With the birth of a son to the Duke and Duchess of Cambridge, “The Firm” as the British Royal family is sometimes known can rejoice that there are now three generations in direct line to the throne. Of course, not every family firm is as famous as the British Royal family but as with many family concerns which are run with successive generations in mind, securing the wealth and prosperity and future of the family are prime considerations.
But managing the family office is not just about wealth management and wealth preservation. To succeed, family offices need to draw together complex family structures, develop mission and value plans and ensure that succession planning is in the best interests of the family as a whole. These parameters apply whether managing estates, businesses or family wealth.
Those managing family offices need to be able to work within the wider context of business drivers and imperatives whilst keeping family values close to heart. In fact the Family Wealth Alliance’s inaugural security study into the family office concluded that “Sustainability, data loss, fraud and theft are among the top non-investment risks faced by private families and the offices that serve them.”
If you want to learn more about the latest trends in Family Office and wealth management you can attend a Eureka Financial course on Family Office.
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