Few could have predicted the worldwide events of the past 12 months and the subsequent impact on the global economy. However, for many the Family Office has managed to adapt faster and pivot, thus succeeding where the larger corporations in the wealth management sector have struggled. Many though, have not been immune to some of the effects of the pandemic and have had to take measures not only to protect future generations but also to ensure the long-term prosperity of the family’s financial and physical assets. One of those measures has been to identify that the right talented professionals are supporting the Family Office needs, whilst carefully balancing long term security and profitability.
The impact of ageing Principals
Another consideration for some families has been to fast-track succession planning due to the risk of ageing Principals catching or already suffering from the COVID Virus. The result is that an entirely new generation has needed educating on the effective management of financial and physical assets much earlier than planned.
This enforced change is where problems have arisen, with the new generation wanting to take the Family Office in a different direction and not necessarily sharing the same aspirations and goals of the current Principal.
Flaunt it or keep it quiet?
An example of this is the increasing approach to openly demonstrate and flaunt wealth as opposed to the more traditional approach of keeping it ‘quiet’. Watch any TV channel and you will see HNWI’s flaunting wealth in the current ‘must watch’ reality TV show or influencers working their magic on Social Media Channels. The phenomenon is global and with that has come the development of global assets, international residences and continuous international travel. These changes create numerous complexities in dealing with the associated legislation, reporting and regulation across the many differing jurisdictions.
These complex arrangements present a conundrum for the HNWI and UHNWIs. Do they spend more time employing staff to manage the corporate, accounting, investment and personal administration?
Enter the Family Office…
How about seeking a solution that enables them to focus on what is important to them, freeing up time to enjoy experiences, family life and running their businesses? Why not turn to a team of talented, qualified and experienced individuals that can assist managing advisers, setting up Fiduciary Structures and supporting with family governance requirements?
This is where Forward Group can help. Renowned for integrity and discretion, Forward has assembled a team of experts in administering structures for HNWI and UHNWIs needing skilled assistance with their wealth management and succession planning requirements. Forwards’ team put clients at the heart of everything, with a personal service of the highest quality that exceeds expectation. Whilst the landscape may have forced unexpected changes to succession planning, its reassuring to know that there is a solution that delivers.