Wealth-tracking reports show a steady trend of wealth accumulation in South Florida. Palm Beach County is among the top three regions in terms of the increase in the number of millionaires and centi-millionaires over the past decade. In terms of the number of wealthy people living there, the region ranks first among more than 3,000 counties in the U.S.
Such a large population of wealthy individuals creates a high demand for Family Office (FO) services. By entrusting them with many tasks related to wealth management and family affairs, Ultra High Net Worth Individuals (UHNWI) feel more confident and free. Find out which FOs have a well-deserved reputation among wealthy families in North Palm Beach to choose the best family office services.
The Booming Landscape of Financial Services Companies in North Palm Beach
Following the migration of wealthy people to South Florida, numerous financial services firms have also moved to this area. Kelly Smallridge, president and CEO of the Business Development Board of Palm Beach County, notes that this region has become a real magnet for such companies. That is why wealthy families looking for reliable family offices (FOs) may need help navigating this evolving business landscape.
If you decide to move to North Palm Beach, you will have a wide range of family offices to choose from to help you manage your wealth. Some have been serving the region’s wealthy clients for many decades. Others have lately joined the market following the latest wave of relocation of UHNWI to this region. Therefore, it may be useful for you to know by what criteria it is better to compare them. Based on them, you will be able to choose favor of the most effective family office.
What Factors to Consider When Choosing a Family Office in North Palm Beach
| Criteria | Why this factor is important | The best family offices in North Palm Beach |
| RIA (Registered Investment Advisor) status | To be sure that the FO will act in your best financial interests, check whether it has RIA status. In this case, the company will have a fiduciary duty. | CertuityNorthern TrustCresset |
| Number of years in the industry | The financial consulting industry is competitive. The number of years in the industry is an indicator of a company’s experience and success. | CertuityNorthern TrustCressetCastle Island Family Office |
| Client reviews. | See what strengths and weaknesses of the FO are highlighted by its former clients. Compare this with your expectations to avoid making a mistake. | Certuity |
| Recognition | There are many RIA ratings from leading financial magazines and online publications. The inclusion of an FO in their lists is the best indicator of its effectiveness. | CertuityCastle Island Family OfficeCresset |
| Services range | Check if all your family’s wealth management needs can be met with the help of this FO. If the company offers comprehensive services, this is the best option for further cooperation. | CertuityNorthern Trust |
| In-house Expertise | Check whether the company has enough specialists to solve the problems of managing your wealth. Or the FO has only a basic set of employees, and issues requiring professional knowledge are outsourced. | CertuityNorthern TrustCresset |
Broad Spectrum of Family Offices in North Palm Beach
Certuity
Certuity is one of the most experienced family office companies in North Palm Beach https://certuity.com/north-palm-beach/. It serves wealthy families all over America, with offices in three states. Still, its headquarters opened in 2003 in North Palm Beach.
Certuity is among the top industry-ranked RIA companies. This family office and its employees are regularly included in the lists of the best by publications such as Forbes, Financial Planning, Financial Advisor Magazine, the Los Angeles Times, Barron, the Los Angeles Business Journal, and others.
Certuity’s range of services is extensive. You can use its comprehensive family office services or consult on specific wealth management issues. Here are some areas that the company highlights as its main ones:
- Family Office
- Wealth Management
- Legacy Planning
- Alternative Investments
- OCIO
Castle Island Family Office
Castle Island Family Office is an example of a company that has only recently opened its business in North Palm Beach. Nonetheless, it has 25 years of experience in other Palm Beach County communities.
The company focuses exclusively on providing family office services. However, the list of tasks that it helps wealthy clients solve is quite comprehensive:
- Investment management
- Risk assessment
- Concierge services
- Philanthropy
- Tax planning
- Heritage planning and more
Northern Trust
Consider Northern Trust company if you prefer to deal with global family offices. It offers services in 30+ countries worldwide, constantly expanding this list for 40 years. One of the company’s offices is in North Palm Beach. However, be prepared to communicate with some of them only online since the company’s employees are also located in different regions of the world. Northern Trust offers the following services to its clients:
- Family Office
- Investment Advisory Management
- Fiduciary Services
- Global Asset Servicing
Cresset
You can also contact companies located nearby. The distances between cities and towns in South Florida are small, so you can use the services of a FO in a neighboring city. For example, the Cresset family office in West Palm Beach also has an excellent reputation. The company has 21 office locations throughout the United States, one of which is just 18 minutes by car from North Palm Beach. The company serves clients who live permanently and seasonally in Palm Beach County.
The Bottom Line
North Palm Beach is small but massive in terms of its population’s total income. That is why its residents have a wide selection of family office services. The best of them can be found in the annual lists of Top RIA companies. These are among the essential factors that make wealthy people eager to move to South Florida. Knowing they will find comprehensive FO services in Palm Beach County, they relocate without risks.
