Global Partnership Family Offices and Sanlam UK reveal unprecedented insight report on wealth management industry

Global Partnership Family Offices (GPFO) and Sanlam UK have produced a report that explores how families are passing wealth to future generations and the issues which surround this. The official launch of the report will take place during GPFO’s European Conference in London on Thursday 18 October 2018.

The report, entitled Family Fortunes, offers an unprecedented and personal insight on the state of the wealth management industry based upon a series of in-depth interviews with a range of principals and next-generation. It explores issues including the effective preparation for the next generation of client; the investment strategy in the family office, the role of advisers and the approach to managing and investing money of younger generations. 

One of the key concerns for family offices and advisers highlighted in the report is the importance of financial education and ensuring family values towards wealth are passed on to beneficiaries. The report also reveals the increasing concerns among families around new digital technologies and how they can tighten security to protect themselves and future generations. The broad range of views reflects changing attitudes and trends from a new focus on ethical investment to an increasing need for expert advice.

The GPFO conference will include expert sessions on how to make decisions in the family office; issues surrounding wealth transfer for the next generation; investment in infrastructure for the family and geo-political-economy challenges. Keynote speakers and panellists include Dr Patrick Dixon; General Lord Richards; Robert Hannigan; Russell Napier; Mark Shaply; Sandy Loder; Penny Lovell and will have closing remarks by Lieutenant General Sir Simon Mayall.

The report is a timely addition to previous research from Sanlam, whose report - The Generation Game - explores the changing attitudes to inheritance and the implications for the financial industry. The Generation Game found that that 34% of under-45s are counting on the windfall of their expected inheritance to help them later in life. It also revealed that one in three under-45s have used fintech services in the past year – a clear indication of a shift in consumer behaviour within the industry.

Penny Lovell, CEO of Sanlam UK’s Private Office, said: “The report’s qualitative angle provides us with a much more personal and in-depth insight into the main trends and struggles faced by family offices.  The views expressed reflect the changing nature of the industry, especially when it comes to the transfer of wealth and how the next generation want their money to be invested. Last June, Sanlam UK launched The Generation Game, a report that looks at intergenerational wealth transfer. Both reports complement each other and give a holistic insight into the family office and HNW industries.”

Michael J. Oliver, co-founder of GPFO comments: “We are proud of our work during the past months and believe the report will help shed light on the concerns, threats and opportunities for family offices over the coming years. In a time where the level of inheritance is unprecedented it is crucial for families to consider how they can help support the successful passing down of wealth to future generations. Family offices are in a unique position – very often working with multiple members of the same family over a number of generations – and as such are well placed to help wealthy families navigate the increasingly complex and challenging economic and technological environment. Our report helps surface how the industry is starting to heed this opportunity,”

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