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Ocorian's international study with more than 130 family office professionals responsible for around $62.425 billion assets under management found 46% strongly agree that as family offices increasingly manage significant wealth there is a growing realisation that more needs to be done around succession planning. This is particularly important in the smaller group of family office professionals who don't currently see a natural succession of wealth and leadership amongst their clients.

88% of family office professionals can see a natural succession of wealth and leadership

The research from Ocorian, which works with more than 60 family offices around the world, found that while 88% of family office professionals can see a natural succession of wealth and leadership within the families they manage the wealth of, there are 8% who don't and 5% who are unsure.

91% of family office professionals said charitable giving is set to increase over the next three years

The levels of philanthropy among family offices and high net worth families is also increasing. Around 91% of those questioned said charitable giving is set to increase further still over the next three years with 29% predicting a dramatic increase. Just one in 12 (8%) think levels will stay the same as they are today and just 2% think they will decrease.

However, only 25% of those questioned are currently receiving support from third parties with philanthropy. This is set to increase in the future, with nearly two thirds (62%) expecting more outsourcing for philanthropy over the next three years, and with 23% expecting it to increase dramatically.

Many family offices are becoming increasingly philanthropic

Amy Collins, Head of Family Office at Ocorian, said: "For many high net worth families, succession planning can be difficult and emotional and something that they've put off. However, as family offices continue to grow in number globally, increasing wealth is prompting them to address the issue and ensure they have secure and effective succession plans in place to protect assets and income for intended beneficiaries as well as ensure the longevity of their family office.

"With increasing wealth, many are becoming increasingly philanthropic and putting more emphasis on impact investing and sustainable business models. Some are working more closely with causes they care about and others are using it as a way to engage with the next generation. Both succession planning and philanthropy can be extremely complex, and family offices must ensure they are accessing the right expert advice to make sure their hard-earned wealth is supporting the causes that are close to their hearts, in line with their tailored, personal, philanthropic strategies."