Since banks are typically the institutions that work the closest with family offices, I thought it would be helpful for family offices to understand what banks are recommending for them.

In speaking with a number of the banks that service family offices we found that they are concerned with the families ability to sustain their wealth in light of the current trends in the economy and information security issues.

In order to both grow your family business and sustain your wealth, the most significant issues that we find need to be addressed are governance, succession planning, infrastructure, technology, human capital and your service providers.
We find that many of the service providers are merely providing a commodity type service such as preparing tax returns, without a significant amount of tax planning, especially in light of the many tax law changes that have occurred over the past year.
As it relates to technology, many extremely high net worth families are using less than adequate software packages with no attention being given to cybersecurity, ransomeware, etc. which is very concerning.

One of the other most essential issues is succession planning which we find is not being addressed timely enough.

If you are interested in learning more about how to prepare for the issues that will affect your family office in 2019 and beyond, please feel free to contact: Michael Rosenblatt, President of FON Search at 212-971-0033 or

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