The Evolving Landscape of Family Office

The Family Business Podcast

Summary

In this episode of the Family Business Podcast, Russ Haworth speaks with Annamaria Koerling, founding partner of Delfin Private Office, about the evolving landscape of family offices. They discuss the importance of governance, the unique challenges of succession planning, and the role of philanthropy in fostering family cohesion. Annamaria emphasises the need for tailored governance structures that reflect each family's values and purpose, and the significance of deliberate practice in maintaining open communication. The conversation also highlights the benefits of involving external advisors to navigate complex family dynamics and ensure effective decision-making.

Takeaways

Family offices provide comprehensive services to manage wealth across generations.

Governance structures are critical for the success of family offices.

Each family office is unique, requiring tailored governance solutions.

Succession planning is a major concern for family offices.

Philanthropy can enhance family cohesion and engagement.

Deliberate practice in family conversations is essential for success.

External advisors can provide valuable perspectives and support.

Effective communication of values and purpose is crucial for families.

Families should consider the impact of relocation on their operations.

Creating a family bank can promote entrepreneurial spirit among family members.

Chapters

00:00 Introduction to Family Offices

03:03 The Importance of Governance in Family Offices

06:00 Tailoring Governance to Family Uniqueness

09:04 Critical Governance Considerations for Family Offices

12:01 Impact of Relocation on Family Office Operations

15:11 Succession Planning and Next Generation Involvement

17:58 Promoting Entrepreneurial Spirit in the Next Generation

20:51 The Role of Philanthropy in Family Cohesion

25:00 Deliberate Practice in Family Conversations

27:53 The Value of External Advisors in Family Governance