| Description | Family Bhive is an online forum for two communities, ultra high net worth families and their advisers (including the wealth management industry). It was launched in March 2008. From a survey of 300 ultra high net worth individuals undertaken by Family Bhive, it claims that many of Britain's wealthiest people are dissatisfied with the service they receive from both private banks and fund managers, and that many are considering taking their business elsewhere.
Indeed, this process has begun already. The Scorpio Partnership, an adviser to the wealth management industry, has reported evidence of wealthy clients seeking alternative solutions. It cites the creation of up to 250 new family offices in Europe in the past year - staffed by investment managers hired directly by wealthy families - as an indication of the dissatisfaction with private banks.
Family Bhive was established to ensure that wealthy individuals make the right choices. It has devised an online matrix of competencies that rate the ability of private banks and family offices to provide services such as investment management, tax planning and trustee services. This matrix is currently being extended to give valuable information on how clients should instruct and monitor their advisers, which will be open to discussion by Family Bhive members, both corporate and individual. In this seminar, Caroline Garnham will discuss the background to the foundation of the website, before demonstrating how it works. In more detail, the event will cover:
The recent growth in private client wealth
Dissatisfaction with the private client wealth industry
The growth of the family office
The demand for a better a service
Family Bhive as one possible solution |
