Sophistication, globalisation and technology are increasing in prominence for wealthy families, but so is their use of family offices, which must continue to evolve structurally and operationally in order to match these families' growing demands.
Several trends have emerged over the past two decades among ultra-high-net-worth (UHNW) individuals and families, driving family office demand and growth. And while these trends have been emerging gradually, the current COVID-19 crisis has delivered a wake-up call for UHNW families regarding the preciousness of life and their mortality. Families are keen to create structures focused on succession, and are choosing family offices to provide the necessary stewardship to achieve this - thus forcing family offices to 'institutionalise' faster.
Speaking to TheWealthNet ahead of the launch of our new Great Global Wealth Transfer report, I outlined some of those key trends that have been emerging across the UHNW sphere, the expanding role of the family offices, and the steps family offices must take to keep meeting their families' evolving expectations. Click below to read my article, published today: