More than wealth Family office Sandaire shares the new wealth management trends

MORE THAN WEALTH

Sandaire shares how its modern family office provides a unique level of experience to its affluent clientele

The rise of family offices means that families of wealth can expect their aspirations met, without constraint or compromise, through a unique level of real understanding and first-hand experience.

If your idea of the higher altitudes of wealth management brings forth images of archaic oakpanelled meeting rooms in private banks in the finer parts of London, you are sorely mistaken. More accurately, the modern face of exceptional wealth is planted firmly in the concept of a family office.

The modern concept of a family office was developed in the 19th century by J.P. Morgan and the Rockefeller family, who developed family-owned organisations to manage both their private wealth and family affairs. Over time, as experience and expertise grew, offices opened up their services to other non-related families, evolving from single family offices into multi-family offices. The first multi-family office in the UK was built by the Scott family, founders of Sandaire – following the sale of Provincial Insurance – to serve their wealth and eventually other exceptional families, resulting in today’s multi-family office structure.

As the lucrative family office landscape grows, there are numerous firms who have been quick to reposition their offers – offering family office expertise. However, many of these family offices are still only restricted to financial and legal services and at best, may include succession planning or family governance in their remit.

But this is not the case with the truest form of a multifamily office. One that has evolved from serving a single family and brought that real understanding and firsthand experience to benefit other families.

“As the needs and requirements of families of significant wealth continue to evolve, they are looking for a service that can support them throughout their

lifecycle and with generations to come,” says James Fleming, Sandaire’s Chief Executive. “In addition to this, they are seeking family office services that relieve them of the burden of some of life’s complexities.”

Sandaire is completely independent. True family offices have no products to sell and the freedom to procure only the best financial talent, as well as providing a world of unfettered access, pooled resources and unrivalled purchasing power. To complement the financial clout, family offices have evolved to offer services that simply cannot be achieved by more traditional financial establishments.

“Consumer trends are changing and clients are increasingly seeking independent advice and key services in-house and under one roof, which can support the requirements of their family across a whole range of capabilities,” continues Fleming. “Many clients place great importance on the responsibility of the preservation and careful stewardship of their wealth across generations. They seek family offices who can seamlessly lighten their load by supporting them with the challenges, as well as the pleasures, that living a life with wealth entails - including pursuits with philanthropic goals and passions.”

To be a part of a modern family office is an immersive experience, where educating the next generation on handling their wealth sits alongside looking after dayto-day admin. Whether it is offering support with purchasing real estate, researching impact investment options or supporting the creation of a family charter, all services are expertly and discreetly handled. This is the very definition of bespoke.

Fleming concludes: “While our founding family stands shoulder to shoulder with the families we serve, pooling their experience, expertise and assets, it has always been apparent that each family has unique circumstances and requirements that require a singular approach. To meet those requirements, 2019 has seen Sandaire build upon its investment office services, launching real estate, corporate finance and private equity businesses.

“A commitment to providing the broadest spectrum of advice to benefit the families under our guidance. We are also investing heavily in our already extensive family office expertise – Co-ordinating the day-to-day, Lifestyle Enhancements, Family Continuity, Client Information Management and Wealth Structuring – the list, like the service, is not exhaustive.”

Family offices are a relatively new, but extremely important force in global finance. As their influence grows, they are set to redefine the concept of service, helping families of significant wealth reclaim the most important asset of all. Time.