Family Offices Raise Expectations Amid Wealth Transfer

North American family offices are raising their expectations after a strong year, even as they navigate the Great Wealth Transfer unfolding alongside rapid new wealth creation and a technology transformation, according to findings from the 2026 North America Family Office Report, produced by RBC and Campden Wealth.

The annual report highlights how ultra-high-net-worth families are adapting their investment strategies, balancing interconnected decision-making about near- and long-term market performance and generational succession planning. Family offices are maintaining a long-term perspective and patient capital position while also navigating near-term performance, operational demands, and the evolving needs of multiple generations.

An optimistic swing in sentiment follows strong 2025 overall performance, with 84% of offices expecting direct private equity to meet or exceed last year's performance. Artificial Intelligence (AI) is the top investment pick over the next 12 months, selected by a combined 85% of offices. This is not a cautious group returning to optimism; it is a different reading of where we sit in the cycle, according to Adam Ratner, director of research at Campden Wealth.

The Great Wealth Transfer is happening alongside rapid new wealth creation. Established families are preparing to transfer wealth and values to the next generation, while a new generation is creating family offices from scratch. Both groups need to align over the values and purpose of their wealth, and both need succession planning well before a transition is imminent. Some 23% of family offices have already experienced a generational transfer within the past five years, with more than half of those who have not expecting the next transfer to be more than 10 years out. At the same time, one in five offices has been formed within the past six years. New wealth is arriving as fast as old wealth is moving.

Half of family offices have an incomplete or non-existent succession plan. Nearly a third are concerned about the retirement of key family leaders and staff. These two challenges serve as a reminder that a proper succession plan builds the infrastructure in an office that can withstand transitions of both wealth and talent.

AI adoption is advancing across the board. Half of offices say AI is embedded and essential to their workflow. At the same time, 73% still believe investment reporting is too manual, a top concern for three years running. In a dramatic jump from last year, cybersecurity and data breaches are now the top near-term operational concern, cited by 59% of respondents, up from 16% last year. Some 59% of offices surveyed reported experiencing phishing attempts, up from 16% last year. Failure to upgrade technology tops the long-term risk list at 51%.

Liquidity defines the portfolio and the balance sheet. Nearly one in five private-market investors attempted to exit a fund position this year. Of those, 47% could not complete the exit as expected. Most offices, 86%, invest in private markets. Direct investments now average 45% of the private markets book, ahead of funds at 36%.

Philanthropy continues to evolve. While 65% of offices are engaged in philanthropy, fewer offices engaged in what they labeled responsible investing, from 25% in 2025 to 19% this year. The shift is more nuanced than it first appears, as values are increasingly being incorporated into asset allocation rather than viewed as an objective. One of the ways families are accomplishing this is through family meetings dedicated to wealth transfer planning and clarification of values to ensure alignment and preparedness for future financial transitions.

The full 2026 North America Family Office Report is available from RBC and Campden Wealth.

The report found families may not label their activities as responsible investing, but they are still conscious of their ability to positively affect change.