No two families are the same. While this tenet rings true for private family offices, they all face the same issues. Succession woes. Managing an investment portfolio, the value of which is largely driven by external forces. Preserving the wealth of the principal amid economic uncertainty. Involving and empowering the next generation of will-be principals within the investment function. And governance — bespoke and sophisticated enough to ensure growth and the free-flow of communication between the family and the office. 

To succeed in these tasks, structure is key. But it is not easy. Effective succession takes 10 to 15 years of planning. Preparing the next generation requires a lifetime of work. Governance structures between family members are sensitive and need constant communication. And the investment vehicle of family offices, from operational to allocation, and its relationship with the principal, requires level-headedness and smartness. 

To compound matters, savvy family offices must navigate these issues in a world undergoing unprecedented change — a world where technology is rapidly advancing, creating investment and inhouse development opportunities alike. The 24th European Family Office Forum will convene more than 100 of the world’s largest offices and their principals to identify new ways of addressing old concerns and will look to the future to determine how technology will mould the family office of tomorrow.