Highlights of the Article:
1. Family Office Costs: The article discusses a new study indicating that the typical family office costs over $3 million a year to operate due to increasing competition for talent, especially against private equity, hedge funds, and banks.
2. Rising Expenses: Wealthy families are now spending between $1 million to over $10 million annually to run their family offices, with an average cost of around $3.2 million. The expenses are growing as family offices expand in size and number.
Editorial content by Harper Eastwood
