Family Offices Expect More Alternatives Among Successors and Greater Next-Generation Credit Interest

U.S. family offices with a potential next-generation principal expect alternatives to occupy more of their portfolios, while offices overall anticipate greater successor interest in credit for building wealth.

Bank of America released its 2026 Family Office Study Tuesday, Oct. 20, at 9 a.m. ET (13:00 UTC). The January and February survey included 355 U.S. family-office decision-makers whose offices held between $25 million and more than $5 billion in assets; most managed more than $500 million. Among offices with a potential next-generation principal, 79% expected alternatives to take a larger portfolio share, and 77% anticipated changes in philanthropic priorities. Across all surveyed offices, 77% expected the next generation to be more interested in borrowing to build wealth.

Credit use already extended across most surveyed offices: 92% said their office used credit, but 27% described leverage as a consistent part of long-term wealth planning. Private equity made up 27% of alternative portfolios, and 59% planned to increase that exposure over the next three years. About one-quarter had changed principals in the previous decade; within that group, 37% considered the incoming principal very prepared. Elizabeth Thiessen, Head of Family Office at Bank of America Private Bank, said preparation “goes well beyond identifying the next leader.” The figures distinguish current credit use from expectations about successors’ preferences.

A separate survey covered 206 single-family offices across the Americas, with an estimated $491 billion in investable assets. Conducted July 13-Aug. 24, 2026, it found that 32% planned to increase private-equity allocations over the following 12 months, up from 26% in the previous survey. For infrastructure, 30% planned an increase and 6% planned a decrease. Sixty-five percent reported limited or no next-generation involvement in investment decisions. Thirty-eight percent said younger family members were more willing to take risks, while 22% described them as more conservative.

The surveys covered different populations, so their percentages do not form a direct comparison. A global survey of 333 family offices across 30 countries found that 89% had no cryptocurrency exposure. That result covers the full international sample.