Family Cohesion

Emily Bouchard, a fractional chief learning officer for family offices, has worked with families in both single-family offices and multifamily offices on issues ranging from family education to succession planning. She discusses the ways family evolution can affect the family office.

A new family office survey aims to understand why many family offices prioritize sustainable investing. According to respondents, one of the key motivating factors for focusing on sustainability is NextGen engagement.

Anthony R. Contrucci leads the family office for the Schrage family, owners of First Bancshares, Inc. and Centier Bank headquartered in Merrillville, Indiana. Contrucci is a married-in member of the fifth generation, which has published a family history book. He describes how the book, which chronicles “our failures along with our successes,” can help preserve the family’s legacy.

Anthony R. Contrucci leads the family office for the Schrage family, owners of First Bancshares, Inc. and Centier Bank, headquartered in Merrillville, Indiana. Contrucci, a married-in member of the fifth generation of the family, describes how the family approaches education for all generations in an effort to establish “emotional cohesion.”

The Duchossois family started next-generation education when they had an operating business — and they are continuing it today through their family office. Craig Duchossois talks about what the family has learned.

Families often invest together not only to achieve financial goals but also to foster family unity. Two families share their experiences using legacy films to capture narratives, values, and histories through comprehensive interviews and visual storytelling to ensure that future generations can connect with the essence of their family heritage.

Alexander Degwitz, the family council chair of the Maldonado family's office, GEMIS, discusses the evolving challenges of aligning the family office with the aspirations and needs of the next generation.

After political instability in Venezuela forced the Maldonado family to emigrate, they settled in Miami, guided by a strong value of unity and a desire for a stable legal environment. The family, consisting of 17 first cousins, chose to stay together in business, purchasing a company in Miami, where they have built a new life and maintained close family bonds despite diverse individual paths and experiences.

Family offices that manage wealth for multiple generations face challenges in balancing transparency, educating younger members about their inheritance, and managing diverse goals within the family. Steve Gardner of Unity Hunt: “We asked our G4s, ‘What can we do for you?’ and they said, ‘I don’t know what you do – I don’t know what to ask for."

Your family office communications strategy should consider these questions: What information do family members want and need? How large — and how spread out — is the family? How quickly do family members need the information? What communication tools do family members use, and what are they willing to adopt?