Michael Magnan, the founder of AdvizorPro, brings over 15 years of experience in collaborating with marketing and sales teams in the financial services industry. He is a data scientist by training, and most recently, he served as vice president of new product innovation at eVestment, a Nasdaq company. He has spent his career collaborating with asset managers to empower their distribution teams with superior data.
Russ Alan Prince: Please describe AdvizorPro.
Michael Magnan: AdvizorPro is the leading provider of B2B contact and company information in the financial services ecosystem. Its platform features tens of millions of data points on wealth advisors, family offices and insurance producers, empowering and driving its clients’ sales, marketing and recruitment efforts. AdvizorPro counts as clients’ asset managers, SaaS companies, insurance carriers, IMO/FMOs and recruiters.
Prince: What is the family office module, and who does it benefit?
Magnan: The family office module is a database comprising thousands of family offices and their key contacts. The database provides a comprehensive view of multi and single-family offices, enabling clients to identify opportunities based on asset size, asset class interest, decision-maker titles, geography and more. Its data includes direct emails, phone numbers, bios, LinkedIn profiles, investment interests, location, AUM and much more. Leveraging advanced technology and a data team experienced in the family office space, AdvizorPro offers unparalleled depth and quality of data in this opaque sector.
The module assists those seeking to raise family office capital. Identifying family offices and finding their key contacts, email addresses and phone numbers is a significant task. Much of family office capital raising is built on relationships. Those seeking to raise capital in this space must invest time in building relationships with the right family offices and establish a pipeline before the need arises. Additionally, each family office is highly unique in its investment philosophy, strategy and goals, which may encompass private funds, real estate, or startups. Knowing the preferences and backgrounds of family offices is crucial. The AdvizorPro module makes this task much more efficient by providing accurate data on the family office space. This allows clients to spend their time building relationships with family offices rather than identifying them.
Prince: How will the family office industry change over the next few years?
Magnan: The family office industry is poised for significant transformation in the coming years. Wealthy families are increasingly seeking professionals within family offices who can offer contemporary guidance not only on traditional investment and concierge duties but also on evolving regulations, emerging asset classes, and social and environmental trends. Reputation management has become a critical aspect of these services. Especially given the negative reputation turn of some high-net-worth individuals in recent years.
A noticeable shift is seen in the investment strategies of family offices as they actively pursue opportunities for impact in sectors like renewable energy, sustainable agriculture, healthcare, education, and affordable housing. Furthermore, there is a growing emphasis on Environmental, Social, and Governance—ESG—and impact investing, indicating a departure from conventional approaches. This reflects the families’ commitment to upholding traditional principles and setting a positive example for others, particularly with a generational aspect evident in younger family members eager to bridge the gap between investment and societal contribution.
The evolution extends to family offices expanding their investment mandates, moving beyond the conventional capital allocation to stocks, bonds and real estate. Instead, they are proactively exploring opportunities in private equity, venture capital, private debt and direct investments in operational businesses. This strategic shift gives family offices greater control over their investments, potentially leading to higher returns and increased diversification.
In terms of sectors, there is a targeted focus on fintech, artificial intelligence, blockchain, cybersecurity and digital health. Family offices are not merely providing capital to ventures in these areas but are also leveraging their networks and expertise to actively support the growth of these companies. By investing in technology and innovation, family offices aim to stay ahead of the curve, generate attractive returns, and position themselves for long-term success in the swiftly evolving business landscape.
Russ Alan Prince is the executive director of Private Wealth and a strategist for family offices and the ultra-wealthy. He has co-authored 70 books in the field, including Making Smart Decisions: How Ultra-Wealthy Families Get Superior Wealth Planning Results.
