Weather
12 ° C
12°C
3°C
Sunny
Breaking News

98 Covid cases, 20 Jan, 40 hospitalised - 26 res, 4 in ICU - 1 res, 393 home monitored, 6,591 recoveries, 45 deaths, 1,953 incidence rate, 67.8% vaccinated

The White Paper: When should you set up a Family Office?

The White Paper: When should you set up a Family Office?

By Editor - December 22, 2017

Photo: ec_Estromberg
Photo: Tec Estromberg

Family Wealth Background
We are witnessing an era of unprecedented transfer of wealth from one generation to the next as the world’s most affluent individuals approach retirement and contemplate their succession and wealth planning issues.

The needs of these families are extensive, complicated, and require expert advice, so many are considering a Family Office to help them manage this transition and provide a crucially provide a framework for the Next Generation (Next Gen).

The problem is especially difficult for many advisers is that they are ill-equipped to connect with these Next Gen clients who are technology savvy and expect a very different service experience than their parents did.

Wealth Transfer in numbers
There were 187,500 global Ultra High-Net-Worth Individuals (UHNWI), those with investable assets of over $30 million, in 2016, according to Knight Frank in their annual Wealth Report.

According to Bank of America the great transfer of wealth will see a handover of about $12 trillion from those born in 1920s and 1930s to the Baby Boomers. However, the Boomers are expected to transfer some $30 trillion in assets to their heirs over the next 30-40 years in just the US alone.

SIGN IN TO YOUR PREMIUM ACCOUNT TO READ MORE

(click Sign In at the top of the page)

shares
SHARE
Sign up to our newsletter
Previous articleCanada 150: A Monaco Life Original Series, Valerie Chiasson
Next articleThe Charities of Monaco Life: Monaco Red Cross

daily

January 21, 2022 | Business & Finance

Marc Vassallo stepping in as new Secretary General

Stephanie Horsman

The position of Secretary General in the Prince’s government, left open by the retirement of Robert Colle, is being filled by the current Deputy Secretary General, Marc Vassallo.

0
January 20, 2022 | Business & Finance

National Council looks to a positive 2022

Luke Entwistle

During his annual address to the press, National Council President Stéphane Valeri was optimistic for 2022, saying "there are reasons to hope that we can get back to a quasi-normal life.”

0
January 20, 2022 | Business & Finance

Government reactivates financial support measures

Cassandra Tanti

Businesses that are suffering an economic loss under the fifth wave of the pandemic will once again receive assistance from the government.

0
January 18, 2022 | Business & Finance

This is the Prince’s new equal Cabinet

Cassandra Tanti

Prince Albert has chaired the first meeting of his new Cabinet headed by Laurent Anselmi at the Prince's Palace, unprecedentedly made up of half women, half men.

0