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As the next generation of family business owners<\/a> begin to assume the leadership mantel, the future of family business offices is also transitioning to a new future, according to two family office experts discussing the subject at the 18th Annual Family Office Investment Symposium recently held here.<\/p>\n The panel discussion, \u201cThe Family Office Yesterday, Today, and Tomorrow,\u201d featured Policy and Taxation Group President Pat Soldano<\/a> and event organizer Greg Kushner, founder and chairman of Lido Consulting. Soldano is also President of Family Enterprise USA. Policy and Taxation Group and Family Enterprise USA advocate for family offices, family businesses, and successful individuals. Lido Consulting specializes in educational events for the family office industry.<\/p>\n The two-day 2024 symposium, held at the Fairmont Century Plaza Hotel here with approximately 400 attendees, centered around legacy preservation within the family office space, and included educational presentations, panel discussions, entertainment, and networking opportunities.<\/p>\n Soldano<\/a> and Kushner kicked off the discussion on the pros and cons of single-family offices, multi-family offices<\/a> and what the minimum investment levels are needed by both to make them viable. In addition, the concept of virtual family offices was raised as a viable option for many \u201cNext Gen\u201d family business owners.<\/p>\n \u201cThe needs of the next generation are very different,\u201d said Soldano. \u201cThe service offering will need to look very different as \u2018Next Gen\u2019 family business<\/a> leaders find traditional family needs, like real estate and personal services, are no longer a priority,\u201d she said. \u201cInvestment services will also need to change,\u201d she said. \u201cNext Gen clients just don\u2019t need the traditional services family offices have relied on for decades, and they are looking at different kinds of investment priorities.\u201d \u201cI see the inflation, possible recession, and geopolitical risks as the biggest worries ahead,\u201d said Kushner. \u201cAnecdotally, a number of families I work with are concerned with the breaking down of the rule of law and civil unrest as a real concern,\u201d he said. \u201cAlong those same lines there are concerns about the growing wealth gap and the potential for ultra-high net worth families being targets of both social and political backlash.\u201d<\/p>\n The two experts cited several research datapoints showing only one-third of family offices<\/a> have formal succession plans in place for clients, and there is the belief that the next generation is \u201ctoo young\u201d or \u201cunqualified,\u201d or the current leadership is unwilling to relinquish control.<\/p>\n \u201cOne of the critical issues that new research tells us is the lack of communication between family members,\u201d said Soldano. \u201cThe tough discussions around the family dinner table are just not happening and this gap in communication is a becoming a major issue,\u201d she said.<\/p>\n Nevertheless, Kushner said, the financial performance is still top of mind for most family office<\/a> executives.<\/p>\n \u201cFinancial performance is still paramount,\u201d he said. \u201cThe top five most important issues remain preserving capital, maximizing return on investment, diversification, and generating income. Today, that is still the important bottom line.\u201d<\/p>\n However, with \u2018Next Gen\u2019 family members, Kushner agreed that ESG (Environment, Social, Governance) and other societal and environment investments are important considerations in future portfolios.<\/p>\n Topics of discussion also touched on the challenge of hiring top advisors, the rise of virtual offices, complex investment decisions, and the rising cost of running family offices.<\/p>\n \u201cThe increasing cost of operating a family office is weighing on the next round of leaders,\u201d said Soldano. \u201cThe cost is significant compared to a decade ago and it\u2019s only natural that a single-family office starts to feel the pressure of bringing on other clients to help subsidize costs, but that brings other complications, like lack of the personal touch and greater government regulation,\u201d she said. \u201cThese complications begin to breakdown the old family office model and will require a different approach to staffing and management.\u201d<\/p>\n The topic also turned to Capitol Hill tax issues, such as the estate tax and other tax policies expiring at the end of 2025.<\/p>\n It\u2019s important for family office executives, and their clients, to understand the impact of the current estate tax rates being doubled starting in 2026, according to Soldano.<\/p>\n \u201cIn all our meetings on Capitol Hill, educating legislators on this issue and working with Texas Rep. Jodey Arrington\u2019s bill to maintain or lower the current estate tax rates, we find that if we have a strong voice, we have a chance in making an impact,\u201d Soldano said. \u201cWe\u2019ve worked for decades in reforming the gift, estate, and generation skipping tax and we have to continue putting pressure on Congress to do the right thing,\u201d she said. \u201cWe need everyone\u2019s help in this effort, and with the new Congressional Family Business Caucus we are finally being heard on Capitol Hill.\u201d<\/p>\n [\/et_pb_text][et_pb_divider color=”#397389″ divider_weight=”2px” disabled_on=”off|off|off” _builder_version=”4.25.2″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_text disabled_on=”off|off|off” admin_label=”Become a member text” _builder_version=”4.21.0″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/familyenterpriseusa.com\/donate-2\/” global_module=”5822″ global_colors_info=”{}”]<\/p>\n As we prepare for what promises to be a pivotal year for America, we’re asking you to consider becoming a member.<\/p>\n The need for fact-based reporting of issues important to multi generational businesses<\/a> and protecting a lifetime of savings<\/a> has never been greater. Now more than ever, multi generational businesses<\/a> and family businesses<\/a> are under fire. That’s why Family Enterprise USA<\/a> is passionately working to increase the awareness of issues important to generationally-owned family businesses<\/a> built on hard work, while continuing to strengthen our presence on Capitol Hill. The issues we fight for or against with Congress in Washington DC include high income tax rates<\/a>, possible elimination of valuation discounts, increase in capital gains tax<\/a>, enactment of a wealth tax<\/a>, and the continued burden of the gift tax<\/a>, estate tax<\/a> and generation skipping tax<\/a>.<\/p>\n [\/et_pb_text][et_pb_button button_url=”https:\/\/familyenterpriseusa.com\/donate\/” button_text=”Become a Family Enterprise USA Member” button_alignment=”center” disabled_on=”off|off|off” admin_label=”Become FEUSA member button” _builder_version=”4.21.0″ _module_preset=”default” custom_button=”on” global_module=”6503″ global_colors_info=”{}”][\/et_pb_button][et_pb_divider color=”#397389″ divider_style=”dotted” divider_weight=”2px” _builder_version=”4.19.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][et_pb_video_slider admin_label=”Video Slider Webinar Replays” _builder_version=”4.21.0″ _module_preset=”default” saved_tabs=”all” global_colors_info=”{}” global_module=”5954″ theme_builder_area=”post_content”][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=ebLC74TMplE” _builder_version=”4.21.0″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=fIbiW_qFdE0″ _builder_version=”4.21.0″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=uKyoSHKZ-5o&t=81s” _builder_version=”4.21.0″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=KIgfjsdi4o0″ _builder_version=”4.21.0″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=6ME0xh9XKSM” _builder_version=”4.21.0″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=Ggte5YDferU” _builder_version=”4.21.0″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=GnpvvzhcfS0″ _builder_version=”4.21.0″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content” show_image_overlay=”off”][\/et_pb_video_slider_item][et_pb_video_slider_item src=”https:\/\/www.youtube.com\/watch?v=6UMxZ8yBsOs” _builder_version=”4.21.0″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content” show_image_overlay=”off”][\/et_pb_video_slider_item][\/et_pb_video_slider][et_pb_text disabled_on=”off|off|off” admin_label=”FEUSA Statement” _builder_version=”4.21.0″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” link_option_url=”https:\/\/familyenterpriseusa.com\/donate-2\/” global_module=”5910″ saved_tabs=”all” global_colors_info=”{}”]<\/p>\n Family Enterprise USA<\/a> promotes generationally<\/a> owned family business<\/a> creation, growth, viability, and sustainability by advocating for family businesses<\/a> and their lifetime of savings with Congress<\/a> in Washington DC.\u00a0 Since 2007, Family Enterprise USA<\/a> has represented and celebrated\u00a0all sizes, professions and industries of family-owned enterprises and multi-generational<\/a> employers. It is a bi-partisan 501.c3 organization.\u00a0Family foundations can donate.<\/a><\/p>\n [\/et_pb_text][et_pb_text disabled_on=”off|off|off” admin_label=”Hash tags & Tags” _builder_version=”4.21.0″ _module_preset=”default” global_module=”6498″ global_colors_info=”{}”]<\/p>\n #incometax #taxseason #federaltaxpolicy #taxation #EstateTax #Deathtax #wealthtax #taxLegislation #CongressionalCaucus #CapitalGainsTax #incometaxrates #incometaxseason #taxrefund #taxreturn #incometaxreturn #gifttax #Generationskippingtax #InheritanceTax #repealestatetax #FamilyBusiness #promotefamilybusinesses #familyowned #supportlocalbusiness #womeninbusiness #AdvocatingForFamilyBusinesses #Generationallyowned #Multigenerationalbusiness\u00a0 @FamilyEnterpriseUSA @PolicyAndTaxationGroup @DitchTheEstateTax #FamilyEnterpriseUSA #PolicyAndTaxationGroup #DitchTheEstateTax<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" Family Office of Future Will \u2018Look Very Different from Today,\u2019 According to Expert Panel at 18th Annual Family Office Symposium Policy and Taxation Group\u2019s Pat Soldano and Lido Consulting\u2019s Greg Kushner Discuss Single, Multi-Family Office Trends as $80 Trillion Next Generation Wealth Shift Transforms Industry As the next generation of family business owners […]<\/p>\n","protected":false},"author":2,"featured_media":12042,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","content-type":"","footnotes":""},"categories":[48,3,92,103],"tags":[],"class_list":["post-12040","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family-businesses","category-feusa","category-multi-generational-business","category-next-gen"],"acf":[],"_links":{"self":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/12040","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12040"}],"version-history":[{"count":3,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/12040\/revisions"}],"predecessor-version":[{"id":12046,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/posts\/12040\/revisions\/12046"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=\/wp\/v2\/media\/12042"}],"wp:attachment":[{"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12040"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12040"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/familyenterpriseusa.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12040"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
During the on-stage conversation, Kushner detailed the biggest concerns of the ultra-high net worth families, and wealth preservation in a time of change.<\/p>\nWe hope you’ve enjoyed this article. While you’re here, we have a small favor to ask…<\/em><\/h4>\n
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