Writing in “The Evolving Family Office: Leadership Strategies to Ensure the Office Remains Relevant to the Millennial Generation“, Bierwirth and Morris state:
Increasingly, family office leaders are expressing frustration over their inability to capture the attention and commitment of millennials. Not surprisingly, reigning leaders in family offices believe that when the baton is passed to the next generation, they will not value or understand the full benefits of collective management of a family’s legacy and wealth. This is no small matter when looking at the size and scope of the intergenerational wealth transfer expected to take place in the decades ahead…
…It is a time-honored tradition for family offices to adjust their working model to meet the preferences of succeeding generations. But, will simple tweaks sufficiently address the needs of this disruptive generation and the massive wealth transfer that lies ahead? Evidence suggests that radical changes are needed to integrate millennials into the fabric of the family office.
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