M M • M E D I A N 2 .8 M M U N I T E D STAT E S UMNEIATN
E D STAT
$501MM–$999MM 2%MEESD I A N M EAN
40%$501MM–$999MM
9.4 M E2.7
DIAN 9.4
4% 35%  More than 50 More than 50 0%5%
6–10
13% $50MM–$500MM $1B or more
$50MM–$500MM
6.211–20 21%
11%2.0
21% 20.1
$1B or
6.2 more 9.3 2.0 20.1
42%
$501MM–$999MM $501MM–$999MM
9.4 2.7
17% 9.4 2.7
4 51900a_CH-Section
M M • M E D I A N 2 05 Figure
.8 M M 18-V10.ai:3 U N I$1B
T E DorSTAT
moreE S UMNEI20.1
ATN
$1BE DorSTAT
51900a_CH-Section
MEESD I A9.3
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05 Figure
M E20.1
AN
18-V10.ai:4
M E D I A9.3
N
0%5%
13%
11%
$50MM–$500MM $50MM–$500MM
6.225–50
11–20 2.0
21% 6.2 2.0
0%
51900a_CH-Section 05 Figure 18-V10.ai:3 $501MM–$999MM $501MM–$999MM
9.4 51900a_CH-Section 05 Figure 18-V10.ai:42.7
0% 2.7
17% 9.4
$1B or more 20.1
$1B or more 9.3 20.1 9.3
e 18-V10.ai:3
11%
F I G U R E 1 8.5: I NTERNATI ONAL OV ERV IEW FIG05UR
51900a_CH-Section E 18.6:
Figure
25–50
0% INTERNATIONA L BY
18-V10.ai:4
0%
More than 50 More than 50 0%
0%
MEAN 9.9 • MEDIAN 4.3 A SSETS UNDER
0% SUP ERV ISION
0%
eM18-V10.ai:3
M • M E D I A N 4. 3 M M I N T E R N AT I O N A51900a_CH-Section
L N ET05
IM A
ERNFigure 18-V10.ai:4
N AT I O
0%M
N AE LD I A N MEAN MEDIAN
More than 50 More than 50 55%
0%
1–5 41% $50MM–$500MM $50MM–$500MM
5.6 0% 2.7 5.6
1–5 2.7 50%
$501MM–$999MM $501MM–$999MM
9.1 3.0 9.1 8% 3.0
M M • M E D I A N 4. 3 M M I N T$1B
E R NorATmore
IONAL IM
N ET18.0
AER
N NorATmore
$1B IOM
N AE LD I8.0
AN M E18.0
AN M E D I8.0
AN 55%
1–5 41% 1–5 40% 
50%
6–10 35%  $50MM–$500MM $50MM–$500MM
5.6 2.7 5.6
6–10 8% 21%
2.7
$501MM–$999MM $501MM–$999MM
9.1 3.0 55%
9.1 3.0 42%
41% 1–5 50%
$1B or more 18.0
$1B or more 8.0 18.0 8.0 40% 
8%
e 18-V10.ai:5 6–10 35%  51900a_CH-Section 05 Figure 18-V10.ai:6 6–10 5% 21%
11–20 13% 11–20
55% 21% 42%
40% 
41% 1–5 50% 17%
35%  6–10 21%
8% 42% 5%
e 18-V10.ai:5 51900a_CH-Section 05 Figure 18-V10.ai:6 0%
11–20 13% 11–20 21%
20+ 11% 40%  25–50 0% 17%
5% 0%
13% 35%  6–10
11–20 21%
21%
17% 42% 0%
20+ 11% 25–50 0%
0%
More than 50 5% More than 50 0%
0%
0% 0%
13%
11% 11–20
25–50 21%
0%
0% 17% 0%
M E A N 9.9 M M • M E D I A N 4. 3 M M I N T E R N AT I O N A L
More than 50
IM
N ET A
ERN N AT I O M
More than 50
N AE LD I A N MEAN
0%
$50MM–$500MM 0%
0% $50MM–$500MM
5.6 0% 2.7 5.6
11% More than 50 25–50
More than 50 0%
$501MM–$999MM $501MM–$999MM
9.1 3.0 9.1
M E A N 9.9 M M • M E D I A N 4. 3 M M A0%
I N T E R N AT I O N 0%L IM
N ET A
ERN N AT I O M
N AE LD I A N MEAN
$1B or more 0% 18.0
$1B or more 8.0 18.0
$50MM–$500MM $50MM–$500MM
5.6 2.7 5.6
9 M M • M E D I A N 4. 3 M M I N T E R N AT I O N A L IM
N ET A
ERN N AT I0%
$501MM–$999MM OMN AE LD I A N M
9.1E A N
$501MM–$999MM M E3.0
DIAN 9.1
75
EXECUTIVE ROLES
The vast majority (82%) of family offices globally have between one to three executive
roles, and 93% report five or fewer. This suggests that many are hiring “expert
generalists” for these types of positions who are agile leaders with broad skill sets that
can fill a range of responsibilities versus pure technicians.
As above, when family office assets rise, the number of executives also tends to rise.
For example, 75% of more modest family offices and 57% of mid-sized family offices
report one to two executives, while 66% of larger family offices indicate they have three
executives or more, with 19% reporting five or more.
E X EC U T I V E R O L E S
93%
of family offices globally
82%
of family offices globally
have five or fewer have between one and
executive roles three executive roles
N U M B E R O F E X EC U T I V E S
75%
of modest family offices
57%
of mid-sized family
report one to two offices report one to two
executives executives
66%
of larger family offices
19%
of larger family offices
report three or more report five or more
executives executives
5 3%
76
6–10 6%
How
11–251% many employees are in executive roles at your firm?
MEAN XX.XX • MEDIAN XX.XX

F IG U R E 19.1 : GLOBAL OVERVI EW
1 27%
H-Section 05 Figure 19.1-2 Global-V10.ai

2 1 31% 27%
3 2
24% 31%
4 8% 3 24%
1 40% 1 24% 1 10%
5 3% 4 8%
2 35% 2 33% 2 24%
6–10 6% 5 3%
3 17% 3 24% 3 32%
11–25 1% 6–10 6%
4 5% 4 4% 4 15%
11–25 1%
5 2% 5 4% 5 3%
tion 05 Figure 19.1-2 Global-V10.ai
6–10 1% 6–10 7% 6–10 14%
51900a_CH-Section 05 Figure 19.1-2 Global-V10.ai

F IG11–25
U R E0%19.2: GLOBAL BY ASSETS11–25
UNDER
2% SUP ERV ISION 11–25 2%
MEAN 2 • MEDIAN 1 M E A N 2 .7 • M E D I A N 2 M E A N 3 .6 • M E D I A N 3
1 40% 1 24% 1 10%
H-Section 05 Figure219.1-2 Global-V10.ai:2
1
35% 40% 2 1
33% 24% 2 24% 1 10%
3 17% 2 35% 3 24% 2 33% 3 32%2 24%
4 5% 3 17% 4 4% 3 24% 4 15% 3 32%
5 2% 4 5% 5 4% 4 4% 5 3% 4 15%
6–10 1% 5 2% 6–10 7% 5 4% 6–10 14% 5 3%
11–25 0% 6–10 1% 11–25 2% 6–10 7% 11–25 2% 6–10 14%
MEAN 2 • MEDIAN 1 M E A N 2 .7 • M E D I A N 2 M E A N 3 .6 • M E D I A N 3
11–25 0% 11–25 2% 11–25 2%
5 3%
77
6–10 6%
How
11–251%
many employees are in executive roles at your firm?
MEAN 2.8 • MEDIAN 2
1 F IG27%
U R E 19.3 : U .S. OVERVI EW
H-Section 05 Figure 19.3-4 US-V10.ai
2 126%  27%
3 226% 26% 
4 10% 3 $50MM–$500MM
26% $501MM–$999MM $1B or more
1 38% 1 26% 1 13%
5 3% 4 10%
2 30% 2 23%  2 23%
6–10 6% 5 3%
3 23%  3 29% 3 30%
11–25 1% 6–10 6%
4 6% 4 6% 4 17%
11–25 1%
5 2% 5 6% 5 2%
tion 05 Figure 19.3-4 US-V10.ai
6–10 2% 6–10 6% 6–10 13%
51900a_CH-Section 05 Figure 19.3-4 US-V10.ai

F IG11–25
U R E0%19.4: U NI TED STATES BY 11–25
A SSETS
3% UNDER SUP ERV ISION11–25 2%
MEAN 2.1 • MEDIAN 1 MEAN 3 • MEDIAN 2 MEAN 3.5 • MEDIAN 3

1 38% 1 26% 1 13%

H-Section 05 Figure219.3-4 US-V10.ai:2
30%1 38% 2 23%  1 26% 2 23% 1 13%
3 23%  2 30% 3 29%2 23%  3 30%2 23%
4 6% 3 23%  4 6% 3 29% 4 17% 3 30%
5 2% 4 6% 5 6% 4 6% 5 2% 4 17%
6–10 2% 5 2% 6–10 6% 5 6% 6–10 13% 5 2%
11–25 0% 6–10 2% 11–25 3% 6–10 6% 11–25 2% 6–10 13%
MEAN 2.1 • MEDIAN 1 MEAN 3 • MEDIAN 2 MEAN 3.5 • MEDIAN 3

11–25 0% 11–25 3% 11–25 2%
5 4%
78
6–10 7%
How
11–251%
many employees are in executive roles at your firm?
M E A N 2 .4 • M E D I A N 2
1 F IG U R E 19.5: I NTERNATI ONAL OV ERV IEW

26%
H-Section 05 Figure 19.5-6 INT-V10.ai
2 46% 
1 26%
3 15%
2 46% 
4 2%
3
$50MM–$500MM
15%
1 45% 1 21% 1 0%
5 4%
4 2%
2 50% 2 57%  2 25%
6–10 7%
5 4%
3 0%  3 14% 3 42%
11–25 1%
6–10 7%
4 0% 4 0% 4 8%
M E A N 2 .4 • M E D I A N 2
11–25 1%
5 5% 5 0% 5 8%
M E A N 2 .4 • M E D I A N 2
tion 05 Figure 19.5-6 INT-V10.ai
6–10 0% 6–10 7% 6–10 17%
51900a_CH-SectionF 05
IG11–25
U R E0%19.5-6
Figure 19.6:INT-V10.ai
I NTERNATI ONAL BY
11–25A SSETS
0% UNDER SUP ERV ISION
11–25 0%
M E A N 1 .7 • M E D I A N 1 MEAN 2.2 • MEDIAN 2 M E A N 3 .9 • M E D I A N 3

1 45% 1 21% 1 0%

H-Section 05 Figure219.5-6 INT-V10.ai:250% 2 57%  2 25%
1 45% 1 21% 1 0%
3 0%  3 14% 3 42%
2 50% 2 57%  2 25%
4 0% 4 0% 4 8%
3 0%  3 14% 3 42%
5 5% 5 0% 5 8%
4 0% 4 0% 4 8%
6–10 0% 6–10 7% 6–10 17%

5 5% 5 0% 5 8%
11–25 0% 11–25 0% 11–25 0%

6–10 0% 6–10 7% 6–10 17%
M E A N 1 .7 • M E D I A N 1 MEAN 2.2 • MEDIAN 2 M E A N 3 .9 • M E D I A N 3
11–25 0% 11–25 0% 11–25 0%
79
The most frequently cited executive roles are Chief Executive Officer (CEO)/President at 36%, Chief
Financial Officer (CFO) at 28% and Chief Investment Officer (CIO) at 25%. This list is consistent
across regions, though international family offices were more likely to fill CEO/President and CIO
roles compared to U.S. family offices, 40% versus 35% and 30% versus 23%, respectively, and less
likely to have a CFO, 18% versus 31%, respectively.
Which of the following executive roles does your family office have?
F IG U R E 2 0.1 : GLOBAL OVERVI EW FIG UR E 20.2: G LOBA L BY

utive Officer/PresidentChief Executive Officer/President Chief Executive Officer/PresidentChief Executive Officer/President

43% 43%
36% 36% 34% 34%
31% 31%
ncial Officer Chief Financial Officer Chief Financial Officer Chief Financial Officer
32% 32%
28% 28% 27% 27%
26% 26%
tment Officer Chief Investment Officer Chief Investment Officer Chief Investment Officer
25% 25%
25% 25% 23% 23%
25% 25%
ating Officer Chief Operating Officer Chief Operating Officer Chief Operating Officer
19% 19%
16% 16% 16% 16%
13% 13%
l Officer/General Counsel
Chief Legal Officer/General Counsel Chief Legal Officer/General Counsel
Chief Legal Officer/General Counsel
4% 4%
8% 8% 8%
13% 13%
Other Other Other
14% 14%
4% 14% 14% 14%
13% 13%
$50MM–$500MM $501MM–$999MM
$50MM–$500MM
$1B or more
$501MM–$999M
re51900a_CH-Section
20.1-2 Global-V10.ai05 Figure 20.1-2 Global-V10.ai 51900a_CH-Section 05 Figure51900a_CH-Section
20.1-2 Global-V10.ai:2
05 Figure 20.1-2 Global-V10.ai:2

41% 41%
35% 35% 30% 30%
32% 32%
ncial Officer Chief Financial Officer Chief Financial Officer Chief Financial Officer
36%  36% 
31%  31%  30% 30%
27% 27%
tment Officer Chief Investment Officer Chief Investment Officer Chief Investment Officer
$50MM–$500MM $501MM–$999M
re51900a_CH-Section
20.1-2 Global-V10.ai05 Figure 20.1-2 Global-V10.ai 51900a_CH-Section 05 Figure51900a_CH-Section
20.1-2 Global-V10.ai:2
05 Figure 20.1-2 Global-V10.ai:2
80
re51900a_CH-Section
20.1-2 Global-V10.ai05 Figure 20.1-2 Global-V10.ai
Which of the following executive roles does51900a_CH-Section 05 Figure51900a_CH-Section
your family office 20.1-2 Global-V10.ai:2
have? 05 Figure 20.1-2 Global-V10.ai:2
FChief
utive Officer/President IG UExecutive
R E 2 0.3 : U.S. OVERVI EW
Officer/President FIG
ChiefUR E 20.4:
Executive UNITED
Officer/PresidentChiefSTATES BY
Executive Officer/President
A SSETS UNDER 41%
SUP ERV ISION 41%
35% 35% 30% 30%
32% 32%
ncial
utiveOfficer
Officer/PresidentChief
Chief Financial
ExecutiveOfficer
Officer/President Chief
Chief Financial
ExecutiveOfficer
Chief Financial
ExecutiveOfficer
Officer/President
36%41%
 36%41%

31% 
35% 31%35%
 30%
30% 30%
27%32% 30%
27%32%
tment
ncial Officer
Officer Chief
Chief Investment Officer
Financial Officer Chief Financial
Officer Chief Investment Officer
Financial Officer
23% 36%  23%
23% 31%  21% 30% 36% 
23% 31%  21% 30%
25%
27% 25%
27%
ating
tmentOfficer
Officer Chief
Chief Operating
InvestmentOfficer
Officer Chief
Chief Operating
InvestmentOfficer
Officer Chief
ChiefOperating
InvestmentOfficer
Officer
23%
23%  23%
17%23% 17% 23% 
17% 23% 21% 17%21%
12% 25% 12% 25%
lating
Officer/General
Officer Counsel
Chief
Chief Legal Officer/General
Operating Officer Counsel Chief
Operating Officer Counsel
Chief
4% 23%  4%
6% 23% 
17% 8% 17% 17% 6% 17%
13%
12% 13%
12%
Other
Chief Legal Officer/General Counsel Other Other
4% 14% 4% 14%
5% 18% 
8% 15% 6% 6% 18% 
14%
13% 14%
13%
Other $50MM–$500MM
Other $1B or $501MM–$999M
$50MM–$500MM more
14% 14%
5% 15% 18%  18% 
14% 14%
$50MM–$500MM $501MM–$999M
re51900a_CH-Section
20.3-4 US-V10.ai 05 Figure 20.3-4 US-V10.ai 51900a_CH-Section 05 Figure51900a_CH-Section
20.3-4 US-V10.ai:2 05 Figure 20.3-4 US-V10.ai:2
F IG U R E 2 0.5: I NTERNATI ONAL 20.6: INTER NATIONA L BY A SS E TS

re51900a_CH-Section
20.3-4 US-V10.ai 05 Figure 20.3-4 US-V10.ai 51900a_CH-Section 05 Figure51900a_CH-Section
20.3-4 US-V10.ai:2 05 Figure 20.3-4 US-V10.ai:2
OV E RV I E W UNDER SUP ERV ISION

50% 50%
40% 40% 43% 43%
30% 30%
ncial
utiveOfficer
Chief Financial
ExecutiveOfficer
Officer/President Chief
Chief Financial
ExecutiveOfficer
Chief Financial
ExecutiveOfficer
Officer/President
18%  50% 18% 
18%  17% 50%
40% 18%  40% 43% 17% 43%
20% 30% 20% 30%
tment
ncial Officer
Officer Chief
Financial Officer Chief Financial
Officer Chief Investment Officer
Financial Officer
18%  35% 35%
18% 
18%  30% 18%  30% 17% 30%
17% 30%
20%25% 25%
20%
ating
tmentOfficer
Officer Chief
Chief Operating
InvestmentOfficer
Officer Chief
Chief Operating
InvestmentOfficer
Officer Chief
ChiefOperating
InvestmentOfficer
Officer
6%  35% 6% 
% 13% 35%
30% 13% 30% 30% 13% 30%
18% 25% 18% 25%
lating
Officer/General
Officer Counsel
Chief
Operating Officer Counsel Chief
Chief
3%6%  3%6% 
% 10%
13% 13%
13% 13%
13%18% 13%
13%18%
Other
Chief Legal Officer/General Counsel Other Other
3% 15% 15%
3%  13% 3%
9%
10% 3%  13%
8% 13% 8% 13%
Other $1B or $501MM–$999M
$50MM–$500MM more
15% 15%
9% 3%  3% 
81
The report next looked at the relationship the people filling these various executive roles have
to the family office: nonfamily member, compensated family member or non-compensated
family member. CEO is often the first executive role filled for a family office. Globally, 50% of the
respondents indicate that this position is held by a family member, while the balance is held by
nonfamily members. There are some regional differences, however. U.S. family offices are less
likely to have nonfamily members serving as CEO/President and CIO than international family
offices, 45% to 64% and 71% to 90%, respectively.
CFO and legal executive roles are the most likely to employ nonfamily members. Family offices
overseeing $1 billion or more are more likely to employ nonfamily members in the roles of
CEO/President and CFO, 63% and 100%, respectively. U.S. family offices are more likely to have
non-compensated family members in the role of CEO/President, at 29% versus 7% internationally.
50%
of family offices report that the
CEO/President is a family member
OFFICES OFFICES
29%
are more likely to have
7%
are more likely to have
non-compensated family non-compensated family
members in the role of members in the role of
CEO/President CEO/President
ly member: Non-family member Family member: compensated
mpensated compensated
7% 7%
Family member: Family member: 82
S EC T I O N 5 : CO ST S A N D STA F F I N G non-compensated non-compensated
21.1
51900a_CH-Section
Global-V10.ai 05 Figure 21.1 Global-V10.ai 51900a_CH-Section 05 Figure 21.1
51900a_CH-Section
Global-V10.ai:2 05 Figure 21.1 Global-V10.ai:2
Which of the following best describes this role’s relationship to23%

the organization? 23%
23% 23% Family member: Family member:
member: F IG 86%
UFamily
R E 2member: 86% EW
1 .1 : GLOBAL OVERVI
non-compensated
86%
non-compensated
76% 86
76
pensated non-compensated
Non-family member Non-family member Non-family member Non-
Non-
tive Officer/President
Chief Executive Officer/President Chief Financial Officer Chief Financial Officer
cial
ment27%
Officer
Officer 50%27%
Financial
Chief InvestmentOfficer
Officer 50% InvestmentOfficer
Chief Operating Officer 8% Chief Operating Officer 8%
InvestmentOfficer
ly member: Family
Non-family
member:
member Non-family member Family member: compensated Family memb
11%
mpensated 13% compensated
11% 13% 19% 19%
ember: Family member: compensated
Family member: Family member: compensated 7%
7% 7%
7%
Family member: compensated Family member
nsated non-compensated Family member: Family member:
Family member:
non-compensated Family member:
non-compensated
51900a_CH-Section non-compensated non-compensated
21.1 Global-V10.ai 05 Figure 21.1 Global-V10.ai 51900a_CH-Section 05 Figure 21.1 Global-V10.ai:2
23% 23%
member: 86%
Family member: 86% 86%
76% 86
76
pensated non-compensated Non-family
Non-family member Non-
76%
Non-family member
76%
Non-family member
75% member 75
Non-
Non-family member Non-family member Non-family member Non
cial
ment Officer
Officer Chief
Chief Financial
InvestmentOfficer
Officer Chief
Operating Officer Chief
Operating Officer
11%
ting Officer
13% 11%
Chief Operating Officer
13% 19%
19%
ember:
nsated
Family member:
Family member: compensated
non-compensated
Family member: compensated
7% 7%
Family member: Family member:

21.1
51900a_CH-Section
Global-V10.ai 05 Figure 21.1 Global-V10.ai non-compensated
51900a_CH-Section 05 Figure 21.1 Global-V10.ai:2non-compensated
21.1
51900a_CH-Section
Global-V10.ai:3 05 Figure 21.1 Global-V10.ai:3 51900a_CH-Section 05 Figure 21.1
51900a_CH-Section
Global-V10.ai:4 05 Figure 21.1 Global-V10.ai:4
86% 86% 76% 76

76%
Non-family member
75% 76%
Non-family member
75% 75%
Non-family member
90% 759
Non-
Non-family
Non-familymember
member Non-family member
Non-family member Non-family member
Non-family member Non
N
ment Officer Chief Investment Officer Chief Operating Officer Chief Operating Officer
ting Officer 13%
11%
Officer/General CounselLegal11%
Chief Operating Officer 13%
Officer/General Counsel Other 19%Chief 19%
OtherLegal Officer/General Counsel
ember:
nsated
Family member:
10%
compensated Family member: compensated
Family member:
non-compensated 10% 7% 13% 7%
13%
Family member: compensated Family member: compensated Family member: FamilyFamily
member:member:
compensated Family membe
non-compensated non-compensated
51900a_CH-Section
21.1 Global-V10.ai:3 05 Figure 21.1 Global-V10.ai:3 51900a_CH-SectionFamily
05 Figure
3%51900a_CH-Section
21.1
3%
Global-V10.ai:4Family
member: member:
76%
75% member 76%
75% member 75%
90%member 759
Non-family Non-family Non-family Non
90%
Non-family member
90%
Non-family member
84%
Non-family member
8
N
Non-family member Non-family member Non-family member N
ting Officer
Officer/General Chief
Chief Operating
Counsel Officer
Legal Officer/General Counsel Chief
Chief
Other
83
Which of the following best describes this role’s relationship to the organization?
F IG U R E 2 1 .2: GLOBAL BY ASSETS UNDER SUP ERV ISION
Chief Chief
Chief Executive Chief Financial Chief Legal Officer/
Global Investment Operating Other
Officer/President Officer General Counsel
Officer Officer
$50MM–$500MM
Relationship to organization
Non-family member 42% 75% 63% 61% 50% 88%
Family member:
27% 13% 14% 12% 0% 4%
non-compensated
Family member:
30% 13% 23% 27% 50% 8%
compensated
$501MM–$999MM
Family member:
29% 7% 12% 6% 0% 0%
non-compensated
Family member:
26% 10% 8% 17% 0% 19%
compensated
$1B or more
Family member:
14% 0% 7% 0% 0% 4%
non-compensated
Family member:
23% 0% 7% 8% 4% 13%
compensated
51900a_CH-Section 05 Figure 21.2,4,6-V10.indd

member Family member: Family member: non-compensated
9%
84
Family member:
compensated
21.3
51900a_CH-Section
US-V10.ai 05 Figure 21.3 US-V10.ai 51900a_CH-Section 05 Figure 21.3
51900a_CH-Section
US-V10.ai:2 05 Figure 21.3 US-V10.ai:2
83% 26%
F IG U R E 2 1 .383% 26%EW
: U .S. OVERVI 71%83%
 71%83%

amily member Family member: member
Non-family compensated Family member: compensated Non-family
Non-family member
member Non-family
Non-family member
member
Chief Executive Officer/President
tive Officer/President Chief Financial Officer Chief Financial Officer
%
cial
ment Officer
Officer 45%
29%
Financial Officer
Chief Investment Officer 29%  InvestmentOfficer
Chief Operating Officer8%Chief Operating Officer 8%
InvestmentOfficer
member Non-family member
Family member: Family member: Family member: non-compensated
Family member: non-compensated
13% non-compensated 13% non-compensated 8% 8%
mber: non-compensated
Family member: non-compensated Family member:9%
Family member: non-compensated non-compensated
Family member:
compensated
51900a_CH-Section
21.3 US-V10.ai 05 Figure 21.3 US-V10.ai 51900a_CH-Section
51900a_CH-Section 05 Figure 21.3 US-V10.ai:2 05 Figure 21.3 US-V10.ai:2
16% 16% 23%
Family member: Family member: Family member:
compensated compensated compensated
83% 26% 83% 26% 71%83%

 71%83%

Family member: member
compensated Family member: compensated
71% 
amily member
71% 
Non-family
69% 
Non-family
Non-family member
member 69% 
Non-family
Non-family member
member
ily member Non-family member Non-family member Non-family member
cial
ment Officer
Officer Chief
Chief Financial
InvestmentOfficer
Officer Chief
Operating Officer Chief
Operating Officer
ting Officer
13%
13% 8%
8%
mber: non-compensated Family member: non-compensated
51900a_CH-Section
21.3 US-V10.ai 05 Figure 21.3 US-V10.ai 51900a_CH-Section
51900a_CH-Section 05 Figure 21.3 US-V10.ai:2 05 Figure 21.3 US-V10.ai:2
21.3
51900a_CH-Section
US-V10.ai:3 05 Figure 21.3
16%
US-V10.ai:3
16%51900a_CH-Section 05 Figure 21.3
51900a_CH-Section
US-V10.ai:4
23%
05 Figure 21.3 US-V10.ai:4
Family member: Family member: Family member:
83% 83% 71%  71% 

71% 
amily member
71% 
Non-family member
69%  86% 69%  86%
ily member Non-family member Non-family member Non-family member

Non-family member Non-family mem
ting Officer 13%
Officer/General Chief Operating
Counsel Officer 13%
Legal Officer/General Counsel Other 8%Chief 8%
mber: non-compensated
14% 14% 4%
Family member: non-compensated 4%
Family member: Family m
member: compensated Family member: compensated non-compensated non-com
16% 16% 23%

15%
51900a_CH-Section
Family member: Family51900a_CH-Section
member: 51900a_CH-Section
05 Figure 21.3 US-V10.ai:4 05 Figure 21.3 US-V10.ai:4
Family member:
71%  71%  69%  86% 69%  86%

ily member
86%
Non-family member
86% 81% Non-familyNon-family
Non-family member
member 81% Non-family mem
member
ting Officer
Officer/General Chief
Chief Operating
Counsel Officer
Legal Officer/General Counsel Chief Chief
Other 4% 4%
85
F IG U R E 2 1 .4: U NI TED STATES BY A SSETS UNDER SUP ERV ISION
Chief Chief
United States Investment Operating Other
Officer Officer
$50MM–$500MM
Non-family member 32%  71% 52%  58% 40% 84%
Family member:
36%  14% 19% 13% 0% 5%
non-compensated
Family member:
32% 14% 29% 29% 60% 11%
compensated
$501MM–$999MM
Non-family member 32%  80% 71% 71% 100% 80%
Family member:
40%  8% 18% 7% 0% 0%
non-compensated
Family member:
28% 12% 12% 21% 0% 20%
compensated
$1B or more
Family member:
13% 0% 6% 0% 0% 5%
non-compensated
Family member:
18% 0% 6% 12% 5% 15%
compensated
51900a_CH-Section 05 Figure 21.2,4,6-V10.indd:2

member: Non-family member Non-family member
pensated compensated
86
51900a_CH-Section
7% F I G U R E 2 1 .5: 7%  ONAL OVERV IEW

I NTERNATI
tive Officer/President
Chief Executive Officer/President Chief Financial Officer Chief Financial Officer
29%
cial
ment Officer 29%
64% 
Financial Officer
Officer Chief Investment Officer 64%  100%
InvestmentOfficer
Chief Operating Officer Chief Operating 100%
InvestmentOfficer
Officer
member: Family member:
Non-family member Non-family member Non-family member Non-family member
3%
pensated 6% compensated3% 6% 100%  100% 
mily member: Family member: compensated Family member: compensated
Family member: Non-family member Non-family member
ompensated non-compensated
51900a_CH-Section
90%  90% 
7%  7% 
Non-family
member
Non-family
member
cial
ment Officer Chief Investment
Officer Chief Financial Officer
Officer Chief
Chief Investment Officer Chief
Operating Officer Chief Operating
InvestmentOfficer
Officer
3%
ting Officer
6% 3%
6% 100% 
Chief Legal Officer/GeneralChief
Counsel
100% 
Legal Officer/General Counsel
ompensated non-compensated
51900a_CH-Section
51900a_CH-Section
21.5 INT-V10.ai:3 05 Figure 21.5 INT-V10.ai:3 51900a_CH-Section 05 Figure51900a_CH-Section
90%  90% 
Non-family Non-family
member member
3% 6%
ting Officer Chief
Officer/General Operating
Counsel 3% 6%
Officer
Legal Officer/General Counsel Other 100% 
Chief Legal Officer/GeneralChief
Other 100% 
Counsel
100% non-compensated
ompensated 100% 100% 100%
Non-family member Non-family member Non-family member Non-family member
51900a_CH-Section
21.5 INT-V10.ai:3 05 Figure 21.5 INT-V10.ai:3 51900a_CH-Section 05 Figure51900a_CH-Section
90%  90% 
Non-family Non-family
member member
ting Officer Chief

Officer/General Chief Operating
Legal
Counsel Officer
Officer/General Counsel Chief
OtherLegal Officer/GeneralOther
Chief
Counsel
Other
87
F I G U R E 2 1 .6: I NTERNATI ONAL BY A SSETS UNDER SUP ERV ISION
Chief Chief
International Investment Operating Other
Officer Officer
$50MM–$500MM
Non-family member 76%  100% 92%  100% 100% 100%
Family member:
0%  0% 0% 0% 0% 0%
non-compensated
Family member:
24% 0% 8% 0% 0% 0%
compensated
$501MM–$999MM
Non-family member 69%  100% 100% 100% 100% 100%
Family member:
8%  0% 0% 0% 0% 0%
non-compensated
Family member:
23% 0% 0% 0% 0% 0%
compensated
$1B or more
Family member:
17% 0% 10% 0% 0% 0%
non-compensated
Family member:
42% 0% 10% 0% 0% 0%
compensated
51900a_CH-Section 05 Figure 21.2,4,6-V10.indd:3

88
NON-EXECUTIVE ROLES
The majority of family offices (83%) surveyed also employ non-executive staff in a variety of
functions. As might be expected, the size of this staff tends to increase in tandem with the size and
complexity of the assets and services overseen by the family office, as well as the family served.
Core to the functions of many family offices are administrative and reporting capabilities. This
is evidenced in the responses below where the top three non-executive roles globally are:
administrative assistant (61%), accountant (55%) and controller (34%). Additionally, international
family offices are more likely to have in-house investment analysts and portfolio managers
compared to U.S. family offices, 48% versus 29% and 41% to 12%, respectively.
Although there has been a broader industry trend in terms of the increased professionalization
of family offices, many do not approach people management or technology with the same focus
and rigor as they do other aspects of the enterprise, such as investments. Based on staffing, both
human resources and technology appear to be functions that are either being overlooked or more
likely being covered by another family office executive and/or being outsourced to third-party
providers. Only 13% of U.S. family offices report having an in-house head of people/talent, while
just 2% of international family offices view this as a dedicated function. Our sense is that in many
family offices, people management is likely incorporated into the role of the CEO or another key
executive.
TO P T H R E E N O N - E X EC U T I V E R O L E S
61% 55% 34%

administrative accountant controller
assistant
I N - H O U S E H E A D O F P EO P L E / TA L E N T
OFFICES OFFICES
13%
dedicated in-house
2%
dedicated in-house
head of people/talent head of people/talent
89
Despite the increasing importance of the role of technology and risks of cyberattacks, only a
small percentage of family offices globally have a dedicated Chief Technology Officer. The results
are similar across regions, with 10% of U.S. family offices and 7% of international family offices
reporting an in-house head of technology. With technology evolving so rapidly, all but the largest
family offices may prefer to outsource this capability in order to remain current and efficiently
access industry best practices. This is evidenced in Figure 22.2, which shows that 20% of family
offices with $1 billion or more in assets under supervision have a head of technology compared
to only 3% and 7% of more modest ($50 million to $500 million in assets under supervision) and
mid-sized ($501 million to $999 million in assets under supervision) family offices, respectively.
Many wealthy families have ambitious philanthropic goals, evidenced by initiatives such as the
Giving Pledge. Also, it is not unusual for families to have established separate family foundations.
With this in mind, one-fifth of surveyed U.S. family offices report having an in-house head of
family foundation or philanthropy director compared to just 2% of international family offices.
This seems consistent with findings in Sections 1 and 2, which show that U.S. family offices
are more likely than international family offices to report impact investing and philanthropy
as a family office objective, 51% to 30% (Figures 2.3 and 2.5), and more likely to offer specific
philanthropic services, 86% to 65% (Figures 4.5 and 4.9).
10%
of U.S. family offices
7%
of international family offices
report having an in-house report having an in-house
head of technology head of technology
19%
of U.S. family offices report
2%
of international family offices
having a family foundation or report having a family foundation
philanthropy director or philanthropy director
90
Any other role(s) Portfolio manager
83% 19%
Which of the following other roles exist in your firm?
Administrative assistant Head of family foundation or philanthropy director
61% 15%
F IG U R E 22.1 : GLOBAL OVERVI EW
Accountant Head of people/talent
55% 10%
83% 19%
Controller Head of technology
34% 9%
61% 15%
Investment analyst Other
34% 9%
55% 10%
Property manager
26%
34% 9%
34% 9%
Property manager
ection 05 Figure 22.1-2 Global-V11.ai

26%
F IG U R E 22.2: GLOBAL BY ASSETS UNDER SUP ERV ISION

ection 05 Figure 22.1-2 Global-V10.ai
74% 10%
84% 27%
95% 25%
55% 13%
56% 18%
75% 15%
41% 2%
42% 74% 10%
13%
84%
86% 19% 27%
95% 25%
22% 3%
31% 55% 7% 13%
56%
54% 18%
20%
75% 15%
21% 9%
31% 41% 2% 11%
42% 54% 8% 13%
86% 19%
Property manager
20%
22% 33% 3%
31%
29% 7%
54% 20%
21% 9%
31% 11%
29% 8%
Property manager
20%
ection 05 Figure 22.1-2 Global-V11.ai:2 33%
29% $50MM–$500MM $501MM–$999MM $1B or more
91
Any other role(s) Head of family foundation or philanthropy director
81% 19% 
Administrative assistant Head of people/talent
60% 13% 
F I G U R E 22.3 : U .S. OVERVI EW
Accountant Portfolio manager
Any other role(s) Head of family foundation or philanthropy director
55% 12% 
81% 19% 
Administrative assistant Head of people/talent
35% 10%
60% 13% 
Accountant Portfolio manager
29%  8%
55% 12% 
Property manager
28%
35% 10%
29%  8%
Property manager
ction 05 Figure 22.3-4 US-V10.ai 28%
F IG U R E 22.4: UNI TED STATES BY A SSETS UNDER SUP ERV ISION

ction 05 Figure 22.3-4 US-V10.ai
70% 8%
87% 13%
94% 17%
53% 15%
58% 26% 
72% 19%
39% 3%
42% 70% 8% 19%
87%
85% 13% 21%
94% 17%
23% 3%
32% 53% 10%15%
53%58% 21% 26% 
72% 19%
18% 6%
19% 39% 3% 13%
42% 51% 9% 19%
85% 21%
Property manager
20%
23% 42% 3%
32%
32% 10%
53% 21%
18% 6%
19% 13%
51% 9%
Property manager
20%
ction 05 Figure 22.3-4 US-V10.ai:2 42%
92
Any other role(s) Property manager
89% 17%
Administrative assistant Head of technology
63% 7%
F I G U R E 22. 5: I NTERNATI ONAL OV ERV IEW
Accountant Head of family foundation or philanthropy director
Any other role(s) Property manager
57% 2% 
89% 17%
Investment analyst Head of people/talent
Administrative assistant Head of technology
48%  2% 
63% 7%
Portfolio manager Other
Accountant Head of family foundation or philanthropy director
41%  13%
57% 2% 
Controller
Investment analyst Head of people/talent
33%
48%  2% 
Portfolio manager Other
41%  13%
Controller
tion 05 Figure 22.5-6 INT-V10.ai 33%
F I G U R E 22.6 : I NTERNATI ONAL BY A SSETS UNDER SUP ERV ISION

tion 05 Figure 22.5-6 INT-V10.ai
90% 20%
79% 57% 
100% 58% 
60% 5%
50% 0%
83% 0%
45% 0%
43% 90% 0% 20%
79% 92% 8% 57% 
100% 58% 
20% 5%
29% 60% 0%5%
50% 58% 0% 17%
83% 0%
30% 20%
45% 57%  0% 7%
43% 67% 0% 8%
92% 8%
Property manager
20%
14%20% 5%
17% 29% 0%
58% 17%
30% 20%
57%  7%
67% 8%
Property manager
20%
tion 05 Figure 22.5-6 INT-V10.ai:2
14%
93
CONCLU SION
We hope you found this year’s survey results insightful and useful.
We are extremely pleased to have been able to bring you this research,
and remain committed to providing innovative thought leadership.
For feedback, questions or additional information on any of the topics
presented in this report, please contact your J.P. Morgan team.
AB OU T U S
With more than two centuries of experience advising some of the world’s
most successful individuals and families, J.P. Morgan Private Bank offers a
full range of personalized family office solutions shaped around your needs
and goals. We are a deep team of practitioners who, alongside your Private
Banking team, deliver specialized advice, insights and services to help you
take care of your most important asset—your family.
FAMILY OFFICE INVESTMENTS ADVISORY SERVICES
Long-term asset allocation Family advisory

Capital markets trading Family office advisory
Private direct investments Philanthropy advisory
Alternative investment funds Cybersecurity advisory
Concentrated stake management Private business advisory
Tax advisory
Behavioral science
TRUST & ESTATE SERVICES LENDING & CUSTODY
Estate planning & wealth Custom lending

transfer advice Global custody
Strategic wealth planning & Private banking services
forecasting
23 WALL
Investment banking services

Access to the firm’s intellectual capital,
balance sheet and deal flow
94
AC KNOWLE D G MEN TS
UNITED STATES INTERNATIONAL
Anita Sarafa Adam Tejpaul

U.S. Wealth Advisory Head of Investments &
Christopher McCree Engagement for International Private Bank
U.S. Family Office Practice Claudia Caffuzzi
Edward Madara III Head of Wealth Advisory for
Head of 23 Wall for U.S. International Private Bank
Emily Margolis Marie-Thérèse Yates

U.S. Family Office Practice Wealth Advisor, Switzerland
Ileana van der Linde Maya Prabhu

Head of Cyber Advisory Head of EMEA Wealth Advisory &
International Private Bank Family Governance
Jordan Sprechman
U.S. Wealth Advisory Practice Lead Natacha Minniti
Head of 23 Wall for EMEA, APAC & LATAM
Monica DiCenso
Head of Global Investment Opportunities Natalia Murphy
Wealth Advisor
Robert Weyland
U.S. Wealth Advisory
Tiffany Carmona
U.S. Wealth Advisory
MARKETING
Amy Buckley
Head of Global Insights, U.S.
Emily Pititto
Strategic Growth Marketing, U.S.
Lily Loeb
Global Insights, U.S.
Lydia Morrish
Head of Strategic Growth Marketing, U.S.
Maxwell Scott
Head of Marketing Strategy for
International Private Bank
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2024 Global Family Office Report

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2024

Global Family Office

Mary Callahan Erdoes Andrew L. Cohen

David R. Frame Martin G. Marron

1 Family offices are taking sophisticated approaches to help broaden

2 Families remain firmly in control of investment decision making.

3 Beyond their balance sheets, many families are strategically

4 Many recognize that they need help in key areas.

5 They are willing to invest in their family offices.

SECTION 1 11 SECTION 2 23 SECTION 3 39

Family members served 13 Services offered 24 Investment 40

Family net worth and 20 cybersecurity risk Performance targets 44

AN IMPORTANT NOTE ABOUT CHARTS

GLOBAL UNITED STATES INTERNATIONAL

We are pleased to present J.P. Morgan Private Bank’s 2024 Global

William C. Sinclair Jamie Lavin Buzzard Elisa Shevlin Rizzo

Natacha Minniti Adam Tejpaul

COSTS AND STAFFING PAGE 70

DETAILED LOOK INTO THE REGIONS

EUROPE 65% ASIA 19% SOUTH AMERICA 16%

SOUTH 42% NORTHEAST 32% MIDWEST 14% WEST 12%

GLOBAL ASSETS UNDER SUPERVISION AND FAMILY NET WORTH

16% L NET WORTH

Who uses a family office?

THE SIZE OF THE FAMILIES BEING SERVED

THEIR FAMILY OFFICE OBJECTIVES

THEIR TOTAL NET WORTH AND THE AMOUNT OF ASSETS

FAMILY MEMBERS SERVED

Who is being served by How many generations are served

F IG U R E 1 . 2: GLOBAL BY ASSETS UNDER SUP ERV ISION ( AUS)

ure Who is being

20%  1 20%  1 10% 1 10%

10% 2 10% 2 2 2 41%2  41% 

15% 3 15% 3 3 3 41%3 41%

10%  11+ 10% 

F IG U R E 1 .4: U NI TED STATES BY A SSETS UNDER SUP ERV ISION

35%  1 35%  1 15% 1 15%

F IG U R E 1 .6 : I NTERNATI ONAL BY A SSETS UNDER SUP ERV ISION

FAMILY OFFICE OBJECTIVES

What are your family office’s objectives?

ancial assets of the family

FAMILY NET WORTH AND FAMILY OFFICE

45% 55% 31%

Family total net worth Assets under supervision by family office

F I G U R E 3. 3 : I NTERNATI ONAL OV ERV IEW

M 11% $501MM–$750MM 11%

What types of services do

CONFIDENTIALITY, CUSTOMIZATION AND CONTROL

Other popular services

Greatest areas of need

“We find that many single family offices are looking to

Family Wealth Education % %0 10 20 30 40 50 60 70

Investments Private Investments Balance Sheet AggregationBalance & Reporting

Specialty Asset Management Specialty

Governance & Succession

Family Governance & Succession Planning Insurance Management

Matrimonial & Family Planning

ent Management $5 00 M10 ILLI

Investments Private Investments Financial Administration Financial Administration

Specialty Asset Management Specialty