Family wealth management comes with unique challenges.
) that no one else can without their permission. How the owners of a family office make these choices will shape long-term success of both the office and the family. Here are the key questions to consider:When establishing a family office, the opening proposition is often that by staying together, families can achieve scale and efficiencies in investments and services. But get under the hood of great family offices and you find that the family owners don’t require such a uniform approach.
Another key design choice is whether to allow family members the right to exit their family office. This right can be difficult to design because, at least in the U.S., most family office assets are owned in trust structures. Like being able to see the exit sign in a crowded theater, an exit policy enhances a feeling of psychological autonomy — I can leave if I want to.
The assets a family office oversees should be in service of its purpose and goals. It’s wise to assume that the purpose and goals of a family office will change across a generational transition. We have seen many of our clients have thoughtful discussions of the purpose of the current generation and then ask the next generation how they see the purpose and goals for their generation, without judgment. The assets owned should eventually reflect the engagement of the new generation.
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