Family Office, the silo trap

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Since the financial crisis wealthy families have looked for broader diversification and engaged with two, three or more banks. They have now created different silos at various institutions. This causes multiple problems for these families, as the bankers handling the relationships at the different silos, are generally uninformed of what assets and structures are held at the other bank, making it impossible for them to provide complete, accurate and timely advice.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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