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Succession Planning

Succession is a top priority for wealthy families. Common mistakes account for the second-generation wealth loss of 70% of families and 90% by the third. By 2030, $15.4 Trillion is set to transfer. This involves the transition of ownership of businesses, property and other assets along with the broader financial concerns of the family, such as philanthropic. Family offices require considerable skill across multiple disciplines to manage this substantial wealth but a shortage of talent poses a significant problem. Ways FO’s are solving this problem is with private banking talent and relying on the family itself.

Educating the next generation on investment, management, generational planning, and charitable giving is a top priority. In this great transition of wealth, how the next generation sees the deployment of assets is of great concern. As families consider the readiness of beneficiaries, their preparedness as beneficial owners and the need for better wealth education becomes an increasingly important topic with FO management and advisors. The need for wealth education has driven many family offices, especially those that service multiple families, to establish financial education programs focused on elements such as entrepreneurship, philanthropy and investment approaches.


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