By Rupert Phelps, partner for family office services, Smith & Williamson Investment Management

Does “business as usual” (BAU) ever exist for complex families with substantial assets?

Whatever one’s view on that question, current challenges might suggest a renewed look at the basic principles of effective family governance (EFG).

Many families may have completed thoughtful and engaged governance initiatives such as forming a family council and establishing a strategic framework between family and business interests.

This...