In the past, high-net-worth (HNW) families primarily sought financial advice from their financial advisors, as the name implies. That approach made sense when the majority of a wealthy family’s assets was invested in equities, as financial advisors consequently were able to provide advice based on fairly comprehensive knowledge of the family’s financial picture. However, HNW families have been increasingly seeking alternative investments; in fact, in 2018 nearly half (46%) of the average family office portfolio was dedicated to alternatives including private equity, hedge funds and real estate.