November 12, 2025 at 9:00 AM Eastern
Inside the Modern Family Office: Complexity, Innovation, and a Generational Shift
Bank of America Private Bank’s Family Office Study Finds Nearly sixty percent of Family Offices Expect Leadership Transition Within the Next Decade
NEW YORK, New York – The Bank of America Family Office Study: Perspectives on the Modern Family Office reveals that the next decade will be a defining era for the world’s wealthiest families. Generational transitions, economic optimism, and rapid technological advancements are reshaping how family offices manage and preserve multigenerational wealth.
With eighty seven percent of family offices yet to be passed down to the next generation — and fifty nine percent expecting that transition within the next 10 years — leadership handovers are poised to bring new approaches to investing, philanthropy, and the use of technology. In fact, among family offices with less engaged principals, seventy three percent of those surveyed expect the next generation to redefine the office’s mission or purpose.
“As younger generations step into leadership roles, they are poised to redefine what it means to manage multigenerational wealth — from integrating Artificial Intelligence to expanding philanthropic missions,” said Elizabeth Thiessen, Head of Family Office Solutions, Bank of America Private Bank. “This evolution will shape the modern family office for generations to come.”
The inaugural study surveyed 335 family office decision-makers across North America to understand how these organizations are evolving. Key findings include:
Read more about the Bank of America Family Office Study.
In the Bank of America Family Office Study, we surveyed 335 primarily C-suite decision-makers at family offices in North America, of whom fifty five percent were family members. For the purposes of this study, a family office was defined as a private company whose employees help manage a family’s assets and needs. The offices in our study manage between twenty five million dollars and more than five billion dollars in assets, with sixty percent holding five hundred million dollars or more. They range in size from less than 5 employees to more than 30, with sixty two percent of offices having more than 10 employees.
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving nearly 70 million consumer and small business clients with approximately 3,600 retail financial centers, approximately 15,000 A T Ms (automated teller machines) and award-winning digital banking with approximately 59 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (N Y S E B A C) is listed on the New York Stock Exchange.
Julia Ehrenfeld, Bank of America
Phone: one six four six eight five five three two six seven
julia.ehrenfeld@bofa.com
Carolyn Batt, Bank of America
Phone: one six four six nine eight three one three six nine
carolyn.batt@bofa.com
Banking products are provided by Bank of America, N.A., and affiliated banks, Members F D I C and wholly owned subsidiaries of Bank of America Corporation.
Investment products
| Are Not FDIC Insured | Are Not Bank Guaranteed | May Lose Value |
To download files for editorial use, visit Wealth in our media content library.
November 12, 2025 at 9:00 AM Eastern
Inside the Modern Family Office: Complexity, Innovation, and a Generational Shift
Bank of America Private Bank’s Family Office Study Finds Nearly sixty percent of Family Offices Expect Leadership Transition Within the Next Decade
NEW YORK, New York – The Bank of America Family Office Study: Perspectives on the Modern Family Office reveals that the next decade will be a defining era for the world’s wealthiest families. Generational transitions, economic optimism, and rapid technological advancements are reshaping how family offices manage and preserve multigenerational wealth.
With eighty seven percent of family offices yet to be passed down to the next generation — and fifty nine percent expecting that transition within the next 10 years — leadership handovers are poised to bring new approaches to investing, philanthropy, and the use of technology. In fact, among family offices with less engaged principals, seventy three percent of those surveyed expect the next generation to redefine the office’s mission or purpose.
“As younger generations step into leadership roles, they are poised to redefine what it means to manage multigenerational wealth — from integrating Artificial Intelligence to expanding philanthropic missions,” said Elizabeth Thiessen, Head of Family Office Solutions, Bank of America Private Bank. “This evolution will shape the modern family office for generations to come.”
The inaugural study surveyed 335 family office decision-makers across North America to understand how these organizations are evolving. Key findings include:
Read more about the Bank of America Family Office Study.
In the Bank of America Family Office Study, we surveyed 335 primarily C-suite decision-makers at family offices in North America, of whom fifty five percent were family members. For the purposes of this study, a family office was defined as a private company whose employees help manage a family’s assets and needs. The offices in our study manage between twenty five million dollars and more than five billion dollars in assets, with sixty percent holding five hundred million dollars or more. They range in size from less than 5 employees to more than 30, with sixty two percent of offices having more than 10 employees.
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving nearly 70 million consumer and small business clients with approximately 3,600 retail financial centers, approximately 15,000 A T Ms (automated teller machines) and award-winning digital banking with approximately 59 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (N Y S E B A C) is listed on the New York Stock Exchange.
Julia Ehrenfeld, Bank of America
Phone: one six four six eight five five three two six seven
julia.ehrenfeld@bofa.com
Carolyn Batt, Bank of America
Phone: one six four six nine eight three one three six nine
carolyn.batt@bofa.com
Banking products are provided by Bank of America, N.A., and affiliated banks, Members F D I C and wholly owned subsidiaries of Bank of America Corporation.
Investment products
| Are Not FDIC Insured | Are Not Bank Guaranteed | May Lose Value |
To download files for editorial use, visit Wealth in our media content library.
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