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3 market trends + 3 startup opportunities:
Family offices exist to help high-net-worth individuals (ie. $100 million+ in liquid assets) manage, preserve, and grow wealth. They help clients to establish an in-house team of experts to support their financial and personal needs.
Affluent individuals and influential families with vast fortunes seek private wealth managers for financial management, investment advisory, charity planning, tax strategy, accounting, and estate planning.
The rise of digitization opens up tremendous opportunities for virtual family offices. This means digitizing financial services delivery, portfolio management, investment planning, financial reporting, etc.
As wealth creation continues to develop in the younger generations (non-generational wealth holders), digital family offices will become more accessible for a broader range of wealthy and successful families, not just favoring the ultra-wealthy.
With equity crowdfunding platforms, individuals and even unaccredited investors will get a chance to invest their money in alternative asset classes (i.e. other than typical cash, stocks, and bonds).
For example, real estate crowdfunding. Companies like CrowdStreet, Fundrise, PeerStreet, and DiversifyFund (starting with as little as $500) are invented to connect investors with commercial real estate projects.
AngelList and Microventures allow individuals to access startup investments. Investors get paid based on the equity percentage they owned in the companies they have invested in.
Republic allows everyday investors to access a marketplace of alternative assets — startups, real estate, video games, and crypto.