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In the labyrinth of family office management, where generations intersect and wealth transforms, Brian Adams, president and founder of Excelsior Capital, and Edward Marshall, Global Head, Family Office and HNW Group at Dentons, offer invaluable insights into maintaining familial prosperity while fostering a culture of growth and fulfilment. 

Their conversation highlights critical considerations for the next generation, offering pathways to navigate the evolving landscape of family offices globally. Listen to the entire podcast episode here.

Understanding the Shifting Demographics

The family office landscape is witnessing a seismic shift as the baton passes from baby boomers to millennials. NextGen members find themselves at the helm of enterprises they may not have chosen necessarily, emphasizing the importance of inclusive decision-making and aligning family goals.

Embracing Turnkey Solutions

Many NextGen individuals seek alternatives to full-time involvement in family offices, preferring turnkey solutions that preserve the family structure without daily operational burdens. Exploring options like partnering with specialized firms can alleviate these concerns. 

Selecting the Right Partners

Choosing family office solutions and advisors demands meticulous consideration. Beyond financial prowess, factors like cultural fit, longevity of partnerships, and a management team that reflects their personal backgrounds play pivotal roles in ensuring mutual alignment and sustained success. When picking a service provider, ask for referrals and understand the strategies underpinning the firm.  

Prioritizing Technological Integration

In an era of digital advancement, family offices must prioritize robust technological infrastructure, encompassing cybersecurity, seamless communication, and real-time reporting. Access to alternative investments and tailored strategies further distinguishes exemplary service providers. 

It is also important to note that quantitative issues like investment typically are not as big as qualitative issues, which can blow a family up or allow them to be successful. As you get bigger and more mature with family, it is more about whether the firm can facilitate you as a family culture moving forward; are you aligned on what you both want to achieve?  

Ultimately, it makes everything harder if you can’t develop trust with your investment professionals. 

Setting Them Up for Success

When trying to sustain the quality of life across multiple generations, you must consider wealth creation in every generation. Put whatever resources you have into the next generation to encourage them to be entrepreneurial. It helps to set up structures that allow the next generation to execute their aspirations.  

Fostering a Cohesive Family Culture

Successful family offices extend beyond financial management; they nurture a shared culture rooted in shared experiences, philanthropy, and values beyond material wealth. Regular family retreats and involvement in philanthropic endeavours foster cohesion across generations. 

Institutionalizing the Family Office

Introducing NextGen members to family office dynamics from a young age facilitates a seamless transition. Transparent communication, early involvement in family foundations, and professional guidance ensure a smooth evolution into leadership roles.

Leveraging Affinity Networks

Engaging with affinity networks and peer-to-peer learning platforms provides invaluable insights and connections. By tapping into collective wisdom and shared experiences, families can make informed decisions across various service providers and areas of expertise. 

Defining Personal Success

Amidst the wealth and legacy, defining success on individual terms is paramount. Comparisons with peers or predecessors can obscure personal fulfilment, emphasizing the need for self-defined benchmarks and a focus on holistic well-being beyond material wealth.


In essence, the journey of a family office transcends financial management; it is a tapestry woven with shared aspirations, values, and experiences. By embracing inclusivity, leveraging expertise, and prioritizing familial bonds, NextGen leaders can navigate the complexities of wealth stewardship, creating a legacy that endures across generations.

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