With a recent family wealth report by Julius Baer stating that only 1 in 10 ultra-high-net-worth families have a formalised governing body, it’s no surprise that family governance continues to be a significant source of interest for the very wealthy.
The continued growth of global wealth and allied growth in the number of family offices around the world means an increasing number of wealthy families will be grappling with the issue of governance and family offices.
The latest report (below) from Russell Prior of HSBC Global Private Banking highlights some of the areas for consideration. Russell leads the Family Office Advisory and Family Governance practice for HSBC Private Banking across EMEA. He is also the author of Family Governance and Surplus Wealth: Sustaining Family Fortunes which was published in June 2021.HSBC Private Bank Family Governance in Family Offices