By: Thiam Marais
Find out more about Stonehage Fleming's Family Office
It's often with family succession and governance concerns like
at what stage to involve the
Next Generation in the family business or to familiarize
them with the family wealth and other
instances. We get asked Wayne and hard to start with the
transition of wealth from one generation to the next without taking
the children's purpose and responsibility away and
the family office. We have dedicated individuals. That
focus is just on this area.
In the South African office, we often assist lines
to develop a roadmap to diversify their
wealth. Globally. One of the children wants to immigrate we
make sure that the family understand the exit
requirements as well as the entry requirements of the new country
and often when there's been a sale or
liquidity events.
people approach us
to assist with a plan to protect and
manage the funds for future Generations.
Fall in this category. There's a good chance that some of
your growth assets like your business already sits
outside of your personal estate that alone introduces
a layer of complexity on the other
side. We often work with entrepreneurs that were so
focused on building their business or creating their wealth that definitely
to structure their affairs optimally.
But in our experience I'd say the biggest risk to
multi-generational family wealth.
Or internal factors such as lack of communication or
transparency amongst family members.
Families that do not spend time on getting this right risk
losing their wealth by the third generation. That's the
next claiming we regularly review our clients face
to make sure that it's still fit for purpose and structured
optimally and we also have a dedicated succession
and governance team that can help families put a framework in place
to deal with internal conflict resolution.
The biggest benefit is that your family offers advisor also work
with other families.
So shared knowledge and experience think we're
fortunate to work with families whose need span across jurisdictions and
generations. So we learn a lot from that.
We also work on a global business and work with colleagues locally
and abroad in other teams such as tax advisory.
Corporate Services Investment Management on a daily
basis and for many families we act as a
One-Stop shop which in today's high-based environment and
ever-changing worlds can add a lot
of convenience.