Family Office Challenges
admin | Thursday, August 13th, 2009 | No Comments »Family Office Challenges
Like other wealth managers, family offices are facing many challenges in the recession. A prominent family offices attorney says that creative thinking and improved efficiency will help family offices overcome the hurdles they face in today’s economy. Anthony Markham, a partner at at law firm Maitland’s Isle of Man office explains, “One of the most important things family offices must do is think creatively.”
Markham has gone back to the island following a decade in London and will be spearheading the family office service following an increased demand from wealthy families. He explained some of the unique challenges currently facing family offices. “Family offices are doing a very difficult trick, they are trying to anticipate the needs of their families while also trying to keep abreast with the challenging environment with lots of difficult changes,” Markham said.He also points to a lack of cash as a particular difficulty during the economic crisis. “Family offices have either seen their investment portfolios marked down with everybody else’s or they have seen their family businesses becoming cash hungry when usually they are cash generative. In that environment they are becoming very cost sensitive and doing things more efficiently. It tends to be more what do we need to do as opposed what would it be nice to do,” Markham explained.
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Markham emphasizes that the main thing family offices need to do is to react creatively to attain what they need without adding up recurring costs.
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