The importance of family office advisory for the next generation
As the next generation gradually starts to engage in family wealth management, the relationship between wealth owners and family office advisors is likely to change, which could lead to conflict. To ensure successful generational wealth transfer, however, resolving any differences and facilitating consultancy with wealth advisors is crucial.
Operations Published on Simple August 24, 2022

Private wealth management has always been a competitive space where advisors have to play the game according to the latest industry standards or risk being left out completely. This is especially true now that industry leaders project a massive generational wealth transfer near the sum of trillions of dollars to millennial investors in the next two decades. This new generation of ultra-high-net-worth individuals will undoubtedly have very different expectations as compared to their parents. This often creates conflict between clients and their wealth advisors as confirmed by recent survey reports. Expert family office advisory is vital to ensure a smooth generational transition, and so resolving any conflicts should be a top priority.

There tend to be three main reasons for this clash:

Lack of Interpersonal Engagement

One of the glaring revelations from the 2015 Investment News report was that over 18% of the surveyed advisors never met with their clients’ children and over 50% only met them once per year. This lack of engagement creates a gap in digital capabilities and empathy around the needs and expectations of the next generation of investors leading to a failure to build trust and relevance.

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