In November, Wealthspire Advisors expanded its family office services business with the launch of Art InSpired, an initiative focused on promoting art through investor education on the financial appreciation of art and collectibles.
In a new interview with ThinkAdvisor, Heather Flanagan, the firm’s head of family office services, stressed that high-net-worth investors and their multigenerational families have expectations that go beyond traditional wealth management.
Meeting (and exceeding) such expectations is the motivation behind Art Inspired and the other services being developed within the family office setting, Flanagan said. It’s a key market for Wealthspire and its industry peers — hence the rapid pace of innovation in this area.
“Supporting, collecting and investing in art and artists is consistently a top interest for our families,” Flanagan observed. “We are thrilled to create a platform that can help raise awareness and educate people about the intersection of art and finance.”
As Flanagan explained, Wealthspire’s family office model is centered around community engagement, philanthropy and legacy building for multi-generational families.
“In that context, this is such a exciting and important development,” Flanagan said. “It goes beyond the fact that collecting and investing in art provides our clients with an opportunity to further diversify their portfolios.”
See the accompanying slideshow for seven trends emerging from the discussion around the interconnected worlds of art collecting, philanthropy and legacy planning for the highly wealthy.
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