Lazard Family Office Partners: A Strategic Approach to Family Office Success

Lazard Family Office Partners takes a tailored approach to family office management, understanding that each family's goals and circumstances are unique. This means that no two families will receive the same service.

With a focus on long-term success, Lazard Family Office Partners provides comprehensive wealth management and investment advice. By combining expertise with a deep understanding of each family's needs, they help families achieve their goals.

By leveraging their global network and expertise, Lazard Family Office Partners delivers customized solutions that meet the distinct needs of each family. This approach has proven effective in helping families navigate complex financial situations and achieve long-term success.

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Lazard Family Office Partners has made a significant investment in ClassWallet as part of their Growth Equity on March 21, 2023. This investment highlights the family office's focus on supporting innovative businesses.

Their investment portfolio is still developing, but it's clear they're committed to backing promising ventures.

The family office industry is experiencing a wave of consolidation, with Compound Planning being a notable example. This new entity was formed through the merger of Compound and Alternativ, handling over $1 billion in assets under management since inception.

As the industry continues to evolve, we're seeing a shift in the way family offices operate. The average age of wealth advisors is over 55, and the multi-generational wealth is being passed down to a younger, tech-savvy demographic.

This demographic shift is likely to drive further consolidation in the industry, as family offices look to adapt to the changing needs of their clients. The use of technology is becoming increasingly important in this process, enabling family offices to provide a more comprehensive and efficient service.

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Many family offices are struggling to recruit and retain top talent, which hampers their ability to offer a full spectrum of sophisticated services.

Jason Pinkham, founder of Goose Rocks Wealth, has noticed that talent requirements are a common motivation for entities to pursue consolidation within the sector.

Talent acquisition is often a key driver for consolidation, as it allows family offices to build out their service offerings and expand their capabilities.

Acquisitions in the family office industry often hinge around strategic assets like financial planning, legal, and tax services.

By pooling strategic resources, family offices can create a more holistic offering for their clients and expand their market reach.

Lazard's acquisition of Truvvo is an example of this trend, as it allowed them to leverage Lazard's expertise and resources to strengthen their platform and better serve their clients.

Through consolidation, family offices can position themselves to fully serve their clients and help them achieve their overall goals, such as building a lasting legacy.

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The boom in WealthTech is significantly reshaping real-time capabilities of wealth management for family offices and ultra-high-net-worth individuals.

Expectations are shifting for off-the-shelf platforms, which are now being compared to custom-built alternatives.

There's a significant cost factor to custom-built solutions, making them less attractive to smaller scale family offices.

Families are looking for a personalized and powerful WealthTech solution that they can benefit from without breaking the bank.

Investing in cyber security is a must for families to protect themselves from online crime.

Families that invest themselves also need to think about their approach to AI to maintain their investment edge.

Lazard Family Office Partners was created through the acquisition of MFO Truvvo Partners by Lazard, a notable transaction in the industry.

Consolidation is a growing trend in the family office industry, with companies merging to create new entities that offer enhanced services and experiences.

In recent months, we've seen several notable mergers, including the acquisition of London-based MFO Alvarium by New York MFO Tiedemann, creating AlTi Global with over $49 billion in assets under advisement.

This consolidation is driven by a desire to provide more comprehensive and holistic services to families, as well as to leverage technology to support growth and innovation.

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Economies of scale are a key driver in the world of mergers and acquisitions, particularly in the family office space.

Tiedemann's acquisition of Alvarium created AlTi Global, a massive entity with over $49 billion in assets under advisement.

This scale allows for greater efficiencies and cost savings, which can be passed on to clients.

In just a few months, Lazard followed suit by acquiring Truvvo Partners, creating Lazard Family Office Partners.

This new entity is specifically designed to provide wealth management and advisory services to families.

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Industry Consolidation is a notable trend in the family office industry. Mergers and acquisitions are on the rise, with notable transactions like Tiedemann's acquisition of Alvarium creating AlTi Global, boasting over $49 billion in assets under advisement.

The acquisition of Truvvo Partners by Lazard has also created a new entity, Lazard Family Office Partners, to provide wealth management and advisory services to families. This is a strategic move to expand their services and reach.

Consolidation is not limited to traditional family office structures, and new alternatives are arising that are seen as attractive and complementary offerings. Compound Planning, created from the merger of digital family office Compound with registered investment advisor Alternativ, is one such example.

This new entity combines traditional personal advisory services with an enhanced digital experience, handling over $1 billion in AUM since inception. The synergy between the two companies has been beneficial, with Compound's focus on client experience complementing Alternativ's back-office expertise.

An ageing population of wealth advisors, with the average age north of 55, is also driving consolidation in the industry. This demographic shift is likely to influence the rate of mergers and acquisitions in the coming years.

Tighter regulation across the financial industry has led to increased compliance costs and related challenges for family offices.

Schroders has seen this firsthand, with Anderson noting that stricter lending standards meant family members and beneficiaries found it difficult to access lending secured against trust structures.

Family offices can struggle to access financial instruments due to regulatory updates, motivating an acquisition to streamline operations.

In one case, a family office's decision to move assets to Schroders was driven by the need for a banking licence, which allowed them to lend to family members and beneficiaries.

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