The Unsexy Side of Family Offices: Compliance Over Investment

Wingspan Legacy Partners
July 29, 2024

Leading family offices are gaining notoriety for becoming actively involved in global finance and dealmaking. But there are still many that are more concerned with tax compliance and bookkeeping than investing. This article in Family Capital discusses how a majority of family offices are still consumed with these less exciting activities, and tend to lack a defined investment identity. And it cites Wingspan data showing that a third have not even created an Investment Policy Statement, which is shortsighted since investing should be part of the core of their mission.

All that said, family offices are very quickly evolving and playing a bigger role in the world of high finance. To effectively do so, they will need to get governance right, decide on a strategy and goals, and structure themselves as real businesses, which may mean being open to strategic mergers with other operating companies. It’s also crucial to recruit top talent, which is certainly achievable but expensive.

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About Wingspan Legacy Partners

Wingspan partners with founders and family enterprises to design and build their enduring legacies. Explore our published content on topics surrounding family enterprises, family office dynamics, succession, and more!