of family office it has traditionally been the property of very high net worth individuals. It provides a comprehensive solution for managing the complex financial and investment needs of wealthy individuals or families. These firms, whether single offices or multi-family, often tend to their clients' every need, transcending the typical advisor-client relationship.

As technology has advanced and the world has become more interconnected, complex financial assets once exclusive to UHNWs are now available to the wealthy. This democratization of finance – fueled by digital platforms, fractional investments and increased financial literacy – has reshaped the investment landscape. Consequently, wealth managers and financial advisors face a critical choice: evolve their services to meet growing client needs and provide clarity in an increasingly complex financial world, or risk losing those clients to competitors more adaptive. The challenge lies in expanding expertise, leveraging technology and providing personalized guidance to effectively navigate this new terrain.

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Clients increasingly expect white-glove concierge services from their advisors. The most effective family office advisors act as conductors, orchestrating and coordinating various specialists to benefit the end client. To capture and retain these emerging investors with increasingly complex financial needs, advisors must focus on three key areas:

• Digital access. As technology advances, Americans increasingly expect instant access to almost everything, including their finances. This means providing personalized digital access to investment and planning documents – a trend that stems from white-label solutions developed for a more seamless client experience. Many advisors are now offering custom mobile apps for clients. To capture this the next generation of investorsadvisors need to improve and evolve their service and meet them where they are. Technological advances can also enable advisors to focus on the human touch, an essential aspect of advice that is becoming increasingly important to Americans.
• Advanced tax planning. One last one PwC study finds that nearly half (47%) of high-net-worth investors seek tax planning services from their wealth advisors, with 46% willing to switch firms to receive this increasingly coveted service. Whether through referral, developing a strategic partnership or outright purchase, it has become clear that clients now view access to a CPA as non-negotiable when choosing (or choosing to stay with) their financial advisor.
• Estate and succession planning. This value-added service represents another key piece of the puzzle as we navigate what has been billed as “The Great Wealth Transfer.” Advisers must provide access to estate planning experts who can provide the necessary legal guidance, a key factor in attracting new clients and securing the next generation of investors. Historically, family offices have supported UHNW business owners by providing comprehensive wealth management, estate planning and investment strategies tailored to their unique needs. For business-owning families, in particular, succession planning is essential to ensure that their legacy lasts. To avoid losing clients to competitors with a stronger value proposition, advisors should consider expanding their offerings. This will help them match the sophisticated expectations of affluent customers and remain competitive in a market where holistic service is increasingly expected.

Registered Investment Adviser Industry, composing more than 41,000 active firms managing $126.4 trillion are increasingly competitive. Firms that fail to innovate and expand their service offerings face a significant risk of losing customers and market share to more forward-thinking competitors.

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As technology advances, making sophisticated assets more accessible, wealth managers can benefit from adopting a family office-style setting to attract and retain clients. By implementing advanced technology, firms can streamline workflows and increase efficiency. By expanding services to incorporate wealth and legacy planning, advisors can position themselves as gatekeepers to all aspects of their clients' financial lives, increasing clarity and confidence. Additionally, hiring tax professionals and CPAs can uncover valuable tax incentives for clients, subsequently increasing the attractiveness of the firm's services.

As customer expectations evolve and financial products become more complex, VNRs must adapt their strategies and services to remain relevant and valuable. Firms that remain stagnant in their approach risk being left behind in this rapidly changing industry.

Matt Pearson is the president of I won'ta national financial advisor and investment management firm.