As the wealth shifts to the “New Generation”, there is a myriad of changes that will occur.
The children are expected to inherit over $60 trillion from their parents, however the next generation will operate quite differently than the previous generations. This generation will have very different methods of communication such as using smart phones instead of face to face meetings, and they appear to be more concerned about “impact investing” rather than just trying to create more wealth.
In addition, they may be faced with additional regulatory issues and are they really prepared for changes in governance, philanthropy, investment management and managing the family office?
At this time, many Single Family Office executives are getting ready to retire and there are a number of complex issues that will need to be resolved.
For assistance with succession planning and how to deal with the “New Generation”, contact: Michael Rosenblatt, President of FON Search and The Quest Organization at 212-971-0033 or via email at firstname.lastname@example.org
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