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“There definitely seems to be an air of


confidence about the succession plan—its structure allows for a much smoother transition between generations and avoids any issues created by the death of key family members,” the executive says. The need for succession planning is


particularly stark in Asia-Pacific, where only 39% of family offices surveyed for the GFOR have a succession plan in place—the lowest proportion of any region. Jaydee Lin, chief operating officer and


managing partner of the Hong Kong- headquartered Raffles Family Office which also has a presence in Singapore and Taipei, says the concept of succession planning is relatively new for Asian family offices as the majority are only first or second generation wealth holders. “There is a lot of new wealth in Asia and


there have been many family offices formed in this region in the last 5—10 years. The [family office] concept is becoming more mainstream, but it is still very nascent,” says Lin. “Communication between generations can


be challenging in this region, especially about death and succession planning. Depending on the family, sometimes it is preferable they engage external help to act as a neutral party to these discussions.”


Talk shop


Grum says communication between family members is key when planning for succession but members need to tread carefully when broaching the subject. “Allow time for everyone to come round to the


need to create a succession plan because often the discussions are initially broached by those who can see the impending precipice, but this perspective may not be shared by all,” she says. While many succession plans are yet to be


formalised, the next generation have already started to take a more active role within many family offices, indicating the transfer is already in progress. Nearly a third (29%) of the next generation hold management or executive positions in the family office, while close to a quarter (23%) sit on the board, the GFOR reports. Grum cautions that while preparing the next


generation for the future by involving them in the family office management or on the board is to be applauded, formal succession planning needs to be tackled alongside their education to ensure stability. “Do not hold out for the ultimate solution


that completely meets every person’s objective. Multigenerational families are complex and there may need to be a number of compromises on all sides. Done is better than perfect.”


Next generation involvement in the operations of the family office


29


30% 20% 10% 0%


29 26 23 16 7.4 3.8 1.6 1.5


Source: The UBS / Campden Wealth Global Family Office Report 2018


ISSUE 75 SUPPLEMENT | 2019


CAMPDENFB.COM


19


Management / executive role


Some involvement (e.g. on project by project basis, work experience)


No involvement at all


Sit on the board


Involved in philanthropy


N / A – family office has no successors


Other


Next generation is too young


Family office not run by family members


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