What does “family office services” actually mean today?
That question was at the center of the UHNW Institute’s May 2026 Practice Management Clinic, where members explored how client expectations are reshaping service delivery across the wealth management industry.
Led by Meg Sreenivas and Dhruv Bahl of McKinsey & Company, the discussion examined the growing complexity of family office offerings, including administrative support, bill pay, lending coordination, tax services, private investments, and other operational capabilities increasingly expected by UHNW families.
The report explores several critical issues facing firms today, including:
- Defining and standardizing family office services
• Balancing bespoke service with scalable operating models
• Determining which services to outsource and which to keep in-house
• Addressing scope creep and pricing pressures
• Understanding AI’s role in the future of advisory services
One theme emerged consistently throughout the discussion: while technology continues to improve efficiency, the value of contextualized advice, trusted relationships, and thoughtful service orchestration remains central to serving UHNW families effectively.
Read the full report for key insights and lessons learned.
