The Changing Face of Family Offices
The growth of ultra-high-net-worth families is accelerating rapidly; and, UHNW families are establishing family offices to manage and support the many complexities and needs of their family. While the amount of wealth does not always result in an elevated level of complexity, it is one of the factors that has a high statistical correlation with complexity.
For decades, the primary function of family offices has been to provide financial, investment and administrative support to families. Some of these services are provided internally, while others are outsourced.
The Changing Face of Family Offices
The growth of ultra-high-net-worth (UHNW) families is accelerating rapidly and they are establishing family offices to manage and support the highly complex needs of their family. While the amount of wealth does not always result in an elevated level of complexity, it is one of the factors that has a high statistical correlation with complexity.
For decades, the primary function of family offices has been to provide financial, investment and administrative support to families. Some of these services are provided internally, while others are outsourced.
Chief Learning Officer
Family offices have now expanded to include the important role of a chief learning officer (CLO). Successful families understand that learning is a lifelong and all-family activity. Many have education committees and are dedicated to creating and stewarding a culture of learning that is multidisciplinary and multi-generation…for children, the rising generation and family leadership. They realize that the long-term success of their family requires budgeting a portion of their financial capital on the cultivation and growth of the family’s human capital.
The primary focus for a CLO is family and leadership education to ensure the continued growth and flourishing of the family’s human, spiritual and intellectual capitals. Additionally, most family offices depend upon their CLO to support the family and their executives through the process of defining the vision and purpose of the Family Office. Together they are able to clarify family office values and to co-create governance structures for the family office.
From helping families navigate their family dynamics, to the creation of lifelong learning educational programs, to facilitating, guiding and helping families stay accountable to the governance structures they have created, the Chief Learning Officer has become invaluable to the long-term sustainability of families and their family offices.
Chief Learning Officer
Family offices have now expanded to include the important role of a chief learning officer (CLO). Successful families understand that learning is a lifelong and all-family activity. Many have education committees and are dedicated to creating and stewarding a culture of learning that is multidisciplinary and multi-generation for children, the rising generation and family leadership. They realize that the long-term success of their family requires distributing a portion of their financial capital to the cultivation and growth of the family’s human capital.
The primary focus for a CLO is family and leadership education to ensure continued growth and flourishing of the family’s human, spiritual and intellectual capitals. Additionally, most family offices depend upon their CLO to support the family and their executives through the process of defining the vision and purpose of the family office. Together they are able to clarify family office values and to co-create governance structures for the family office.
The CLO is integral to the family office. They are facilitators and guides helping families successfully navigate family dynamics, create of lifelong learning educational programs and stay accountable to the governance structures they have created for the long-term sustainability of their family and their family offices.