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Not the founder's family office: evolving to meet the needs of rising generations
The International Family Offices Journal
Vol. 4 - Iss. 1 pp. 44–51
Sep 2019
The author, Amelia Renkert-Thomas, has spent a fair among of time recently working with family offices on the issue of how to include the next generation (often now referred to as the ?rising generation'), and wanted to share her experiences and learning with readers of the Journal. She begins with a division of current family offices into three types: The Vault, The Concierge, and On the Fly. After reviewing the pros and cons of each type, she asks ?What is it that the rising generation wants or needs?? Here she finds that a family office can be very helpful: At a basic level, a young person needs help navigating wealth - dealing with distributions and taxes as well as managing money, dealing with financial institutions, understanding investments, handling credit, buying real estate, maintaining privacy and security. The author gives many examples of how the family office can build engagement with the rising generation, and stresses how vital that process is, concluding that: To achieve the goal of being seen as effective, trustworthy, and relevant to every generation it serves, a family office must develop awareness of how its culture and operations are viewed by its clients, and how it promotes or impedes productive client relationships.