How Financial Advisers Can Deliver a True Family Office Experience
The family office model is no longer just for the ultra-wealthy. To keep up with clients' changing demands, advisory firms will need to ensure they have the talent and the tech to offer holistic wealth management that encompasses investment, tax and estate planning.
Today's clients no longer want piecemeal financial help. They want a family office experience, even if they're not ultra-wealthy.
That means receiving investment guidance, tax filing and planning and estate planning all in one place. The old model of an adviser building a 60/40 portfolio or a CPA filing a return once a year no longer meets expectations.
Clients increasingly expect integrated investment, tax and estate planning support as part of holistic wealth management.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
The technology options of the past — single-purpose, siloed solutions — do not deliver on this need. Tax software that doesn't integrate with financial plans or estate planning tools that operate in isolation only add friction and duplication of work.
Investments in tech and talent
Forward-thinking wealth management firms are investing in talent and technology to meet these demands. At the same time, CPAs are reshaping their roles by becoming financial advisers, affiliating tightly with advisers or being acquired outright.
While the largest CPA-affiliated wealth firms now oversee hundreds of billions in assets under management (AUM), the more telling trend is the rapid growth of integrated advisory models in which tax and wealth services are converging to meet client demand for year-round guidance.
Estate planning is evolving in the same way. Once a service reserved for ultra-high-net-worth families, estate planning access has been democratized by platforms such as Trust & Will, Vanilla and Wealth.com, which are using technology to rapidly build and update planning frameworks and documents.
Advisers understand the stakes: If clients need to go elsewhere for estate planning, the entire relationship is at risk.
With trillions set to transfer between generations over the coming decades, firms that integrate estate planning will be positioned to retain both assets and trust.
What advisers can do to keep up
For advisers, this shift means rethinking what "comprehensive" really looks like.
It's no longer enough to simply add services; data integration between these offerings is required to deliver truly holistic guidance.
Advisory firms need to start by mapping where their clients' financial, tax and estate data currently reside and then identify and address the friction points between systems and providers.
Building integrations between technology solutions enables important data sharing between tools and teams by allowing information to flow seamlessly between investment, tax and estate planning systems.
In fact, many advisers are embedding tax and estate planning platforms directly into onboarding workflows and client portals so that they become part of ongoing financial advisory conversations.
Even firms not equipped to hire in-house tax professionals and estate planners can integrate with these solutions to deliver tax and estate services that feel frictionless to clients.
Tech requirements
To truly deliver on the family office model, the adviser technology stack of the future must:
- Enable seamless data flow between financial plans, tax returns and estate documents
- Facilitate collaboration between clients, financial advisers, tax professionals and estate planners in one integrated environment
- Provide proactive insights, using automation and AI, to anticipate client needs and optimize decisions in real time
The most innovative firms have already recognized this shift and are moving quickly to make it real.
They are investing in building technology infrastructure that allows shared data without sacrificing privacy and building teams in which tax, legal and financial professionals work in coordination with one another.
Indeed, as technology and talent continue to converge, the family office experience will no longer be a privilege of the ultra-wealthy; it will become the new standard for comprehensive wealth management.
Related Content
- Ten Ways Family Offices Can Build Resilience in a Volatile World
- How Women of Wealth Are Creating a New Model of Giving Through Family Offices
- The Four Key Pillars of Wealth Management of the Future
- How Financial Advisers Can Turn Compliance Into a Competitive Advantage
- From Vision to Value: A Blueprint for Helping to Build Your Advisory Practice
-
Special Report: The Future of American PoliticsThe Kiplinger Letter The Political Trends and Challenges that Will Define the Next Decade
-
We're Still Bullish on StocksWe're still bullish on stocks for 2026, but now is the time for investors to pull in their horns and dial down risk.
-
These Were the Hottest S&P 500 Stocks of 2025AI winners lead the list of the S&P 500's top 25 stocks of 2025, but some of the names might surprise you.
-
We're Still Bullish on Stocks
We're still bullish on stocks for 2026, but now is the time for investors to pull in their horns and dial down risk.
-
These Were the Hottest S&P 500 Stocks of the Year
AI winners lead the list of the S&P 500's top 25 stocks of 2025, but some of the names might surprise you.
-
Stocks That Could Take Off in the New YearThere are three areas of potential in the 2026 stock market.
-
Now That You've Built Your Estate Planning Playbook, It's Time to Put It to WorkYou need to share details with your family (including passwords and document locations) and stay focused on keeping your plan up to date.
-
I'm a Wealth Adviser: These 10 Strategies Can Help Women Prepare for Their Impending Financial PowerAs women gain wealth and influence, being proactive about financial planning is essential to address longevity and close gaps in confidence and caregiving.
-
I'm a Financial Planning Pro: This Is How You Can Stop These 5 Risks From Wrecking Your RetirementYour retirement could be jeopardized if you ignore the risks you'll face later in life. From inflation to market volatility, here's what to prepare for.
-
Are You Hesitating to Spend Money You've Spent Years Saving? Here's How to Get Over It, From a Financial AdviserEven when your financial plan says you're ready for a big move, it's normal to hesitate — but haven't you earned the right to trust your plan (and yourself)?
-
Time to Close the Books on 2025: Don't Start the New Year Without First Making These Money MovesAs 2025 draws to a close, take time to review your finances, maximize tax efficiency and align your goals for 2026 with the changing financial landscape.
