The choice should fall to the individual family, believe family office directors.
“It’s totally up to wealthy families what they do. It’s their money,” says Lord North Street co-founder William Drake.
He says Lord North Street outsources quite a lot of the services it provides to its clients and is “not pretending to be experts at everything”.
However, a family office does not need to outsource everything, according to Drake. Indeed, some of the richest families might manage their wealth better