Succession planning has always been a key area of concern for family offices. The generational shift from one Principal to another is a time fraught with nervous tension and the potential for disaster. Tech-savvy next generations may reject many of the operations favoured by the outgoing principal. The next generation may not see the value of maintaining the family office.
The same is also true for employee succession, an issue identified by Deloitte in its last annual Family Office Trends report as one of the biggest worries for single family offices. Mark Somers, of the Somers Partnership, reassures that specialist family offic...