The Institute – with which Family Wealth Report is exclusive media partner – is seeking to tap into a global market for SFOs. According to one measure from Deloitte in 2024, there are more than 8,000 single-family offices and there could be more than 10,000 by the end of the decade.

The new initiative comes as the Institute continues to develop a framework for advisors and others serving ultra-wealthy families working with clients. See more here and here. And see this interview with the authors of "Wealth 3.0," The Future Of Family Wealth Advising.
 

FWR asked Steve Prostano , co-founder, chairman, and CEO of the Institute, about the reasons for setting up the Single-Family Office Circle.

“Similar to the creation and launch of the Institute, we perceived a demand that was not being filled in the marketplace. We have built a nonprofit think tank and learning exchange focused on delivering the highest quality and objective content, programming, tools and resources, to advisors in the financial services and professional services industries and SFO executives, as well as the UHNW families they serve,” Prostano said.

“Significant time and effort went into the design of our new offering. We created an advisory board of the top SFO executives in the space. They helped us to reexamine the current landscape and better understand the evolving needs and priorities of SFOs and SFO executives,” he continued. 

Prostano argued that the Circle is unique.

“I don’t believe there is a comparable offering in the marketplace today,” he said.  

Asked about the need by family offices to develop new staff and handle complex investments and issues, etc, Prostano said “no one is better equipped to set the standards and best practices in the SFO space than the UHNW Institute.”

“We have hired a highly experienced and knowledgeable professional in Kristen Oliveri to drive the delivery of this unique offering to SFOs and SFO executives. Additionally, with over 125 dedicated faculty members, and advisory board members who are thought leaders and senior experienced operating professionals in the SFO and UHNW space,” Prostano continued. “The Institute is positioned to not only set the standards and best practices in this space, but we will be at the forefront of global thought leadership and lead training in the SFO space and in the wealth management industry overall.”

The Institute doesn’t have a particular goal of boosting membership by a certain level, he said. “Growing membership is not the priority – adding value and satisfying the needs of single-family offices and SFO executives is the priority,” he said. 

FWR asked if the Institute is in any way rivalrous to what other groups do?

“The institute does not need to compete with anyone. Our offering is unique and there is no offering out there today that compares. It was designed to address the needs of the SFOs and SFO executive today, and it will be customized over time as needs and priorities evolve. We look to partner with organizations, including business schools focused on family offices, that can complement and add value to our offering and vice versa,” he added.