Knowledge and experience within the core functions that are critical to the continuity of the Family Office are becoming more and more important. The next generation will require a clear path for interacting with the operating business and the resulting wealth that is managed by the Family Office. This is the time to bring fresh perspectives from the next generation, to encourage them to challenge the status quo, and to introduce innovations.
In summary, I believe the outlook is positive for those Family Offices that continue to be resilient and that make prudent decisions to protect their organizations today, while also keeping an eye on the future in the new reality.
We at KPMG Private Enterprise understand the implications of COVID-19 for private companies and Family Offices. I encourage you to follow our regular KPMG Private Enterprise series of blog posts as we share insights from across the global network of member firms on the impact that COVID-19 may have on your business strategy and operations, and how to embrace the new reality of a post COVID-19 world.
For additional views on KPMG’s outlook for Family Offices in 2020, please request a copy of our full article entitled “Eye on the Big Picture – Predictions for 2020” in Volume 2 of The Journal of the Family Office Community.