RESEAR CH


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SUCCESSION


Family offices are standing on the precipice of a multi-trillion dollar transfer of wealth between generations, yet succession planning among family offices is moving at a glacial pace. What are the barriers to planning? And what should families be doing now?


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he cautionary tale of India’s Ambani family should be enough to scare any patriarch or matriarch into succession action. The sudden death of Reliance founder Dhirubhai Ambani, aged 69, in 2002


sparked an acrimonious battle between his two billionaire sons, Mukesh and Anil, leading to the brothers splitting up the family business in a deal mediated by their mother. Today relations are civil, but the businesses they inherited have had very different outcomes. Just as in family businesses, succession planning remains vital for family offices wanting to smoothly


transfer their wealth and business empires to the next generation. Yet for many, progress is glacial.


Less than half of those surveyed in The Global Family Office Report 2018 (GFOR) have a formal succession plan in place. An estimated $30 trillion in


financial and non-financial assets is expected to pass from Baby Boomers to their heirs in North America in the next 30-40 years alone, according to Accenture. While 70% of global families


expect a wealth transfer to the next generation within the next


ISSUE 75 SUPPLEMENT | 2019


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