November 5, 2015

Family Wealth Report: Worldview Advisors Uncovers Compelling but Under-Served Market

Eliane Chavagnon, editor at the Family Wealth Report published a new article titled “Opportunity for Business with Cross-Border Wealthy Families Pegged at $6 trillion” on October 30th and cited research done by Worldview Wealth Advisors on cross border families.


Ms. Chavagnon writes: “A new report has identified three sub-groups that represent what it estimates is a $6 trillion under-served market of cross-border professionals, US expats and international families with financial interests in the US.


The wealth management business opportunity associated with cross-border families – an already significant but growing segment of the global population – is worth around $6 trillion, according to Worldview Wealth Advisors.


The firm’s report, launched today, takes three sub-groups of this segment, looking at the financial planning and investment management needs of cross-border individuals, and why it believes this is a compelling but “under-served” market.


Contributing to the surge in number of cross-border individuals and families is, naturally, globalization, with international companies increasingly expanding overseas, for example. Meanwhile, entrepreneurs are being lured to the US technology sector – places like San Francisco, Boson and New York in particular. Some estimates suggest that as many as half of the founders of new Silicon Valley start-ups are foreign citizens, the report, entitled The Growing Opportunity in Cross Border Wealth Management for Independent Financial Advisors, said.


A number of family offices in the US are waking up to the business prospects associated with serving international clients. Family Wealth Report spoke to GenSpring about this here, and spoke to BNY Mellon about the globalization of family offices here, for example. WE Family Offices is another player in the space that has intensified its focus on international wealth management in recent time (see a related article here). However, Worldview Wealth Advisors worries that banks and other financial players too often disregard these important investors because they are increasingly associated with a higher level of risk and reporting complexity.


“Because of these structural issues, this underserved segment presents a compelling opportunity for independent financial advisors who can partner with a specialized firm with these capabilities,” the report said.”