In the financial industry, the ties that bind are increasingly those between financial advisors and a growing clientele of high-net-worth (HNW) and ultra-high-net-worth (UHNW) families seeking to preserve their wealth and continue their legacy.
This year, the annual Financial Advisor RIA survey found that six of the top 10 Southeastern firms with the most client assets under management (AUM) are family offices.
That may not be all that surprising when, according to advisor James E. Hughes, author of “Family Wealth: Keeping it in the Family – How Family Members and Their Advisers Preserve Human, Intellectual, and Financial Assets for Generations,” nearly 85% of wealthy families squander their fortunes by the third generation.
At the end of 2018, the top six Southeastern family offices reported a combined AUM of $45.9 billion.
Here, in ascending order, are the top 10 Southern firms with the greatest amount of AUM in 2018.
10. Finaccess Advisors
Finaccess Advisors was founded as Finaccess México before spinning off its parent company and remaining in Miami, where it was established in 2010. Last year, the firm managed $4.2 billion in client assets.