My View of the Space, Post-Conference
Every year since 2014, in late October, I’ve made my pilgrimage to the annual conference of the Family Firm Institute.
There were a couple of exceptions thanks to the pandemic, but otherwise it’s become one of my predictable trips, where I spend time with others who do some version of the work I do with families.
One of the reasons I never miss these gatherings is that they give me an opportunity to take the pulse of this evolving ecosystem.
It felt like a “field” back in 2014, but it has continued to grow into a true “ecosystem” today.
Highlight 1 — Family Offices
A pre-conference session on Family Offices noted an increase in those who view the “burden of great wealth” as a call to do good for society.
Highlight 2 — Ostrum and Bowen
A breakout on Ostrum and Bowen, highlighting that those who share commonly held assets should work on an “architecture of enduring cooperation”, focusing on the ability to cooperate when you don’t get your way.
Highlight 3 — Horizontal Transfer
Event sponsor Alliance Bernstein shared some research about the “horizontal wealth transfer” to surviving spouses of $54 Trillion, 95% of which is expected to go to widows.
Highlight 4 — The Family Office
A breakout by LGA that focused on the role of the family office as the “central nervous system” of the family, moving from operations and coordination to one where integrating purpose becomes paramount and making sure that the family owners are involved in shaping it.
Highlight 5 — Joy and Play
A fun session on “joy and play” that helps family members build psychological safety together, helping people answer the question “Do I belong here?” i.e. am I welcome, does my voice matter, and can I be myself here?
Highlight 6 — The Awards
An awards ceremony where one recipient noted that the group offers “infinite opportunities for personal and professional learning” and another noted that he was honoured to be on this journey with all of us as “fellow travellers”.
Highlight 7 — Trust
A breakout on “trust” and how it breaks down into four major components (care, reliability, sincerity and competence) and highlighted that we need to help families work on “ways of being together”.
Highlight 8 — Wellness
A breakout on “wellness” highlighted that stress in the family system concentrates at inflection points that are often predictable, allowing advisors to help them anticipate and act before a crisis.
Some final words of wisdom about this work from a breakout presenter and the closing keynote:
“You’re Never Done, and You Never Know.”
“Don’t act too smart and don’t be afraid to shut up.”
I witnessed Spiderman offering his seat to a lady Elvis, but she said she was good with standing.
Maybe you had to see it to appreciate it, but it’s now etched in my memory forever.
Looking forward to 2027 in London and at Oxford.
At A Glance
The State of the Ecosystem
Tap each card to reveal the signal.
+Signal IFrom Field to Ecosystem
“It felt like a ‘field’ back in 2014, but it has continued to grow into a true ‘ecosystem’ today.”
+Signal IIHuman Capital Goes Mainstream
“Serving the human capital of the families we work with, rather than simply focusing on the financial assets… is becoming more mainstream than ever.”
+Signal IIIThe $54 Trillion Horizontal Shift
“The ‘horizontal wealth transfer’ to surviving spouses of $54 Trillion, 95% of which is expected to go to widows.”
+Signal IVArchitecture of Cooperation
“Those who share commonly held assets should work on an ‘architecture of enduring cooperation’, focusing on the ability to cooperate when you don’t get your way.”
+Signal VTrust in Four Parts
“Trust… breaks down into four major components: care, reliability, sincerity and competence.”
+The CallFellow Travellers
“Honoured to be on this journey with all of us as fellow travellers.”
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