More families are formalizing how they manage and preserve their wealth. Deloitte estimates that the number of single-family offices increased 31% between 2019 and 2024, reaching more than 8,000 globally. That number is expected to surpass 10,700 by 2030.
As the family office model expands, so does the wealth manager’s role. Family offices often oversee a broad set of responsibilities, including managing multiple generations, entities, investment accounts, private assets, and outside advisors.
Our whitepaper, From Portfolio Manager to Legacy Architect | A Wealth Manager’s Guide to Multi-Generational Family Stewardship, explores that expanded role. It outlines five dimensions of legacy wealth stewardship and examines how wealth managers can help families navigate the people, structures, and decisions that shape long-term continuity.
From Family Office Complexity to Connected Wealth Management
As family offices grow more sophisticated, teams often spend significant time gathering data, managing manual processes, and producing reports, while disconnected technology systems can obscure the full wealth picture.
The right infrastructure can help address these demands while delivering a more connected, personalized experience. SS&C Black Diamond® Wealth Solutions provides the technology and services family offices need to oversee family wealth and serve clients across generations.
Supporting diverse investments and complex portfolios. Family offices may manage traditional investments, private assets, and sophisticated portfolio structures, making it difficult to maintain a complete and consistent view of wealth.
Black Diamond provides portfolio management and reporting, including alternative investments and unique assets, along with trading and rebalancing capabilities to help wealth managers oversee a wide range of investments more efficiently.Managing trust structures across generations. Trusts are often central to family wealth, but administering multiple structures can create significant work across accounting, reporting, distributions, and beneficiary communication.
Black Diamond’s integrated Trust Services brings trust accounting capabilities and investment information into the wealth management platform, helping firms bring trust assets into the broader family portfolio view.Connecting information across the wealth management experience. Data can become fragmented across custodians, systems, advisors, and other providers, creating more manual work for teams.
With more than 90 integrations with third-party and proprietary solutions, Black Diamond helps break down data silos, automate processes, and customize workflows across the firm.Creating a more personalized experience for every generation. Family members can have different roles, priorities, and levels of involvement, while expectations for digital access continue to grow.
Black Diamond’s Client Experience Portal provides a customized digital experience where families can access clear, timely information about their finances, helping firms engage multiple generations in ways that reflect their individual needs.
Technology as a Foundation for Multi-Generational Wealth
Technology can’t solve every challenge that comes with multi-generational wealth. Governance, family relationships, succession planning, and shared values still require thoughtful human conversations.
The right infrastructure, however, can support those discussions and make the financial side of family stewardship easier to manage. By connecting data, streamlining workflows, and creating more personalized experiences, technology enables wealth managers to spend less time on administrative tasks and more time focused on the families they serve.
Download the From Portfolio Manager to Legacy Architect | A Wealth Manager’s Guide to Multi-Generational Family Stewardship whitepaper to explore how wealth managers can expand their role in supporting families across generations. Then, to learn how our team can support family offices, request a personalized demo, call 1-800-727-0605, or email info@sscblackdiamond.com.
