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January 11, 2011 at 10:31 AM
“The cost of sustaining wealth, and generational and leadership transitions,” continue to challenge smaller family offices, according to a new survey from Chicago-based Family Office Exchange, (FOX).
The FOX peer-to-peer network, for ultra-high-net-worth families and the advisors who manage their financial affairs, has released results of a survey it conducted with the Okabena Co., a Minneapolis-based family office and investment advisor, about “sustainability” of smaller family offices.
The report, “Innovating to Survive and Thrive: Meeting the Challenge of Small Family Office Sustainability,” focused on “sustainability” and “delivery of quality family office services.”
Participants ranked sustainability concerns, according to the report. The top concern, especially for “small family offices,” was “Cost of providing family office services;” ranking 84%. “Long-term dilution of family wealth,” was the number-two concern, with a 78% ranking. Participants noted that the tendency for each generation to expand in number, diminished “buying power.”
