Cerulli Associates has delivered a huge estimate of the size of the family-office market, along with a call for asset managers to treat it as a standalone distribution channel.

The Boston-based research firm estimates the market size may approach $1 trillion. Firms that want to provide asset management and other services to those wealthy clients must “put the resources in place, the business development people and the proper compensation,” said Robert Testa, Cerulli senior analyst and lead author of the report.  

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