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UBS urges UHNW families to develop strategic plan wealth transfer


UBS has launched the Family Office Compass, a strategic toolkit to help ultra-high net worth families flourish across generations.

The Family Office Compass addresses one of the key findings of the Global Family Office Report 2016: nearly 70 per cent of family offices expect a generational transition within the next 15 years, yet just 37 per cent of them believe that the next generation want to play a more prominent role in managing their family's affairs.
This reluctance is often not due to a lack of interest or aptitude, but rather an inability to identify ways to participate that suit their personal interests and life trajectories.
For many families, placing trust in potential successors can be a challenge.
Family offices can find it equally demanding to maintain relevance with the younger generation.
The Family Office Compass is designed to help overcome these potential obstacles, so that generational transition is a success and family wealth continues to grow multi-generationally.
The Family Office Compass, developed in conjunction with the Cambridge Institute for Family Enterprise, guides families in how to set up a state-of-the-art family office and offers them a perspective on the strategic role of a family office beyond traditional and short-term wealth management. It demonstrates how a family office can guide the family from generation to generation, ensuring that members stay unified and preserve and grow its wealth.
Research by Campden Wealth shows that the global population of single family offices (SFOs) today is 5,300. Over 75 per cent of these are located in either Europe or North America, while another 17 per cent are in Asia Pacific and over 8 per cent in emerging markets. These single family offices cater to individuals with USD100 million or more in investable assets.
According to Campden’s estimates, 740 family offices globally are owned by ultra-high net worth individuals with assets under management of USD1 billion or more in investable wealth. Of these, 30 per cent are based in Europe, 36 per cent in North America, 24 per cent in Asia Pacific and 10 per cent in emerging markets.
The UBS/PwC Billionaires Report (2016) found that there are 1,397 billionaires across North America, Europe and Asia Pacific. Based on this number and our estimate of billionaire family offices per region, we can calculate that 65 per cent of European billionaires have a family office, compared with 50 per cent of those based in North America and 34 per cent in Asia Pacific.
John Mathews, head of private wealth management and ultra-high net worth, UBS, Wealth Management Americas, says: “It is crucial for families wanting to create lasting financial success to identify their driving purpose and to formulate an overall family strategy. Clarity of purpose for the family, and in turn, the family office leads to improved performance of the family office over time and increased usefulness to the family. This compass offers us a detailed road map for a family office to succeed and survive over generations.”

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