Family offices raise expectations in a pivotal year dominated by trends of generational wealth transfer, new wealth creation and technology transformation

Key findings

• Nearly a quarter (23%) of family offices experienced a generational transfer within the past five years. Half of family offices report an incomplete or non-existent succession plan.
• One in five offices was formed within the past six years, signaling a new generation of wealth creators alongside the accelerating wealth transfer.
• An optimistic swing in sentiment follows strong 2025 overall performance, resetting performance expectations – 84% of offices expect direct private equity and 74% expect private equity funds to match or beat 2025 results in 2-5 years.
• Liquidity was a common theme for families, citing the importance of having ample reserves to meet cash needs and sufficient patient capital to invest opportunistically.
• Over 65% of offices are engaged in philanthropy, citing the integration of family values into ongoing philanthropy rather than a separate allocation.
• Artificial Intelligence (AI) is the top investment pick over the next 12 months with 85% of family offices. In parallel, offices are looking to AI to create efficiencies and additional value for the family.
• Cybersecurity and data breaches are the top near-term operational concern, cited by 59% of respondents, up from 16% last year.

TORONTO and MINNEAPOLIS, Sept. 29, 2026 /PRNewswire/ — 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.

“Enterprising families maintain a long-term perspective and patient capital position, while their family offices navigate near-term performance, operational demands and the evolving needs of multiple generations,” said Manju Jessa, vice president and head, Family Office and Strategic Clients, RBC Enterprise Strategic Client Group. “The opportunity is to help ensure that portfolio construction, liquidity needs, performance and reporting measures are aligned with the family’s objectives – and how their values are reflected within their multi-generational family, family office(s) and across their wealth and legacy.”

An optimistic swing in sentiment
A year ago, family offices expected an average annual return of just 5%. What followed was a strong year by nearly any metric. Every asset class finished 2025 with a positive median return.

Respondents have revised their expectations sharply upward this year, with 84% expecting direct private equity to meet or exceed last year’s performance. 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,” said Adam Ratner, director of research for Campden Wealth. “Offices reported strong 2025 results, but the bigger story is how far forward-looking sentiment has shifted. Even patient capital can be caught up in the fear of missing out.”

The Great Wealth Transfer is happening alongside rapid new wealth creation
“What makes this year distinctive is that two transformations are happening at once,” said Angie O’Leary, head of Wealth Strategies and Solutions, RBC Wealth Management – U.S. “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. Of those who have not, more than half expect 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 up, cybersecurity becomes top operational concern
Technology adoption is advancing across the spectrum. 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.

About 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%.

“In essence, family offices must view AI adoption and cybersecurity investment not as competing priorities, but as complementary imperatives—each essential to leveraging innovation’s benefits while fortifying defenses against the risks that digitalization inevitably introduces,” said Lori Woodman, managing director Family Office and Strategic Clients, RBC Enterprise Strategic Client Group.

Liquidity defines the portfolio and the balance sheet
Liquidity has become a defining characteristic in measuring the quality of private market investments, according to respondents. 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 percent 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,” said Bill Ringham director of Private Wealth Strategies, RBC Wealth Management – U.S. “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 report found families may not label their activities as responsible investing, but they are still conscious of their ability to positively affect change.

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

About the 2026 North America Family Office Report
The annual 2026 North America Family Office Report is based on 155 survey responses from single-family offices and private multi-family offices across the Americas. The survey participants are predominantly from the United States, with 123 offices based in the U.S., 21 in Canada and 11 across the rest of the Americas. The families represented are worth from US $100 million to more than US $10 billion, with an average operating net worth of approximately US $2.25 billion.

About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 105,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.‎

We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/peopleandplanet.

About RBC Wealth Management
RBC Wealth Management directly serves affluent, high-net-worth and ultra-high-net-worth clients globally with a full suite of banking, investment, trust and other wealth management solutions, from its key operational hubs in Canada, the United States, the British Isles, the Caribbean and Asia. The business also provides asset management products and services directly and through RBC and third-party distributors to institutional and individual clients, through its RBC Global Asset Management business (which includes BlueBay Asset Management). It also includes our Investor Services business. RBC Wealth Management has over C$5.8 trillion of assets under administration, over C$1.6 trillion of assets under management and more than 6,000 financial consultants, advisors, private bankers, and trust officers. For more information, please visit www.rbcwealthmanagement.com.

About Campden Wealth
Campden Wealth is a family-owned, global membership organization providing education, research, and networking opportunities to families of significant wealth, supporting their critical decisions, helping to achieve enduring success for their enterprises, family offices and safeguarding their family legacy. For more information: www.campdenwealth.com Enquiries: research@campdenwealth.com

Media contacts
Jennifer Ehrlich, RBC Wealth Management – U.S., jennifer.ehrlich@rbc.com
Adam Ratner, Campden Wealth, adamratner@campdenwealth.com
Vanessa Romano, RBC Wealth Management Canada, vanessa.romano@rbc.com 

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SOURCE RBC Wealth Management – U.S.