Significant differences can be found in the way Asia's newly wealthy view the usefulness of a family office from their peers in the West, but finding harmony is the key to success.
In this week’s blog, I interview Declan Winston Ramsaran, Managing Director at PANGEA Private Family Offices based in Toronto, Canada. Declan talks to us about wealth management for multigenerational families.
In this week’s blog post, I discuss generational legacy, and what this entails for both the senior generation and the next generation.
In this week’s blog post, I discuss the role of the family bank, and four keys to successful implementation of this entity.
The desire for progeny of wealth families to develop an appreciation for financial independence is often top of mind for the family office. Especially families seeking to preserve their wealth for generations yet to be born appreciate the need for all of their members to be thoroughly educated and prepared for the responsibilities of family wealth. Without this preparation, families may not be adequately prepared to make shared decisions as owners. Family Office Exchange (FOX) has found that wealth education activities can help increase the odds of producing next generation family entrepreneurs; Through cultivate the knowledge, commitment and unity among family members, fostering a sense of engagement and ownership, maintaining family wealth while encouraging their philanthropic endeavors, and grooming the next generation to successfully take responsibility for their wealth, the question of sustaining the family wealth may not be as feared.
In this week’s blog post, I discuss developing the next generation of wealth inheritors, and what parents can do to help their children become good stewards of wealth.