Developing a family governance strategy, often including a family protocol (sometimes referred to as a family constitution or charter), helps ensure that the family’s interests are considered alongside those of the businesses and investments. It increases the control that family members have over their assets. A family governance strategy can focus on the protection of family assets, the growth of family wealth, planning for succession of investment and business management and controlling the consumption of family wealth.
In this STEP Journal article, Head of JTC Private Office – UK, Nic Arnold, discusses why developing and maintaining a family governance strategy is so important. Nic talks about:
• Common hurdles to a family protocol
• How luxury assets feature in family governance planning
• How family governance works when a family office is already in place
• Differing priorities between generations
• And more…
Click HERE to read the article.
Nic Arnold, ‘Navigating the Complexities of Family Wealth – Family Governance Services’, STEP Journal (Issue 2, 2023), Page 53.