RECAP: FOX 30th Anniversary Forum

Looking Forward: The Future of Wealth Management

Presenters:
Bill Sullivan, President, Family Office Exchange
Wayne Osborne, Chief Executive Officer of a Gen 1 Family Office in the San Francisco Bay Area
Maurizio Petta, Chief Executive Officer, Seragnoli Family Office

Session Description: 

Following a discussion on how technology will reshape Family Office and wealth advisor roles, leaders on the front lines of that change shared their insights. In particular, they noted new buying behaviors among wealth owners as they come to trust, and rely on, technology. Further, they talked about how the Family Office will be positioned to play a broader role in owners lives beyond wealth management.


“Rising Gens like to see ‘the big picture’; education generates engagement, transparency leads to trust.”
– Maurizio Petta

Key Takeaways: 
  • FOX is focusing on six major themes emerging for the future of wealth management: new opportunities for private capital; innovation disruption; transitions; family transitions; new technologies to help achieve wealth objectives; leadership among rising generations; and, family engagement and life-long learning.
  • Families and their support systems face many challenges: Family Office employees stretched across a variety of roles; time pressure; outdated technology; key person risk; too many projects with tight deadlines; siloed information; anxiety and stress; and not time to share best practices.
  • Technology solutions, such as Way2B1, present opportunities for Family Offices to break down silos and put control back in the wealth owner’s hands. This engenders trust between the wealth owner and the Family Office staff.
  • The already complex lifestyle of ultra-wealthy families only grows more so when adding wealth management compositions such as asset management, operations, and philanthropy. All too often, families find information isn’t being shared across the Enterprise. Fortunately, technological innovation is starting to add value in the form of family well-being ecosystems that put the wealth owner at the center.
  • At nearly 1/3 of the ultra-wealthy population, Millennial and Gen Z family members are aspiring to make meaningful differences in their communities and the lives of their families. They will be the primary drivers of the shift from a product/assetcentric focus to an experience focus. Gen X and Baby Boomer generations will follow their lead in adopting technology and benefiting from the results.

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(FOX Members only)