Leading sustainable investment advisor, Robert Rubinstein, has published a report entitled “Wealth Management’s Dark Secret: How Information Manipulation Erodes Family Office Returns” that highlights systemic opacity in wealth management that costs family offices billions annually. According to Rubinstein, intermediaries, including private bankers, venture capitalists, and private equity firms, manipulate information, creating barriers to high-quality investments and prioritising their profits over client goals. Family offices face selective disclosure, opaque fee structures, and restricted access to exclusive networks, limiting their ability to make informed decisions. These practices foster inefficiencies and erode long-term wealth. Rubinstein estimates that 60–70% of potential deals are withheld from family offices, with delays and incomplete information further compounding losses. To counteract these challenges, Rubinstein advises family offices to develop independent deal-sourcing capabilities, build direct investment networks and adopt technologies like blockchain and AI to enhance transparency.