Helping Family Enterprises Overcome Key Challenges
The number of family offices worldwide is rapidly rising, but they face challenges now and in the years to come, says Wingspan founder Christina Wing in this Q&A with Russ Alan Prince for Private Wealth. “I think the biggest challenge with family offices is that their growth in number and size has been so fast that they haven’t developed any sort of ‘playbook’ for managing their business,” Christina tells Prince. Another thing I always point out is…there isn’t a common definition of what a family office actually is, and many going under that name are doing things from actual investment strategy to booking flights for family members. There needs to be a rebranding of sorts and, along with it, a clearer idea of what the family office is supposed to be doing. It can’t just be a family’s concierge service.”
Read the full article to find out the steps family offices need to take to thrive in their growing share of the global capital markets.
