One of the leading organisations in the family office industry, already well established in the US, is forming a European group for wealth advisors.

Family Office Exchange, the global network of wealth owners and their advisors, today announced the formation of a new council group for sophisticated wealth advisors in Europe, this publication can exclusively report today.

The council will provide advisors with a private peer group, supported by FOX research, to guide their future growth as advisors to the high net worth market.

The inaugural meeting of the FOX Wealth Advisor Council is scheduled to take place in London on Thursday, 26 September.

“From our experience in the USA as well as Europe and other parts of the globe, there is an increasing sophistication by firms that serve ultra high net worth individuals. We thought it would be timely as the market continues to mature to bring some of our thinking to Europe in the form of the Wealth Advisor Council,” Charles Grace, senior consultant at Family Office Exchange, told this publication.

Among the FOX resources available to this group are insights from advisor benchmarking studies, including trends documented back to the mid-1990’s. They will also have access to the FOX Wealth Advisor Enterprise Series of studies that delve into the key strategic pillars of building a successful wealth advisory business, including product definition, pricing, staffing, service delivery, marketing, and business development.

“The benefit of the council is that by sharing information and ideas wealth management firms can improve performance and profitability; even rival firms benefit from having a forum in which to share ideas,” Grace said.

The new council will also reflect, to some extent, the different style of wealth management in Europe, he said. “Wealth management firms in Europe are still more investment-focused than in the US; in the US, they have broadened out to offer more non-investment services. We hear that brand matters to a greater extent in Europe than here. “We note European firms have a sophisticated way of looking at risk including more thought about currency risk and other cross-border risks for example,” Grace said.

US experience

“This offering is patterned after a similar Council that has been operating in the United States since 2006,” Alexandre Monnier, president of FOX, said in a statement.

“Many of the debates and insights arising from the Council have helped shape the emergence of a new wealth advisor class dedicated to serving the most sophisticated, multigenerational families,” Monnier said.

“Over the last 20 years, a group of American advisors has taken advantage of the opportunity to specifically address the unique needs of the wealthiest families,” said Sara Hamilton, founder and CEO of Family Office Exchange. “The requirements of these families are substantially different from the needs of other wealthy families.  A new segment of advisor has successfully emerged to serve them, fostered by the collaboration in the FOX Council.

“As their wealth grows, a financially successful family requires more than traditional investment managers and private bankers typically provide. There is a need for enhanced services in order to add business among this desirable segment. Based on demand from our European advisor members, we believe now is the time to support the expansion of this segment in Europe,” Hamilton said.

Family Office Exchange includes more than 450 organisations in 20 countries.