Why Demand Is Growing For Family Offices In Latin America
January 19, 2016
In a recent article published by Family Wealth Report, WE Family Office’s Michael Zeuner, Mel Lagomasino, and Santiago Ulloa discuss the growing demand for family offices in Latin America. Although saddled with slow economic growth, Latin America accounts for 31% of all ultra high net worth globally. Demand for family offices to manage wealth in the region can be attributed to several factors. Many banks have pulled out or scaled back operations in Latin America, causing families to search for new wealth management solutions. A strong family-oriented culture means multiple generations are taking an active role in the management of the family’s wealth and business entities, and political instability in the region has caused LatAm families to be more concerned about the financial safety of the next generation – both areas in which the hiring of a family office is a strategic move.
“Some families used to view a family office as an additional cost layer, but I think more and more are understanding that we are reducing their costs significantly while also improving the quality of service,” Lagomasino said. Latin America clients are some of the most loyal client bases, which is good news for family offices able to take advantage of this growing trend.
To read the full article, click here.
