By: Angelo Robles, Founder of the Family Office Association
How do the most innovative and successful global families respond to a turbulent world, an uncertain economy, threats from cyber and terrorist attacks, constantly evolving regulations, geo-political risks, tax complexities and the challenges of family dynamics?
They create (or if existing transform into) a world-class single family office.
A single family office is an entity for internally and exclusively managing your family resources including capital, mitigating risks, addressing vulnerabilities and acting as an intergenerational safeguard for the family’s collective values, aspirations, heritage and legacy. An increasing number of single family offices are being created as virtual single family offices. More traditional single family offices are transitioning to become virtual single family offices. Near all single family offices incorporate some elements of being a virtual single family office.
The term virtual single family office is still best expressed as an internal single family office structure, with talent (even if singular) that is kept very lean, relying on greater coordinated outsourcing, and use of technology, to achieve more with less — and hopefully with better results.
The trends among sophisticated single family offices are adaptable/resilient leadership, better access to the best resources, enhanced use of technology, and a more rigorous institutional approach to their structures, governance and investing.
Several factors are driving this trend of modern virtual single family offices comparative to traditional ones. The primarily force is the younger/next generation of wealth creators and inheritors, who are tech savvy, more collaborative and generally desire leaner organizations that are more entrepreneurial and adaptive to an increasingly digital changing economy.
About Family Office Association: Family Office Association is an exclusive membership organization for the wealthiest families in the world. In our private community, members share with and learn from peers with the utmost regard for privacy. We provide the highest quality events, tools, and resources for our members to connect and create lasting value.
Click Here Angelo Robles Interviewed by Family Capital Magazine on the Contemporary Family and Their Family Offices Part 1
Click Here Angelo Robles Interviewed by Family Capital Magazine on the Contemporary Family and Their Family Offices Part 2
Click Here to View Recap of a Recent Family Office Association Event (Featuring Tony Robbins in Santa Monica)