{"id":47149,"date":"2019-02-14T00:12:56","date_gmt":"2019-02-14T05:12:56","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/financial-services\/top-ten-trends-will-affect-family-offices-2019-beyond\/"},"modified":"2025-12-01T20:48:33","modified_gmt":"2025-12-02T01:48:33","slug":"top-ten-trends-will-affect-family-offices-2019-beyond","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/financial-services\/top-ten-trends-will-affect-family-offices-2019-beyond\/","title":{"rendered":"The top ten trends that will affect family offices in 2019 and beyond"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0386ea7e2b2]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0386ea7e2b2'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/financial-services\/\" rel=\"category tag\">\n                    Financial Services\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">The top ten trends that will affect family offices in 2019 and beyond<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0386ea83f3a'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div>    <p class=\"bbg-metadata bbg-metadata--date\">February 14, 2019<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0386ea857ae'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em>This article is by Francois Botha for Forbes and was licensed by Bloomberg.<\/em><\/p>\n<p>When the cover story of <em>The Economist<\/em> proclaims \u201c<a href=\"https:\/\/www.economist.com\/briefing\/2018\/12\/15\/family-offices-become-financial-titans\">The Rise of the Family Office<\/a>,\u201d we can be pretty sure that it\u2019s no longer only a fancy name for a holding company. However, sustainable growth within this fast-evolving world of family firms requires an agile, proactive approach and a thorough understanding of the emerging trends, risks and opportunities that families will need to tackle.<\/p>\n<p>Families have traditionally been fairly closed and private; however, the one thing they all want to know is what other families are doing and focusing on. So here are 10 trends which are expected to have a significant impact on where family offices should focus their attention in 2019 as they are coming of age:<\/p>\n<p><strong>1. Changing investment strategies<\/strong><\/p>\n<p><a href=\"https:\/\/www.forbes.com\/sites\/francoisbotha\/2019\/01\/17\/when-cash-is-not-king-the-new-favorite-investment-options-for-family-offices\/\">Investment allocations and investment drivers are changing within the family office sector<\/a>, with increasing emphasis on direct minority-stake investments, yet more active participation in the strategic management of these investments is needed. Direct investments now account for approximately 39% of total family office investments, and this allocation is expected to grow in the coming years, as funds shift into higher yielding, more illiquid assets. <a href=\"https:\/\/www.campdenfb.com\/article\/5-things-we-know-about-family-office-progression\">Co-investment deals with other families<\/a> are expected to also become more popular, particularly with family offices that are also looking at negating risks.<\/p>\n<p><strong>2. Soft assets<\/strong><\/p>\n<p>Most family businesses still measure and track performance against a set of rather generic KPIs, such as profit, volume and turnover, but these are generally the \u201chard\u201d indicators, with too little emphasis on the softer, less quantifiable factors that play a significant role in enabling strong performance and building a winning culture over a sustained period. Expect to see an increased focus on these softer performance enablers soon, with emphasis on <a href=\"https:\/\/www.forbes.com\/sites\/francoisbotha\/2018\/11\/24\/use-soft-factors-like-purpose-and-agility-to-enable-success\/\">enhancing agility<\/a> and transitioning companies into a more purpose-driven mind space.<\/p>\n<p><strong>3. Consolidated analysis and reporting<\/strong><\/p>\n<p>Considering the pace of change in the business environment, efficient decision-making will become a crucial driver of performance going forward. This will require improved analysis and reporting models and tools that provide an at-a-glance, yet dynamic, view of business health. Expect companies to start leveraging consolidated multi-asset reporting models, supported by AI, to make informed business decisions . At the same time, this should not only look at financial indicators but at the organizations as a whole.<\/p>\n<p><strong>4. Cybersecurity<\/strong><\/p>\n<p>Cybercrime statistics indicate that <a href=\"https:\/\/www.forbes.com\/sites\/francoisbotha\/2018\/11\/10\/why-family-offices-need-to-prioritize-cyber-security\/\">family offices are becoming more frequent victims of targeted data breaches<\/a>. Twenty-eight percent of international families, family offices and family businesses have already been victims of cyber-attacks, according to a new study from Campden Wealth and Schillings, and this trend is expected to escalate going forward, unless family offices draw up the necessary cybersecurity policies and governance structures and address underinvestment in the required information technology systems.<\/p>\n<p><strong>5. Ethics<\/strong><\/p>\n<p>There is an undeniable socio-cultural mindset shift towards ethical social and environmental practices. Consumers and employees, as well as the world at large, are putting pressure on organizations to do what is best for people and the planet before driving the profit agenda. In the future, companies will need to define and align their practices to an ethical greater purpose to enjoy sustained support from people who purchase their products, especially millennials. An increased focus on impact investing within <a href=\"https:\/\/www.forbes.com\/sites\/francoisbotha\/2018\/11\/24\/use-soft-factors-like-purpose-and-agility-to-enable-success\/\">purpose-driven family offices<\/a> is already being seen, and this <a href=\"https:\/\/www.forbes.com\/sites\/francoisbotha\/2018\/12\/17\/the-rise-of-the-family-office-where-do-they-go-beyond-2019\/\">trend is expected to continue into 2019 and beyond<\/a>.<\/p>\n<p><strong>6. Greater transparency<\/strong><\/p>\n<p>People are demanding ever <a href=\"https:\/\/www.thefuturelaboratory.com\/\">greater transparency and accountability from corporations<\/a>. This rising expectation along with the next generation\u2019s apparent need to overshare has resulted in many traditionally private family offices deciding to operate more publicly. How companies position themselves and manage this emerging requirement will determine whether it presents a brand-building opportunity or reputational risk.<\/p>\n<p>Greater transparency can lead to greater knowledge sharing and from this development of better benchmarks to move families forward.<\/p>\n<p><strong>7. Succession<\/strong><\/p>\n<p>Intergeneration transfer of wealth is an obvious priority for family enterprises, so it is no surprise that <a href=\"https:\/\/www.forbes.com\/sites\/francoisbotha\/2018\/11\/13\/the-asian-family-succession-challenge\/\">succession management has become a hot topic for family offices<\/a>. It is estimated that only 20% of businesses make it through the first succession, and this statistic is expected to come under more pressure in the short term, as we encounter more resistance from the new generation to take the reins of family enterprises. Additionally, we also see many companies in the fourth generation succession stage, where there is little to no emotional connection to the founder, bringing unique challenges. In both cases, increasing <a href=\"https:\/\/www.forbes.com\/sites\/francoisbotha\/2018\/09\/13\/what-can-startups-teach-family-businesses-about-exits\/\">next-generation engagement<\/a> can go a long way.<\/p>\n<p><strong>8. Rising costs<\/strong><\/p>\n<p>The <a href=\"https:\/\/www.empaxis.com\/blog\/family-office-trends\/\">running costs of family offices<\/a> can be considerable. For this reason, an increase in outsourcing to improve cost-efficiencies is expected. Family offices are likely to become more lean, with more investment into systems and digital services, as well as ad-hoc resource placements.<\/p>\n<p><strong>9. Talent<\/strong><\/p>\n<p>Fast decision-making and reaction time is crucial within the family office environment. It will, therefore, become more important to have <a href=\"https:\/\/www.forbes.com\/sites\/francoisbotha\/2018\/09\/10\/how-to-recognize-human-capital-in-your-family-business\/\">specialist in-house expertise<\/a> (e.g., legal counsel) to facilitate this. Some work is required in this area, according to a World Economic Forum report suggesting that nearly one-third of family offices lack the <a href=\"https:\/\/www.forbes.com\/sites\/francoisbotha\/2018\/09\/27\/women-on-board-family-firms-and-the-feminine-principle\/\">necessary expertise<\/a>.<\/p>\n<p><strong>10. Digitization<\/strong><\/p>\n<p>Family businesses, especially those that are underinvested in technology and systems, should be aware that <a href=\"https:\/\/trendwatching.com\/\">embracing digital solutions will be essential<\/a> going forward if they wish to remain competitive and sustainable. Advancements within the <a href=\"https:\/\/www.forbes.com\/sites\/francoisbotha\/2018\/08\/20\/12-tools-to-run-your-family-office-like-a-silicon-valley-startup\/\">digital family office<\/a> space can sometimes be overwhelming, so getting the necessary expertise in, to support and guide may be required.<\/p>\n<p>These are exhilarating times for family offices, and what they can do is maintain a keen eye while families are finding their voices, coming out and coming of age.<\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0386ea87daa]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0386ea87daa'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    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risks and opportunities that families will need to tackle.<\/p>\n","protected":false},"author":1663,"featured_media":29791,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"","footnotes":""},"categories":[457],"tags":[550,478],"series":[],"class_list":["post-47149","post","type-post","status-publish","format-standard","hentry","category-financial-services","tag-buy-side","tag-family-offices","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The top ten trends that will affect family offices in 2019 and beyond | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"Sustainable growth within this fast-evolving world of family firms requires an agile, proactive approach and a thorough understanding of the emerging trends, risks and opportunities 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