Family offices are undergoing a transformation as next-generation wealth holders seek to modernize how they manage their assets and relationships with professional advisers.

A global study by Ocorian, a provider of trust, fund, and corporate services, finds that 97% of family offices believe the transitioning generation will broaden their network of trusted advisers, significantly diverging from the more insular or vanilla approach of the founding generation.

The research, which covered family members, senior staff, and intermediaries representing over US$68 billion in wealth, underscores a growing appetite among younger family members for greater collaboration, transparency, and specialized insight across the professional services they engage with.

A significant 96% of respondents noted that the values and priorities of new-generation family members differ from their predecessors, with 28% saying “significantly”.

However, while the upcoming generation is clearly looking outward, they are not abandoning existing relationships. In fact, 95% agree the next generation has either already established strong ties with current advisers ( 64% ) or is in the process of doing so ( 31% ).

Call for better service

The data also suggests room for improvement in the private client industry itself, with over half ( 51% ) of respondents saying the sector “needs significant improvement” in service delivery, another 37% calling for moderate changes, and only 12% fully satisfied.

While family offices rate their banking partners highly – 48% “excellent” for 48% and “good” for 50% – they are more reserved in their praise of tax advisers and law firms.

Andrew Ho, regional head, private clients for Asia-Pacific, at Ocorian, notes: “With many family offices preparing for or undergoing a succession of wealth, our research shows that the next generation may well decide to do things differently. It’s a period when many are likely to lean on their professional support more than ever, but at the same time they will also be looking to establish new relationships, strategies and ways of working.”

Jack Koo, managing partner and head of wealth management at Singapore-based Merliance Capital, adds: “We are seeing first-hand how rising generations are reshaping the advisory landscape. They value continuity, but they also expect broader perspectives, greater transparency, and a more collaborative approach from their professional partners.”

This latest research sends a clear signal to advisers that those who fail to adapt as family offices evolve, risk being left behind.

The survey respondents were based in the United Kingdom, United Arab Emirates, Singapore, Switzerland, Hong Kong, South Africa, Saudi Arabia, Mauritius, Bahrain, Bermuda, Cayman, British Virgin Islands, and Jersey.