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April 25, 2017updated 18 May 2017 1:41pm

UBS launches family office guide for UHNWs

By PBI Editorial

Swiss banking giant UBS in collaboration with Cambridge Institute for Family Enterprise has launched a strategic toolkit to help ultra high net worth (UHNW) families transfer their wealth.

The new proposition, called Family Office Compass, aims to address the impediments of generational wealth transition that was highlighted in the Global Family Office Report 2016.

Family Office Compass will guide UHNW families in setting up a family office as well as provide them a perspective on a family office’s role beyond traditional and short-term wealth management, the Swiss bank said.

UBS head of global ultra high net worth Josef Stadler said: “A strategic family office – which plans and anticipates the changing nature and activities of the family, its environment, and wealth strategy – can be a unique competitive advantage for families of Great Wealth.

“Currently, only 30 percent of generational transfers are successful, so we urge families to think strategically about how they can use a family office to support continued wealth preservation and growth across generations.”

The Global Family Office Report 2016 revealed that about 70% of family offices plan to make a generational transition within the next 15 years, but only 37% hold the view that the next generation wanted to play a more prominent role in managing their family’s affairs.

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