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FEATURED ARTICLE
What single-family offices should look for when hiring non-family members
As the scale and wealth of family offices continues to grow—Deloitte projects the number of global single-family offices will reach 10,720 and SFO assets under management will surge to US$5.4 trillion by 2030, up 75 per cent and 73 per cent, respectively, since 2019—an important shift is taking hold: a growing number are looking to professionalize. This is especially true in North America, where Deloitte reports that post-succession to the second generation, 66 per cent of SFOs are expected to be led by non-family members.
So, what should SFOs planning to hire outside the family look for? The starting point is to undertake a strategic planning process, says Caroline Phaneuf, cofounder and managing partner of Montreal-based consulting firm Crysalia, which helps Canada’s enterprising families address the human side of managing wealth and relationships across generations.
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MEMBER CONTENT
The long goodbye: Thane Stenner on why the hardest part of succession is letting go—and how the right advisor helps founders do it
It is the long goodbye that quietly imperils a family business: the aging patriarch or matriarch who has built something remarkable—and simply cannot let it go. Yet it’s a scenario that plays out in roughly half of business succession cases, according to Thane Stenner, founder of Stenner Wealth Partners+ at CG Wealth Management and Chairman Emeritus of Tiger 21 Canada, an ultra-high-net-worth investor peer network.
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This article is brought to you by Stenner Wealth Partners+.
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