Peace of mind critical as families show no signs of slowing down on global ambitions

The concept of a family office has evolved greatly since it was initially established back in the 19th century – but with families today becoming ever more sophisticated in their structure, behaviours, investment ambitions and lifestyles, family offices are having to adapt like never before

By Spear's Partners

Tall buildings family offices — As families spread their wealth across different continents, family offices adopt international attitudes / Image: Shutterstock

International mobility has become a significant factor within the family office environment. Research by Deloitte Private, for instance, suggests that there were roughly 6,130 single family offices in the world in 2019 and that this number is projected to grow to more than 10,720 by 2030, a 75 per cent increase.

This growth reflects a broader trend of international families seeking jurisdictional diversification, both as a risk mitigation strategy to hedge against instability and to open up new opportunities.

‘The global landscape is increasingly complex and families are understandably concerned about instability, both in their home countries and in the regions where they invest and operate – however, these challenges are not slowing them down,’ says Robert Moore, Director – UK at Jersey Finance.

One of the biggest challenges to emerge from this global mobility is a lack of cohesion that can arise when it comes to cross-border planning. Bringing together the various strands of a family’s affairs in one location is vital, as families seek security and stability to support their long-term legacy and vision.

Robert Moore, Director at Jersey Finance, argues that family offices can survive global turbulence.

At the same time, with growing amounts of wealth being transferred between generations, families are placing greater emphasis on emerging areas, such as philanthropy and sustainable finance. It’s a challenge that Jersey, a jurisdiction with heritage in supporting the needs of global families stretching back some 60 years, is well positioned to respond to, as Moore explains:

‘Jersey’s reputation as a leading international finance centre ensures that families can achieve both financial optimisation and peace of mind for the management of their wealth. This combination of stability and certainty, paired with a forward-thinking and innovative approach, makes for a highly compelling proposition.’

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Numerous family offices have adapted to suit their clients’ international lifestyles.

Jersey is working hard to make sure it remains a jurisdiction of choice. A highly positive MONEYVAL report in 2024 is the latest independent assessment to evidence Jersey’s high standing, and this continues to provide families with the confidence they need.

‘It’s about reliability,” adds Moore. “As the world continues to evolve, so too do the needs and priorities of families. Jurisdictions like Jersey must adapt accordingly – particularly in areas like sustainable finance and tokenisation – where Jersey has already taken proactive steps.

‘It is only by remaining flexible and agile that jurisdictions like Jersey can continue to meet the evolving needs of international families and provide the reassurance they seek in the current environment.’

To find out more, visit Jersey Finance.