Interview with Christina Wing after Wingspan’s Family Wealth Report 2024 Award
Wingspan Legacy Partners is the proud winner of the 2024 Family Wealth Report Award for Family Office Management Consultancy. The recently published Acclaim magazine, Family Wealth Report’s special issue dedicated to recognizing leaders across the global wealth management industry, features a Q&A with our founder Christina Wing. Here is some of what she had to say about our win and where the industry is headed:
Why do you think your organization won this year?
I think Wingspan won this year because we’re filling a vital role in the family office advisory space at a time when the number of family offices is on the rise. Family offices are surging – both in terms of overall numbers and their increased presence in capital markets. They will be one of the key investment vehicles going forward. Since the category is relatively new, however, those who establish and manage family offices often find themselves playing catch up in terms of governance and strategy. There isn’t a “playbook” for the family office, but at Wingspan we’re implementing best practices in structuring family offices to grow and thrive. Those in the family office space recognize Wingspan’s contributions and that’s why we won in this category.
Please give us a sense of where you think the family wealth management is headed and what the challenges and opportunities are?
We’re on the cusp of what is being called “the Great Wealth Transfer.” For the first time in decades more new billionaires have inherited their wealth rather than make it themselves. Even beyond the billionaires, we have a huge cohort of baby boomers retiring and preparing for the succession of their businesses and estates. The problem is that generations don’t always see eye-to-eye, and this leads to misunderstandings or outright battles over succession and future strategy. I think this is an under appreciated area of wealth management and planning that will become more important – and Wingspan is well positioned to offer guidance to families in transition.
What did your colleagues do to contribute to the success this year?
This win wouldn’t have been possible without my colleagues. I founded Wingspan but having incredibly smart and talented people on my team is what makes our services to families possible. I always say we are advisors rather than consultants because we don’t just offer generic recommendations and then walk away. We embed ourselves with families and get to know them on a personal level – their challenges, their dreams, their goals, short- and long-term. And it’s my colleagues who are able to accomplish this and deliver ongoing service that goes beyond the basics to managing relationships and family dynamics. My colleagues are what make Wingspan unique among advisory firms, and why we were successful in the Family Wealth Report Awards this year.
What do you hope will be the result of receiving this accolade?
Hopefully more families will learn about our thought leadership around family wealth and legacy. I think families typically have a notion of legacy – whether it’s securing the future for descendants or making an impact on the wider world. But they don’t always know how to fulfill that dream. Nor do they understand the need to intertwine legacy goals with current business strategy. Wingspan aims to bridge that gap in how families think while also getting them to have the difficult conversations they need to have around differences in approach and vision.
The annual Family Wealth Report Awards recognizes the most innovative and exceptional firms, teams and individuals serving the family office, family wealth and trusted advisor communities in North America.
