More is being written about the nature and purpose of the family office and whilst for may years, possibly generations, there has been a role purely associated with investment and managing the family wealth, there are examples of a diversification in purpose.
Obviously it depends of each family individually but there would appear to be more of a holistic approach being taken by some, but there are cautionary flags that need to be waved as families are complex, and when relationships in business are entwined it takes a special individual that recognises the nuances and issues to be able to help them be addressed.
Any vehicle that helps to address the challenges of succession, wealth transfer, the next generation and creating responsible owners has to be a good thing, but as with all areas of business, it is important to get the right people in the right roles with the right skills to move things forward successfully.
Many wealthy families are finding it useful to bring in external advisers to help them formulate plans for succession and identify transitional challenges A flexible and trustworthy family office, serving as the central hub for a family’s legacy, governance and communication, can play a key, strategic role when it comes to the delicate task of transferring wealth to the next generation. “Family offices are moving away from their role as pure traditional wealth managers for the family to playing a more active role in multi-generational success,”
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