Family office succession is a key and looming priority
Intergenerational wealth management has consistently been the top objective of family offices since beginning the Global Family Office Report series. This year we have focused on how family offices are preparing for a succession event. We found that the experience of succession within family offices was far from common. However, it is fast becoming a looming priority as a majority of family offices are expecting a generational transition in the next 15 years.
Impact investing comes of age
An astonishing 61% of family offices are now active or expect to be active in impact investing. Millennials are a key catalyst for this change, but this isn’t just a change led by the next generation. Some 47% of family offices believe that impact investing is a more efficient use of funds to achieve social impact than philanthropy.
15% of offices have experienced cyber-security breaches
Some 15% of family offices reported having experienced a cyber-security breach in the past, with the majority of these breaches resulting in losses of USD 50,000 or less. Phishing (legitimate-looking email scams) was behind many of these breaches, with some instances of pharming (installation of malicious software) and installation of viruses. Among the actions being taken to manage this threat are secure data housing, implementing security strategies and accessing specialist skills.