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Family offices turn to security services as wealth gap grows

The number of single family offices offering security services is growing, as wealthy families feel increasingly worried about trusting the wrong people and suffering identity theft, says research by financial services provider Rothstein Kass Family Office Group.
Family offices turn to security services as wealth gap grows

The number of single family offices offering security services is growing, as wealthy families feel increasingly worried about trusting the wrong people and suffering identity theft, says research by financial services provider Rothstein Kass Family Office Group.

According to the study, in 2011, 80.8% of single family offices provided personal security services – such as background investigations, hacker-proof computer systems and protection personnel – compared to 59.8% two years ago.

“Threats to the family’s physical security are magnified in an increasingly global economy, as business and philanthropic interests can take clients anywhere in the world,” Rick Flynn, head of Rothstein Kass Family Office Group and author of the study, told CampdenFB.

About 90% of family offices surveyed said they expected security threats to their clients to intensify in the future, because of the poor global economy and the growing wealth gap between the rich and poor.

Read the full story at CampdenFO 

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