There's an industry adage that says "when
you've seen one family office ... you've seen one family
office." This is especially true in the current environment
where many group structures either avoid the label "family
office" or have grown complex so quickly that they don't
realise this is what they've become.
The vision of an original wealth-creator may have allowed for a
streamlined management process in the initial period of asset
accumulation, however this becomes challenging when there are
transitions of leadership to the next generation. As wealth
increases and younger generations become decision makers, there is
often an increased push for the business operations to become more
institutionalised and professionally managed. This transfer of
responsibilities, management and governance to outside service
providers, directors, and board members is a primary indicator that
a group structure has truly become a "family office."
