Family wealth services: Building in a more holistic approach to wealth management
By Jessica Douieb, Head of Wealth Partners and Family Wealth Services, J.P. Morgan Wealth Management
Today’s wealth holders are ready for more from wealth management services.
High-net-worth individuals and families are increasingly seeking offerings that extend beyond their investment portfolios and into other important aspects of their lives, benefiting their children and grandchildren, their businesses and their philanthropic endeavors. According to a 2025 McKinsey survey of affluent and high-net-worth investors, the proportion of clients seeking more holistic advice rose from 29% in 2018 to 52% in 2023.
More comprehensive family wealth services have emerged in response to this demand. Let’s take a closer look at what trends are driving this growing need and what a holistic offering includes.
The rise of intergenerational wealth transfers
Families’ wealth management needs are changing in part because families themselves, and the wealth they’ve accumulated, are changing.
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Projections indicate that baby boomers and older generations will pass down $105 trillion to their heirs from 2024 through 2048. Of that, $35.8 trillion is expected to come from high-net-worth and ultra-high-net-worth households.
Such a massive transfer of wealth is not without complications for the families involved, including concerns about how to best preserve, manage and distribute assets. Families need guidance on topics like family dynamics, governance, philanthropy and financial education for the rising generation to help smooth this transition.
Increasing complexity of financial lives
Another reason families are seeking more comprehensive wealth services is because their financial needs have become more complex. For many, this complexity may come in part from having diverse sources of income, such as investments, real estate and business interests. Some families may also have international financial obligations to consider.
Other financial concerns can arise from more personal matters. For example, consider a marriage between two people with children from previous relationships. This couple may want help navigating the financial complexities that come with blended families, such as updating estate plans and other important legal documents.
Whatever a family’s individual circumstances may be, family wealth services can help them address their entire financial picture, covering everything from education funding to cybersecurity at home and health care planning.
An emphasis on legacy and values
Today’s wealth holders aren’t only driven by financial concerns. Increasingly, high-net-worth families and individuals want their wealth to be managed in a way that aligns with their personal values. Many may aspire to leave behind a meaningful legacy, such as through philanthropy or passing down the family business.
A comprehensive approach to family wealth services can help families not only identify and incorporate their values into their wealth management strategies, but also establish governance structures and thoughtful communication plans that promote the family’s shared values. This can help guide decision making and ensure that wealth is used in ways that reflect the family’s principles for generations to come. Family wealth services can also include philanthropic planning, helping clients with charitable strategies to support the causes they care about, and selection of the right charitable vehicle, whether pure donations, foundations or donor-advised funds.
Growing demand for personalized and tailored solutions
Families have unique and varied financial needs – so it follows that they would seek financial strategies that cater to their individual circumstances and goals.
According to a survey conducted by PWC, 68% of high-net-worth investors are interested in more personalization from their wealth management relationships, particularly when it comes to financial planning and investment strategy. Reaching out to an advisor to learn about holistic wealth planning opportunities and family wealth service offerings can help. Instead of off-the-shelf products and one-size-fits-all advice, a more comprehensive approach can offer individuals and families a tailored plan that brings in family wealth services offerings, while also delivering for their specific financial situation, goals and risk tolerances.
The role of technology in enhancing services
In addition to growing demand for family wealth services, modern technology, including digital tools and platforms, has made these services more accessible than ever before.
Sophisticated services that were once reserved for ultra-high-net-worth individuals can now be offered at scale and on-demand, with technology powering real-time insights, data-driven decision-making and seamless communication with advisors.
We can help
Individuals and families today are looking toward more comprehensive wealth management – seeking offerings to service their unique needs, which may include a robust and diversified portfolio, multiple income streams, planning for children and grandchildren, real estate, philanthropy and more.
J.P. Morgan offers families a holistic approach to managing their wealth that’s tailored to their unique circumstances, encompassing everything from family governance and transition planning, to lifestyle needs, to administrative infrastructure and support, to help ensure your legacy thrives for decades to come. Reach out to your J.P. Morgan advisor to learn more about our family wealth services offerings.
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