2025 RBC and Campden Wealth Report: North American family offices adapt to uncertainty and embrace AI, innovation

Following volatility in early 2025, family offices are transforming caution into opportunity to position themselves for sustained success

Key findings

• Three times more family offices are leveraging AI to improve operations, compared to 2024
• Ultra-high-net-worth (UHNW) families are preparing for generational wealth transfer – nearly half of family offices expect this transition within 10 years, and 30% more have succession plans than in 2024
• Improving liquidity (48%) and de-risking portfolios (33%) are family offices' primary investment objectives, with lower returns expected than in 2024
• Private market investments continue to be the largest-held asset class, accounting for 29% of the average family office portfolio

MINNEAPOLIS, Oct. 16, 2025 /PRNewswire/ - North American family offices are increasingly adopting artificial intelligence (AI) as they prepare for an accelerated generational transfer of wealth amid economic and geopolitical uncertainty, according to findings from the 2025 North America Family Office Report, produced by RBC and Campden Wealth.

The annual report highlights how family offices are adapting their investment strategies in an unpredictable market environment, rapidly embracing new automated technologies and navigating the complexities of generational wealth transfer.

"More family office leaders are prioritizing succession planning than in previous surveys as they prepare families to transition wealth, control and values to the next generation," said Angie O'Leary, Head of Wealth Strategies and Solutions for RBC Wealth Management – U.S. "Philanthropy continues to be a high priority for families as a way to bridge generations and bring values to life."

"Technology adoption is advancing in family offices, particularly for automated reporting and research, delivering gains in efficiency, insight and decision-making speed," said Manju Jessa, Vice President & Head of Family Office and Strategic Clients for RBC's Enterprise Strategic Client Group. "Generative AI offers family offices the opportunity to streamline routine processes and enhance staff capacity for higher-value work. Usage of technology will probably continue to expand, provided that various risks and increased costs are mitigated and managed appropriately."

Strategic shifts to manage financial risks
Compared to 2024, family offices are feeling significantly less bullish about their investments. The survey found expected returns for 2025 average 5%, down from 11% last year. And this year 15% of respondents anticipate a negative outcome, compared to just 1% in 2024. The caution expressed in this year's expectations may be influenced by market volatility during Q2, when the majority of polling took place.

In line with family offices' more cautious approach in 2025, their primary investment objectives are to improve liquidity (48%) and de-risk portfolios (33%). The majority of family offices believe cash will offer the best return over the next 12 months. For those inclined to invest in public markets, the most popular sectors are AI, defense industries and the Magnificent Seven, all unchanged from last year.

The investment risks family offices feel are most likely to occur over the next year – including constrained global growth and inflation – are largely attributed to the U.S. administration's early tariff announcements. Yet, only 16% of family offices would consider relocating if geopolitical risk was deemed serious enough.

"Compared to 2024, family offices have become notably more cautious stewards of capital," said Adam Ratner, Director of Research for Campden Wealth. "They have moderated their investment expectations, developed stronger governing guidelines and are actively looking for ways to be more efficient with their human capital."

AI unlocking capacity for enhanced productivity
When asked about operational risks, family offices most frequently cited manual processes and over-reliance on spreadsheets. As a result, their most sought-after technologies are automated investment reporting systems and wealth aggregation platforms. This year, 69% of family offices have adopted automated investment reporting systems, up from 46% last year.

In 2024, 11% of family offices had implemented generative AI, and 30% indicated a desire to adopt it. This year, 29% use generative AI to aid investment reporting (63% express interest) and 30% to conduct research (39% express interest). Adoption is expected to accelerate as the technology advances.

However, when it comes to investment resources, the overwhelming majority of family offices agree that having access to experienced investment professionals is the most critical factor for investment success, whether in-house, external wealth managers or independent members of their investment committee.

Wealth transfer and succession planning on the rise
Almost half (47%) of family offices expect control to transition to the next generation in the coming decade, nearly a quarter (22%) in the next five years. Encouragingly, 69% of family offices have a succession plan in place, up from 53% last year.

Philanthropy is a key way UHNW families and family offices are engaging the next generation and putting their values into action. Almost 90 percent of North American family offices make philanthropic donations, the majority in excess of US $1 million, with an average of US $15 million. Mission statements are important too, with 81% of family offices using them as a means to define their values and give purpose to the family's wealth beyond investments.

"Generational wealth transfer is a crucial pivot point for any UHNW family or family office," O'Leary said. "By involving younger generations in philanthropic activities and establishing clear family values, families can position themselves for a smooth transition of their enterprise, wealth and legacy."

Confidence in private markets holds steady
Private market investments (private equity, venture capital and private credit) remain a core focus of North American family office portfolios, with 88% having exposure to the private markets. These investments account for 29% of the average family office portfolio in 2025, down slightly from 30% last year. Private equity funds are the largest component of private market portfolios, but direct private equity is the most popular asset class for new investment.

"With their unique ability to take a patient and flexible approach to investing, family offices are well-suited to the private markets, where they can invest in a wide range of assets to capitalize on the unique opportunities they present, such as exposure to emerging businesses and new technologies," said Jessa.

Despite recent near-term underperformance in private equity and venture capital, many expect these investments to deliver the best risk-adjusted returns over the long term. Only 12% of offices note decreasing exposure to private markets as a primary investment objective for 2025. Along with in-depth investment reporting and sound advice that has seen a few business cycles, family offices feel a strong industry network to tap into private markets is also paramount.

About the 2025 Report
All results noted above can be found within The North America Family Office Report 2025.

This report forms part of Campden Wealth's 12th Global Family Office Study. It is based on a statistical analysis of 317 survey responses from single family offices and private (non-commercial) multi-family offices worldwide, with 141 (44%) from North America, the vast majority from the U.S. The survey was conducted between April and August 2025. Participating North American family offices have average wealth of US $2.0 billion (including operating businesses), and their collective wealth stands at US $285 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 101,000+ 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 – U.S.
RBC Wealth Management is a leading financial services company in the United States, delivering trusted advice and world-class wealth solutions to individuals, families and businesses. With 195 offices across 42 states, RBC Wealth Management supports the complex needs of high-net-worth and ultra-high net worth clients through personalized wealth planning, investment management, estate planning services, and a range of banking and private wealth solutions. As part of RBC, a diversified global financial institution and one of the world's largest banks based on market capitalization, RBC Wealth Management offers the scale, resources and expertise to help families and businesses achieve their financial goals. RBC Wealth Management, a division of RBC Capital Markets, LLC, registered investment adviser and Member NYSE/FINRA/SIPC. Learn more at rbcwm.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.

Campden Research supplies market insight on key sector issues for its client community and their advisers and suppliers. Through in-depth studies and comprehensive methodologies, Campden Research provides unique proprietary data and analysis based on primary sources.

For more information: www.campdenwealth.com
Enquiries: [email protected]

For more information, please contact:
Adam Ratner, Campden Wealth, [email protected]
Jennifer Ehrlich, RBC Wealth Management – U.S., [email protected]
Vanessa Romano, RBC Wealth Management Canada, [email protected]

SOURCE RBC Wealth Management - U.S.