The research by Cerulli has revealed that understanding the decision-making process of each multiple family office will allow asset managers to better target the offices since different types of family offices can have a variety of decision-making methods around manager selection.

Cerulli also warns asset managers be aware of the unique needs of HNW investors and families before entering the present market as the family dynamics present in the market makes it different than any other market.

Bing Waldert, director at Cerulli said: "The term family office is synonymous with wealthy families and the impressive wealth of the UHNW and HNW investors is attractive to asset managers. HNW investors tend to be incredibly fickle. They are aggressive investors, but seek capital preservation. They also maintain multiple advisory relationships."

Waldert further explained, "The family office and HNW market can be an attractive one for asset managers. Working with HNW investors and families carries unique advantages and disadvantages. The familial aspect of these investors creates decentralized and complex decision-making. However, the multigenerational nature of extreme wealth means these same investors have long time horizons and can accept illiquidity."