Professionals serving UHNW clients provide services within a wide variety of business models and settings that impact the delivery of those services. Each has its own type of ownership, leadership/management model, compensation structure, service focus, capital structure, regulatory compliance requirements, clientele, and firm culture, operating in particular jurisdictions and with varying purposes and goals. The business model through which professionals practice their trade influences service delivery to an important degree, including the extent to which services may be integrated or kept separate. 

Classifying financial or related business entities into a straightforward set of categories is harder than might appear.  Some common types of firms providing services to UHNW clients include the following:

• Broker-dealers – small/boutique brokerages or large institutional firms

• Commercial banks, often with private banking departments

• Investment banks

• Insurance firms – either primarily focused on insurance or with affiliated wealth advisory or asset management services

• Professional service firms – e.g., accounting or law firms, consulting firms

• Registered investment advisors (RIAs)

• Multi-family offices (MFOs)

• Single family offices (SFOs)

• Asset management firms

The UHNW Institute’s Integrated Family Wealth Management initiative is developing methods and guidelines for classifying the main advisory business models that offer family office services.