Business
Inside the Modern Family Office: Complexity, Innovation, and a Generational Shift
The Bank of America Family Office Study: Perspectives on the Modern Family Office reveals that the next decade will be a defining era for the world's wealthiest families. Generational transitions, economic optimism, and rapid technological advancements are reshaping how family offices manage and preserve multigenerational wealth.
About this update from Bank Of America Corporation
[{"type":"text","content":"Bank of America Private Bank's Family Office Study Finds Nearly 60% of Family Offices Expect Leadership Transition Within the Next Decade","length":141,"tagName":"p","attribs":{}},{"type":"text","content":"NEW YORK, Nov. 12, 2025 /PRNewswire/ -- The Bank of America Family Office Study: Perspectives on the Modern Family Office reveals that the next decade will be a defining era for the world's wealthiest families. Generational transitions, economic optimism, and rapid technological advancements are reshaping how family offices manage and preserve multigenerational wealth.","length":375,"tagName":"p"},{"type":"text","content":"With 87% of family offices yet to be passed down to the next generation — and 59% expecting that transition within the next 10 years — leadership handovers are poised to bring new approaches to investing, philanthropy, and the use of technology. In fact, among family offices with less engaged principals, 73% of those surveyed expect the next generation to redefine the office's mission or purpose.","length":403,"tagName":"p"},{"type":"text","content":""As younger generations step into leadership roles, they are poised to redefine what it means to manage multigenerational wealth — from integrating Artificial Intelligence to expanding philanthropic missions," said Elizabeth Thiessen , Head of Family Office Solutions, Bank of America Private Bank. "This evolution will shape the modern family office for generations to come."","length":399,"tagName":"p"},{"type":"text","content":"The inaugural study surveyed 335 family office decision-makers across North America to understand how these organizations are evolving. Key findings include:","length":162,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Top challenges for family offices today: Family offices identified their most pressing challenges as investing, growing and preserving wealth (64%), planning for the future (56%), the strategic use of credit (50%), and navigating technology (44%).","length":247,"tagName":"p"}]},{"val":[{"type":"text","content":"Innovation through AI and automation: More than half (57%) of family offices have utilized artificial intelligence for investment research and strategy. Automation is widely used for forecasting (76%), alternative investment analysis (74%) and portfolio m...