The Competitive Advantages of Multi-Family Offices over Banks in Serving Wealthy Clients in Poland

Keywords: Banking sector, Competitive advantages, Services for wealthy clients, Ultra high net worth individuals, Wealth, Multi-family office


In Poland, the main players in serving wealthy clients are banks. Nevertheless, the number of multi-family offices (MFOs) has increased notably, raising questions whether they can become real competitors to the private banking divisions. Therefore, an analysis of the activity profile of multi-family offices and private banking in Poland was conducted. Additionally, a survey of multi-family offices enabled the evaluation of their perceived competitive positions. The level of development of MFOs in Poland is low and their market is in its infancy. MFOs operating in Poland are, however, considerably more flexible than banks operating in the field of private banking.


Alińska, A. (2012). Financial safety net as an element of the stability of the banking sector. The Quarterly of the College of Economic and Social Studies and Work, 4, 87–99.

Amit, R., Liechtenstein, H., Prats, M. J., Millay, T., & Pendleton, L. P. (2008). Single Family Offices: Private Wealth Management in the Family Context. Business, Wharton Global Family Alliance, April

Banking Guarantee Fund. (2019). Financial situation in the banking sector as of December 31, 2018.

Benevides, J., Hamilton, S., Flanagan, J., Mihailidis, M., Fride, B., & Schneeberger, M. (2009). Family office primer: Purposeful management of family wealth.

Boczoń, W. (2019). report: Number of customers in banks - Q4 2018.

Boczoń, W. (2019b). report: Employment in the banking sector – Q4 2018.

Capgemini. (2020). World Wealth Report 2020

Caraceni, A. (2005). The art of family office: The case of a specialized intermediary. In: Banking for Family Business: A New Challenge for Wealth Management.

Curtis, G. (2001). Establishing a family office: a few basics. American History

Decker-Lange, C., & Lange, K. (2013). Exploring A Secretive Organization: What Can We Learn About Family Offices from the Public Sphere? Organizational Dynamics, 42 (4)

Deloitte. (2017). Challenges for family businesses. Family constitution and succession plans.

Deloitte. (2019). 2019 Family Office Trends. What's next for single family offices?

Dromberg, J. (2019). Towards a New Generation of Venture Capital and Private Equity Limited Partners: The Distinctive Rise of Europe's Family Offices. June 2018

Fernández-Moya, M., & Castro-Balaguer, R. (2011). Looking for the perfect structure: The evolution of family office from a long-term perspective. Universia Business Review, 32

Habbershon, T., Williams, M., & MacMillan, I. (2003). A unified systems perspective of family firm performance. Journal of Business Venturing, 18 (4)

Hartley, T. (2015). Family constitutions - what, when and why.

Jaffe, D. T., & Lane, S. H. (2004). Sustaining a Family Dynasty: Key Issues Facing Complex Multigenerational Business- and Investment-Owning Families. Family Business Review, 17 (1), 81–98.

Juszczyk S., Gancewski, K.. (2019). Offer Of Private Banking Of Key Banks In Poland - State And Perspectives. Polityki Europejskie, Finanse i Marketing, 21 (70) 2019

Kammerlander, N., & Schickinger, A. (2019). Family Offices - The New Private Equity Firms? Family Offices - The New Private Equity Firms?

Korczakowski, D. (2020). List of Private Banking services as of June 30, 2020.

KPMG. (2019). Market of luxury goods in Poland. Luxury through the generations. 2019.

Polish Financial Supervisory Authority. (2019). UKNF announcement on entities offering wealth management services.ługe_zarzadzania_majatkiem_64302.pdf

Polish Financial Supervisory Authority. (2020). Monthly data on the banking sector - May 2020.

OECD. (2002). The OECD Issues The List of Unco-operative Tax Havens.

Orbis. (2020). Bureau van Dijk.

Rivo-López, E., Villanueva-Villar, M., & Vaquero-Garcia, A. (2016). Family Office: a New Category in Family Business Research? May.

Rivo-López, E., Villanueva-Villar, M., Vaquero-García, A., & Lago-Peñas, S. (2017). Family offices: What, why and what for. Organizational Dynamics, 46 (4),

Rivo López, E., Rodríguez López, N., & González Sánchez, B. (2013). The family office in spain: An exploratory study. Management Research, 11 (1),

Russ, A. P. (2018). What Is A Virtual Family Office?

Shpak, A. (2017). Family Offices in Russia: Myths and Facts. August 2016.

Ślązak, E. (2018). Private banking. In: M. Zaleska (Ed.), Banking World. Difin.

Tudini, E. (2005). The state of the art of the multi-family office. In: Banking for Family Business: A New Challenge for Wealth Management.

UBS. (2020). Global Family Office Report 2020.

UBS, & Campden Research. (2019). The Global Family Office Report.

Ventrone, D. (2005). Family office: Which role in Europe? In: Banking for Family Business: A New Challenge for Wealth Management.

Warwick-Ching, L. (2017). Family offices: a history of stewardship.

Welsh, D. H. B., Memili, E., Rosplock, K., Roure, J., & Segurado, J. L. (2013). Perceptions of entrepreneurship across generations in family offices: A stewardship theory perspective. Journal of Family Business Strategy, 4 (3).

What is a Virtual Family Office? (2019). (2020). The most popular tax havens worldwide.

Yadav, R. (2012). The Global State of Family Offices.

How to Cite
Kozinska, M. (2021). The Competitive Advantages of Multi-Family Offices over Banks in Serving Wealthy Clients in Poland. European Journal of Family Business, 11(2).
Research Paper