Critical components: Legacy and the family office – Family Business Magazine
As the industry matures, having experienced leadership, specialized expertise, and strategic planning in the operation of family offices is critical to the sustained success of family legacies. When establishing or reevaluating family offices it can help to keep in mind some best practices.
Family offices frequently serve as a symbol for a family’s choice to invest as a unit by pooling their resources, enabling them to develop specialized investment strategies that are tailored to the requirements of a particular family. However, new family members may forget or not understand the need to retain assets in the family office as the family starts to scale. “The family office should be a place to support longer-term goals and objectives across generations,” says Wingspan founder, Christina Wing, in this article from Family Business Magazine. “When you disseminate the money to many people, you lose the purchasing power and the ability to achieve joint goals. Everyone has less to work with. But if you keep the wealth together, you have more power from an investing perspective and lower costs.” Read more about what critical factors ultimately guide the preservation and growth of legacies.
