FINRA Rule 5123 Expanded: What the New Family Office Exemption Means for Private Placement Compliance
The SEC approved FINRA Rule 5123 amendments extending the private placement filing exemption to family offices with $5 million or more in AUM.
Family Offices Aren't Smart Money Anymore, They're the New Retail
The conventional wisdom treats family office capital as patient, sophisticated "smart money" that belongs at the top of any cap table. Here is my read: for a large and fast-growing share of family...
Family Office Allocation to Alternatives in 2026: What the Data Actually Shows
Family offices held 44% of their portfolios in alternatives in 2024, versus roughly 56% in traditional stocks and bonds.
Why Single-Family Offices Don't Register With the SEC (And PE Firms Do)
TL;DR: Single-family offices that manage money for one wealthy family are excluded outright from the definition of "investment adviser" under a rule the SEC adopted in 2011 to implement Section 409...
Why Family Offices Say No Even When They Like the Deal
A lot of fund managers walk out of a family office meeting feeling encouraged. The conversation was warm. The questions were smart. The principal nodded at the right moments. Somebody said, “This is
What Family Offices' 2026 Alternatives Pivot Tells Individual Investors
Family offices now put 42% of their portfolios into alternative investments, according to the UBS Global Family Office Report 2026 , which surveyed 307 family offices with an average net worth of...