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Need for succession planning to bridge the family office generation gap

The poll also highlighted the plans and attitudes towards crypto investing. Nearly four-fifths (77%) of those actively investing in cryptocurrency said they plan to increase their exposure, and 72% of those who actively explored cryptocurrency said they plan to increase their exposure. planning to increase.

According to 64% of respondents who want to include cryptocurrency in their portfolio, cryptocurrency appeals to the goals of the next generation of investors. Seventy percent said they do so to stay on top of emerging investment trends, and 45% said it’s because the next generation of heirs to the family office is interested.

According to Rajesh Nakadi, Head of Investments, Global Family Office at BNY Mellon Wealth Management, “Family offices have long-term investment horizons and are in a unique position to consider investing in this emerging asset class.” “The regulatory environment is evolving, and digital assets are emerging as unique vehicles for families to accumulate wealth, providing high returns and the potential for further portfolio diversification.”

The survey also revealed that 73 percent of family offices said they were involved in some kind of philanthropy. Three-quarters of them donate directly to organizations, and a fifth manage charitable grants worth more than $25 million.

“Family offices have long recognized that philanthropy not only makes an impact but is a powerful vehicle for uniting generations,” said Crystal Thompkins, head of philanthropic solutions at BNY Mellon Wealth Management.

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