According to the survey, more than 80% of 151 executive directors surveyed said that they now provide family security services, compared with roughly 60% in 2009.
In fact, almost 90% of those executive directors surveyed said that they expect that security threats to their clients will continue to intensify.
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As per Rothstein Kass’s survey, 75% of executive directors indicated that clients have had direct experience dealing with a family security issue, and nearly all agreed that the family’s wealth makes them a target.
When asked to rate the most significant security concerns for the family, almost 90% stated that "trusting the wrong person" was a primary concern, followed by: identity theft (78%); self or loved ones being assaulted (71%); someone gaining access to personal information (64%); security when traveling (57%); and someone gaining access to business information (52%).
Rick Flynn, principal and head of the Rothstein Kass Family Office Group, said, "The appeal of a wealth management model that integrates all aspects of family planning under a unified strategy continues to accelerate the proliferation of single-family offices across the globe.
"Single-family offices today represent more wealth – both on average and in aggregate – than they did only a few years ago. At the same time, most wealthy individuals and families confront an ever-expanding array of threats to their security."
