search.noResults

search.searching

saml.title
dataCollection.invalidEmail
note.createNoteMessage

search.noResults

search.searching

orderForm.title

orderForm.productCode
orderForm.description
orderForm.quantity
orderForm.itemPrice
orderForm.price
orderForm.totalPrice
orderForm.deliveryDetails.billingAddress
orderForm.deliveryDetails.deliveryAddress
orderForm.noItems
FINTECH


Covidspursfamilyoffices to rebootbusinessmodels


FAMILYOFFICES WRITTENBY ELISATROVATO


The Covid-19 pandemic has forced family offices to adopt newtechnology at pace, helped in no small part by the engagement of younger family members


C


ovid lockdowns and a massmove to remote working have laid bare weaknesses in the governance processes


and risk management ofmany family offices, driving a significant shift to digitalisation. While most still adopt a very


archaic approach to running their affairs, multi-generational families—particularly those with a complex structure—were forced to digitalise their communication strategies very quickly. Whilemany embraced technology tomake more timely, secure and effective business decisions, themovewas vital to avoid using email for sharing sensitive information and making decisions on critical issues. “With social and travel restrictions


making it difficult to meet in person, the pandemic has really pushed the digital transformation ofmany families,” says Edouard Thijssen,


co-founder and chief executive at Trusted Family, a technology provider headquartered in Brussels, with offices inNewYork and London. The number of his new family office clients rose by 20 per cent in 2020. Hismobile,modular system


enables families to securely share, organise and send information to their members, cast their vote and take decisions, creating greater transparency and accountability. The servicewas initially launched


15 years ago to meet the needs of the two founders’ownbusinesses, and nowserves 150 family offices across 25 countries. Activities cover a range of areas,


fromthe families’ownbusinesses and investments to succession planning and philanthropy, and fromchildren’s education to event management. During the pandemic, the platform has been particularly useful in managing relationships between family members, explains Mr Thijssen, as family leaders had to make crucial decisions, very quickly, in a very uncertain context. “In every family, there are people


who have an active role, and those who don’t.Whenthings go well, no one complains, butwhen things are so uncertain, transparency


and communication becomeeven more important,” adds Mr Thijssen. “We have a health crisiswhich has becomean economic crisis. You don’twant to have a family crisis on top of it.” It is important to identify best


practices and then share them with other families, he adds. One notable trend is that of patriarchs kickstarting more regular communications with family members and shareholders, to build trust, enhance transparency and avoid family disputes. The system also enables leaders to run different scenarios.


THENEXTGENERATION Also important is the accelerating involvement of more tech-savvy next generation members in family affairs,who arenowoften appointed to boards to help drive the digital transformation of their family businesses, reports Mr Thijseen. While patriarchsmay be resistant


The pandemic has


really pushed the digital transformation ofmany families


EDOUARDTHIJSSEN TRUSTED TRUSTEDFAMILY


to change, the second- and third- generations are very receptive to embracing technology, believes Bobby Console-Verma, chief executive at 1fsWealth, a London- based wealth technology and data platform for family offices and wealthy individuals.“Most of our dealingsmay start with a conversation with the patriarch, but then it rapidlymoves to full engagement with the next generations,” he says. But increasingly, patriarchs are


also acknowledging the importance of digitalisation to increasing business efficiency, put to the test by the pandemic. During the crisis,many family


offices have struggled to get access to historical documentation, having “to hunt for documents globally”,which has caused issues with transactions.


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40