Earlier this year, J.P. Morgan published its 2026 Family Office Report. Based on responses from 333 family offices in more than 30 countries, it provides a valuable look at how the family office landscape is changing.
We highlight the findings that matter most and what they could mean for management in the months ahead.
Outsourcing and the Need for Expertise
Key Data Point #1: “80% of global family offices report incorporating some degree of portfolio outsourcing”
Expertise as a premium asset is a clear first theme. Not only are offices making meaningful investments in operations (average annual costs are now just over $3 million), but there is a high demand for talent. The most commonly cited reasons for additional external support? Access to high-quality investment managers or products. To remove all doubts, one-third of family offices with $1 billion or more AUS are outsourcing at least half of their portfolio.
For those in 2026, the message is unambiguous. As complexity rises, maintain investment quality and continuity with the right network of partners.
Succession Planning
Key Data Point #2: “86% of family offices lack clear succession plans for key family office decision makers”
Family offices report having the necessary governance structures in place (investment committees, policy statements, formal mission statements, etc). Many also show active engagement with the rising generation through family gatherings and cohesion strategies.
Despite this maturity, the majority cite a lack of formalized succession plans for key family members, making it a top risk to long-term effectiveness.
The families know it: when asked what service they have the most need for, legacy, succession, and philanthropy took the top spot, a 54% share. Offices that take the time to address this gap now can remedy an important lever for future stability.
Geopolitics, Inflation, and Alternatives
Key Data Point #3: “One in five family offices globally (20%) identify geopolitics as the number one risk, far surpassing any other category”
There is little surprise that uncertainty remains a core theme in 2026. What’s interesting is how allocations change based on risk perception. Family offices concerned with geopolitics had a 2x allocation to gold. Likewise, those that found inflation as the chief risk had a 60% allocation to alternatives, 22 points higher than the average.
The shifts do remain contained. Traditional inflation hedges such as infrastructure and real estate have not meaningfully expanded. On the other side, radical adjustments (e.i. crypto) are also non-existent. The result is a 2026 portfolio response defined by risk-on selectivity, not reinvention.
Areas of Focus: AI
Key Data Point #4: “AI (65%) leads the top 10 areas where offices globally are currently focused or plan to prioritize in the future.”
Thematically, AI commands plenty of strategic attention, and no one wants to miss out on expected growth opportunities. But these are stated plans, not necessarily balance sheet activity.
57% of family offices say they have no exposure to growth capital and venture capital, a key layer for AI innovation outside of hyperscalers. And the frontier AI firms are on a sprint to own the infrastructure (data centers, energy grids), which we already mentioned hold little interest in current family portfolios.
It’s an uneven representation between attention and actual exposure. That participation gap is something investment managers may want to consider at length in 2026.
A New Type of Portfolio
Key Data Point #5: “Family offices continue to increase allocations to private investments, reflecting a convergence toward institutional-style portfolios in which private assets play a central role”
We are seeing decisive moves toward a portfolio that resembles institutional forms. The report stresses how private assets and alternatives are no longer simple add-ons for satellite exposure, but now hold a structural role as offices seek risk-adjusted returns. Private equity leads the trend, with 37% of global respondents saying they want to increase allocations over the next 12-18 months, the highest of any asset class.
What does that mean for 2026? Greater complexity and operational demands, with higher costs. Family offices with more than $1 billion in AUS now spend more than double those with AUS between $500 million and $1 billion. If strategies take on more active oversight, the constraint is not access to new markets; it’ll be who can manage it all at scale.
Readiness for 2026
2026 presents a more complex risk environment, and family offices are adjusting to that climate. Most are acting with strong conviction and intent. Which means the operational structures required to fully implement that ambition need to catch up. And it is here that private banks and managers play a role: translating stated goals to investable and governed strategies.
Structured investment vehicles can help close that gap by providing regulated access to thematic exposures such as AI, or supporting broader portfolio construction needs like diversification and inflation sensitivity.
The Invess solutions framework is designed to support this layer of financial architecture. For more information: contact us.