Succession Planning for Wealthy Families

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.