Over the past 30 years, families have worked hard and invested enormous resources to create the plans and structures that promise to carry the family into the future and ensure its long-term success. The vast majority of these investments have focused on the quantitative disciplines that serve the family’s financial capital – the collective disciplines that today we call “wealth management”.
Generational Transitions
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New Balance: The Inflection Point Facing Family Wealth | 2023 FOX Family Office and Wealth Advisor Forum
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For the past 3 decades, the private wealth industry has been heavily focused on, and dominated by, highly technical disciplines, such as investment management, tax and accounting, and trust and estate planning, with solutions primarily serving the financial capital of enterprise families and the vision of prior generations. The qualitative needs and wellbeing of future generations expected to benefit from these solutions have rarely been a focus of industry practitioners.
2023 Rising Gen Research Brief
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This research brief uses direct feedback from members of the rising gen to identify their top concerns and shed new insights into the important goals they have with their family. With the data and recommendations gathered, you can learn more about the group—including the challenges and pressures they face—to create a roadmap that leads to productive family engagement and communications, action planning, and problem-solving.
In 2022 Dr. Jamie Weiner published The Quest for Legitimacy: How Children of Prominent Families Find Their Place in the World, a collection of qualitative research modeling rites of passage, pathways to individuation, creating trusted partnerships, and addressing family dynamics. Similarly, in 2022 FOX has conducted focus groups and a rising gen study, which affirms what we know about rising gen, and illuminates the methods to ensuring success and fulfillment.
Redefining Wealth in Business Families
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The current next-generation family members are changing the way families view wealth, no longer focusing on creating wealth for wealth’s sake.
2023 FOX Foresight - The New Era of Family Wealth
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Some trends move slowly until they reach a point of inflection, at which time they seem to accelerate at almost blinding speed. So it has been for the rapid emergence of The New Era of Family Wealth. The departure from the past has been driven by four trends (transitions, talent, technology, and time) introduced by FOX in January of 2022. As these four trends have continued to persist, they have now become the transformative force behind this New Era.
Despite the challenging economic headwinds and shockwaves of 2022 continuing to reverberate, there are silver linings for those who focus on planning for the long term. In looking ahead, we examine wealth planning strategies through the power of resilience from four different lenses: multigenerational families, business owners, women, and philanthropists.
Join FOX for a moderated keynote with internationally recognized author and consultant, Dr. Jim Grubman. The session will explore an exciting trend and share examples of families that are taking a more positive approach to family leadership transitions, preparing the rising generation, and keeping the family engaged and cohesive. Jim Grubman, Family Wealth Consultant David Toth, Interim Co-President, FOX
Many family businesses are undergoing or anticipating transitions, prompting the need for trusted advisors more than ever. This session features experts who have deep breadth of experience in helping families manage business transitions and the complexity that comes with them, including new liquidity, helping founders find their next purpose, and more. John Brown, Founder, Business Enterprise Institute Moderated by Gaby Griffin, Market Leader, Business Owners and Family Office Executives, FOX
Every family’s succession journey is unique, and the change can feel uncomfortable. To help navigate that transition in leadership, 32 former family office CEOs offer their succession stories with the intent of sharing their advice and lessons learned to light the path for those for whom such a transition may be on the horizon. Along with the important lessons learned are helpful resources that include a sample succession plan.