Millennials & The Family Office Dilemma

Note from the CEO:  Family offices and wealth managers have a lot of work cut out for them. They not only have to get up to speed with new technology BUT have to “sell” this intergenerational wealth transfer to the new owners of that wealth; millennials. Investing, communication and some hand holding. Family offices that do not keep up and innovate will not last long in this “new normal” world.

“The family office that doesn’t take a hard look at how to change its model to accommodate millennials—from investing to communication—will falter.

Generally defined as individuals born between 1982 and 2004, Millennials have surpassed Baby Boomers as the nation’s largest living generation, according to population estimates released this year by the U.S. Census Bureau. They represent 27 percent of the adult population and are set to inherit $30 trillion from their Baby Boomer parents.

This intergenerational wealth transfer will pose significant challenges for the family office, as this generation has beliefs and views independent of those of their parents.”

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