For decades, independent investment consultants quietly advised some of the world’s most sophisticated clients—endowments, foundations and wealthy families. These long-term relationships were built on discretion, trust, and highly specialized expertise.
But today, wealth and asset management are more complex than ever. Portfolios span public and private markets. Families are global. Risks—ranging from cybersecurity to regulation—have multiplied. And clients now expect more than performance reports. They want clarity, continuity, and coordination across every aspect of their financial lives.
In this environment, the role of the standalone consultant is shifting. Increasingly, firms are combining forces with multi-family offices to deliver integrated platforms that provide both the independence of traditional consulting and the breadth of modern family office services.
This is not consolidation for its own sake. It’s a strategic response to client needs. And it marks the beginning of a new era in wealth advice.
Why This Evolution Matters
Here are five reasons why this shift is happening—and why it matters to successful families and institutions.
1. Technology Expectations Have Changed
Ultra-high-net-worth clients increasingly expect real-time access to their portfolios, risks, and performance across multiple custodians and asset classes. Quarterly updates are no longer enough.
According to BCG’s 2024 WealthTech Survey, 70% of UHNW clients now expect personalized, digital-first reporting with full visibility into all their assets. Delivering that kind of clarity requires significant investment in technology platforms—something that is difficult for smaller, independent firms to do alone.
By joining forces with growth-oriented multi-family offices, investment consulting firms gain access to advanced systems for reporting, data integration, and analytics, creating a more seamless experience without sacrificing independence.
2. Wealth Is About More Than Investments
Increasingly, clients want advice that integrates all aspects of their wealth: structuring a family enterprise, navigating liquidity events, preparing the next generation, or advancing philanthropic missions.
EY’s 2023 Family Office Report found that nearly 70% of family offices are looking to simplify relationships—consolidating planning, governance, and investment oversight under one roof.
Strategic partnerships between consultants and family offices make this possible. The result: better coordination, smarter planning, and advice that reflects the full picture of a client’s wealth—not just their portfolio.
3. Continuity and Succession Are Essential
Trust is built over decades, but it can be jeopardized in moments if a firm lacks succession planning. According to EY’s Global Family Enterprise Insights (2023), families increasingly prioritize “institutional durability” in the advisors they choose.
By combining platforms, firms can build multi-generational advisory teams, deeper infrastructure, and succession frameworks that ensure consistency of service. Clients gain confidence knowing that the relationship will endure—serving children and grandchildren with the same care and continuity.
4. Scale Unlocks Access
In today’s markets, scale matters. Many of the most compelling opportunities—particularly in private equity, credit, venture capital, and co-investments—are only available to firms with the size and networks to access them.
Cerulli Associates projects the OCIO market will grow to $4.25 trillion by 2028, underscoring the importance of scale for both access and economics.
By partnering with multi-family offices, consultants can unlock access to top-tier managers, preferential terms, and differentiated investment opportunities that might otherwise be out of reach—without compromising on personalization.
5. Clients Need Resilient, Streamlined Experiences
Managing wealth today is about far more than choosing investments. It requires robust risk oversight, compliance frameworks, cybersecurity, and operational due diligence. Yet many families juggle these services across multiple firms—leading to inefficiency and blind spots.
By integrating consulting with family office infrastructure, clients benefit from a more resilient, future-proof, and less fragmented experience. Every component of their financial life works together, supported by institutional-grade systems, aligned with their goals.
Built for What Comes Next
The wealth advisory industry, including endowments and foundations, is at an inflection point. The standalone consulting model is giving way to a more integrated approach—one that combines the independence and rigor of consulting with the scale and breadth of multi-family offices.
This is more than an operational shift. It is a redefinition of what it means to be a wealth partner. Clients are asking bigger questions about purpose, legacy, and resilience. Meeting those expectations requires more than quarterly performance—it requires scale, specialization, and foresight.
The future of wealth advice will not be defined by “consultants” versus “family offices.” It will be defined by firms capable of bringing both worlds together—delivering clarity, continuity, and opportunity across generations.
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