A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
Family offices have been investing with more caution since President Donald Trump’s tariff announcement in early April, according to a recent survey released by RBC Wealth Management and research firm Campden Wealth.
In a poll of 141 investment firms of ultra-wealthy families in North America, the majority (52%) of respondents said cash and other liquid assets would offer the best returns over the next 12 months. More than 30% said artificial intelligence would offer the best returns. (Respondents could pick multiple answers). In last year’s survey, growth equities and defense industries were the most popular choices, each tallying just under a third of respondents.
Family offices also lowered their expectations for 2025 returns, reporting an average expected portfolio return of 5% for the year, down from 11% in 2024. Fifteen percent of respondents said they expected negative returns, while nearly none did the year prior. The most popular investment priority for 2025 was improving liquidity, which was selected by nearly half of family offices. Last year’s top choice, at 34%, was portfolio diversification.
