New research by Stonehage Fleming said 69% of respondents spotlighted succession planning as one of their top three concerns for future financial organisation, followed by capital preservation (62%) and tax planning (48%).
The shift in focus to quality succession planning meant a more sophisticated, better structured and increasingly democratic approach to family leadership. The shift prompted a greater emphasis on training and development of young people, better communication and renewed importance on long-term planning.
“Perhaps most important of all, families are concerned about having leaders in place who will see the family through the uncertainties of a changing environment,” the multi family office’s report Practical Wisdom and Leadership for Changing Times said, the third publication in its Four Pillars of Capital series.