Competition for the notoriously elusive ultra high net worth client just got harder.
Chicago-based Family Office Exchange today unveiled its new directory of “leading wealth advisors,” a list of firms the association says have been screened for their ability to provide “integrated wealth advice to private investors with over $20 million in assets.”
Competition to get on the list, believed to be the first of its kind for the UHNW market, is expected to be fierce. “This is something that was 100 per cent needed, and it will be a very big deal to get on it,” said one senior wealth management executive, who asked not to be identified.
“This is risky to some degree for FOX as they don’t want to spurn any advisor firm that might currently be a member firm or aspire to be a member firm,” said industry consultant Jamie McLaughlin, “but as a service to families, FOX’s primary constituency, the directory is true leadership.”
The directory is debuting on FOX’s website and www.leadingwealthadvisors.com with 30 firms, although FOX founder and chief executive Sara Hamilton said she eventually expects over 100 firms to be listed.
Firms do not have to pay to be listed. However, FOX members who are on the list receive a four-screen profile for free. Non-member firms with less than 50 employees must pay $4,000 for the "extended" four-screen profile and firms with more than 50 employees must pay $6,000. All firms on the list get a "basic "one-page profile for free.
Firms who qualify for the directory must meet ten criteria, measured by over thirty metrics, according to the association, including financial stability, senior management turnover and commitment to multi-generational needs.