Ready or Not - Your Future Family Office is Here
Overview
The evolution of family priorities and the acceleration of technological advances are reshaping the future of the Family Office. We shared insights into the Future of the Family office across four pillars of change: Shifts in Family Priorities, Proliferation of Technology, Evolution of Talent Profile, and Rising Importance of Partnerships.
Insights and Key Takeaways
President of the Family Office Exchange, Bill Sullivan, shares key areas of change to help us understand the evolving landscape of the family office.
First, as the modern family evolves, families are experiencing a change in priorities and more complex family dynamics are now the norm. Families also see an increasing focus on impact investing and the rising generation is often the key driver to clarify the family value proposition and contribution.
Further, today’s family office requires thoughtful engagement from all generations for the sustainability of the broader family enterprise. As such, Sullivan recommends the family office emphasize governance and communication to build trust and cohesiveness. We also see a shift in philanthropic priorities, as some family members prefer to make a meaningful impact during their lifetime, while others want to leave a philanthropic legacy.