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The number of family offices has grown considerably over the past decade. According to Campden Wealth, family offices oversee assets valued at $5.9 trillion. Rubem Herzog, a Senior Wealth Manager, in the Strategic Wealth Management division at the Geneva Management Group (GMG), a multi-family office turned financial services firm, tells Opalesque that more families are shifting to the family office model in order to pursue their goals with greater flexibility.
As a result, the role of the family office is evolving. "The role of the family office is much more focused on legal and financial administration than it has been in the past," Herzog says. The growing complexity of legal, financial and tax matters for families means that the family office is becoming a hub for navigating a changing regulatory landscape.
Families are also thinking through ways to expand and improve their social impact as a new generation of leaders is poised to take over. As Millennials assume leadership roles in families, they are more focused on using their resources for societal good than prior generations. "When we're working with the younger generation it's very clear that they want to make a positive impact - in some ways it can be viewed as more important than financial performance," Herzog said.
The rise of millennials is pushing families to think more seriously about governance and succession planning. According to Herzog, family offices can help a family build a solid g...................... To view our full article Click here
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