In an environment where regulatory, technological and operational requirements are reshaping the landscape of independent wealth management, multi-family office models are becoming increasingly prevalent. Stefano Fiala discusses the rise of these structures, the evolving role of the wealth adviser and the new challenges that independent players must address to maintain their agility whilst strengthening their organisation.
Why is the multi-family office model more relevant today than it was ten years ago?
Client expectations have changed considerably. High-net-worth families now face far more complex issues than before and are seeking partners capable of supporting them well beyond mere investments. At the same time, competition within the industry has intensified significantly. Players must be able to offer a much broader range of services to remain competitive. Clients are increasingly turning to organisations capable of meeting all their needs, whether financial, tax-related, wealth management, property or business-related. The concept of a ‘one-stop shop’ has become widely established.
This trend is also linked to the growing mobility of international families. Wealth management considerations are now intertwined with issues of tax residence, asset structuring, family governance and business ownership. In this context, a multidisciplinary approach has become essential.
How is this development specifically transforming the role of the adviser?
It is true that their role has changed profoundly. Clients are looking for a single point of contact capable of coordinating all aspects of their wealth. It is therefore essential to understand the issues relating to ownership structures, succession, taxation, family governance, philanthropy and international matters. The adviser is gradually becoming a conductor responsible for ensuring coherence amongst the various experts working with the family.
The added value does not lie in replacing these specialists, but in the ability to coordinate their work around a holistic vision.
For entrepreneurs, private and business assets are often closely intertwined. It is therefore essential to understand both the financial logic and the entrepreneurial realities underpinning their decisions. The adviser thus becomes more of a long-term strategic partner than a mere provider of financial solutions.
Critical mass has become a major challenge for many independent asset managers. To what extent is it possible to remain agile without calling one’s business model into question?
Agility remains one of our key strengths, but today it must be built on solid foundations. Regulatory, technological and operational requirements – not to mention cyber security – demand ever-increasing levels of investment. The issue is therefore not simply one of growth, but of building more robust and efficient organisations.
It is still perfectly possible to maintain an entrepreneurial model, provided we invest in governance, processes, technological infrastructure and human resources. On the other hand, excessive fragmentation can become a hindrance.
Clients now expect a level of quality, control and continuity comparable to that of large institutions. Critical mass has the advantage of enabling firms to attract talent, invest in technology and respond more effectively to regulatory complexity. The players who will succeed will be those who have managed to remain agile whilst strengthening their operational discipline and raising their standards.
Now that you have taken the helm at the Veco Group, what are your priorities?
We want to prepare the group for a new phase of growth that is both sustainable and structured. This involves strengthening our governance, our processes, our technological infrastructure and our teams, whilst preserving the entrepreneurial spirit that has characterised Veco since its inception.
We also wish to strengthen integration between our various business lines so that clients perceive us more as a single, coordinated platform.
Operational excellence is another key focus area. We are working to streamline certain processes, improve the organisation’s overall efficiency and maintain high standards across all our activities.
Finally, we continue to invest heavily in talent. The quality of our advice remains, above all, a matter of expertise, experience and continuity in our client relationships. Our aim is not so much growth for growth’s sake as building a stronger, more integrated organisation capable of supporting entrepreneurial families across several generations.
How would you define Veco’s positioning today?
We position ourselves as an independent, multidisciplinary group serving entrepreneurs, families and international clients with complex needs. Our approach goes far beyond the traditional scope of wealth management. We combine investment advice, fiduciary services, support for business structures, tax planning, family governance and family office services.
Independence is, of course, a central element of our identity. It enables us to focus exclusively on our clients’ long-term interests.
How do you view the increasingly fierce competition between private banks and large EAM firms?
The line between them is now much less clear-cut than it used to be. Large asset managers have become considerably more professional and now have structures, processes and technological capabilities comparable to those of many banking institutions. At the same time, many clients are seeking greater independence, transparency and flexibility in their advisory relationships.
Banks naturally retain significant strengths in terms of balance sheets, infrastructure, market access and international presence. However, independent platforms can offer greater freedom in designing solutions and a better alignment of interests. True competition is no longer solely about size, but about the quality of advice, trust and the ability to understand the client’s full range of needs.
In a context where the new generations of private bankers favour entrepreneurial and less hierarchical structures, how can an independent wealth manager best attract and retain such talent?
Today’s most talented professionals are seeking greater autonomy, responsibility and a sense of purpose in their work. Independent structures have a natural advantage in this respect. They enable advisers to be closer to their clients, make decisions more quickly and contribute directly to the firm’s growth.
However, an entrepreneurial spirit alone is not enough. Talented professionals also seek robust infrastructure, high-performance tools and a reassuring regulatory framework. The challenge, therefore, lies in offering them autonomy, but within a framework that is sufficiently structured to support growth and safeguard the business.
Retention then depends on the quality of the culture fostered within the company, on transparency, trust and prospects for long-term development. The younger generations also value multidisciplinary environments that allow them to broaden their skills beyond mere portfolio management.
Ultimately, the best professionals want to stay where they can develop, serve their clients effectively and build a sustainable career.