Expert Roundtable: New Year Brings New Opportunities for Family Offices

With the new year come new projects and priorities. We asked family office experts to describe an important opportunity for family offices in the coming year:

The two largest top of mind issues for family offices heading into 2024 are talent and technology. 

— Brian C. Adams, Principal, Mack International 

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We recognize that with the fast-paced nature of our work, we can tend to focus on the day-to-day work and not create white space for our team to think.  We firmly believe that our most valuable asset is our workforce, and we are fully aware that unlocking their full potential brings the greatest benefit to all our stakeholders. To facilitate this, it is imperative that our team is provided with the necessary environment for learning, collaboration and innovation. Consequently, we have initiated a strategic project aimed at comprehensively evaluating our existing resources and organizational framework. This assessment encompasses an examination of our structure, processes, roles, and resource allocation to ensure that we are well-equipped to realize our vision and mission today and into the future.

— Jill Barber, President, CYMI Holdings

There are many important topics on the horizons for single family offices as we are in an evolving and “newer” industry. With the largest wealth transfer in history set to take place over the coming years, I would say next-generation education is a hot topic. And that can fall under family education — as the whole family unit should have transparency and proper tools to set them up for success, especially in those transition years.

Plus, as we begin a new year and are still navigating a post-COVID work environment, I believe strategizing, prioritizing and efficiency come into play as SFO executives and principals decide what goals to tackle with the coming year, especially with an election on the horizon.

— Celine Fitzgerald, Analyst, Webb & O’Neill Capital; President, Fitzgerald Family Foundation; Legacy Consultant, Legacy Capitals 

It is never too early and almost never too late to begin to impart the family history, values and principles to the rising generations. The wealthiest families in the nation are making a practice of sharing in age-appropriate ways their family stories, the work of the family businesses and the values. My youngest client is 6 years old, and I am working with her 9- and 11-year-old siblings on these topics in fun, experiential ways that they love. By the time they are adults, these values and stories will be a part of the operating systems. And they will have enjoyed it!

Philanthropy is one delivery vehicle, but there are so many easy and rewarding things families can do together and family offices can help facilitate.  Examples are a child-friendly family story timeline starting with the children’s birthday and going backward to an on-site visit to a locale or organization supported by the family, like a dive trip to see coral restored with the help of the family.

— Susan Jenevein, Managing Director of Philanthropy and Family Engagement, Tolleson Wealth Management

About the Author

Margaret Steen

Margaret Steen is the editor of FO Pro, The Family Office Professional. Based in Silicon Valley, she has written for Family Business Magazine for more than 15 years.


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