RESEAR CH
Succession plan status (multi-year participants)
36% 32% 28% 24% 20% 16% 12% 8% 4% 0%
32 24 20 14 9.4 8.1 2.7 10 9.1 19 17 32
Source: The UBS / Campden Wealth Global Family Office Report 2018 ■ 2017 ■ 2018
“Families know that to do a succession
plan justice they need to set aside sufficient time and there are always more pressing issues that are higher up on their to-do lists,” Grum says. “For other families it may be more
complex—there is not an obvious plan that will make everyone happy and
did not have a succession plan at all, the GFOR finds. Regionally, less than half (42%)
of families in North America have a succession plan, while European families are the most likely (47%) to have a plan in place. One North American family office executive who took part in the study, but wished to remain anonymous, says it was the unexpected death of a senior family member that forced the family to develop a fully
therefore they may be reluctant to open up Pandora’s Box. In these situations, the ultimate plan is likely to involve a number of compromises and it can be tricky to broker these without the involvement of a more neutral party.” While family offices ranked succession
planning as a key governance priority, virtually half (49%) admitted that they
functioning and detailed succession plan. The family’s plan involves a private
family trust company set-up, with an investment committee staffed by external professionals, a committee to oversee distributions to beneficiaries, and a family council that rotates annually so all family members are involved with decision making.
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CAMPDENFB.COM
ISSUE 75 SUPPLEMENT | 2019
Formal written plan (e.g. a will)
Informally agreed, written plan
Verbally agreed
Succession plan in development
No plan at all
Don’t know
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