Theyoungergenerationprefersa
differentapproach.Trustis stillimportant,
buttheyaremorelikelytoworkwitha
teamofspecialistsandfavoura broader
discussionthatis opentonewideas.
Theyarealsomorelikelytoconsulttheir
networksforreferralsandopinionsbefore
comingtoa decision.
Thismoreprofessionalapproachto
decision-makingmaybemoresuitedto
theworldthenextgenerationis facing:a
constantlyshiftingenvironment,shorter
businessandeconomiccycles,anddigital
disruptionthatis changinghowbusinessis
conductedona globalscale.
Acceptingthischangeinstyleratherthan
focusingona one-size-fits-allapproachis
animportantstepinmodernisingtheway a
family runs its business and affairs.5)FINDPURPOSE
Philanthropyhaslongbeenimportantto
wealthyfamiliesinAsia,butit hastypically
beenseenasseparatetowealthmanagement.
Forthenextgeneration,it is muchmore
commontouseinvestmentstoeffect
socialchangewhilealsoachievingfinancial
returns—asseeninthegrowingpopularityof
impactinvesting.Roughlyone-thirdoffamily
officesarenowinvolvedinimpact-investing,
accordingtoUBS,and 39 percentexpectthis
proportiontofurtherincreaseasthenext
generationstakeover.
Also,asthemanagementofthefamily
businessbecomesincreasinglyprofessional,it
maysuitsomefamilymemberstoconcentrate
theirenergyonmanagingthefamilylegacy
throughphilanthropiceffortsthatfurther the
vision expressed in the constitution.Clear and ongoing dialogue as to
roles and expectations between
both generations is imperative
singapore tatler. the tatler 300 list 2019 7