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Managing risk for the family office – Protecting the future for Multi-generational families

Executive Summary

Imagine trying to protect a multi-generational family with 15 households and 25 properties in multiple states — not to mention all their vehicles, collections and personal property. Then there’s liability exposure for dozens of individuals, each with their own unique set of risks. Providing insurance protection for this level of exposure is challenging and requires specialized expertise on many levels.

This paper highlights the complex risks faced by multi-generational families and how proper risk management can successfully protect their wealth for future generations

Multi-Generational Wealth on the Rise

Despite the volatility of the world markets and the political challenges around the globe, the High Net Worth (HNW) segment is growing. According to the Capgemini Financial Services Analysis 2016; High Net Worth Individuals (HNW) ¹ wealth growth was a modest 4% in 2015, HNW wealth continued to hit new record highs, aided especially by Asia-Pacific overtaking North America as the number one wealth market. Faltering growth in the Americas constrained global HNWI wealth expansion. Ultra-HNW wealth, long a driver of overall HNW wealth, did not provide its usual boost in 2015. Dampened by Latin America, the global ultra-HNW population expanded by just 4.2% and wealth by only 2.5%. Excluding Latin America, however, ultra-HNW wealth grew more than the other wealth segments, both in 2015 and over the past four years.

Global HNW wealth is projected to nearly triple in size from 2006-2025 to surpass US$100 trillion by 2025, propelled by strong Asia-Pacific growth. If past growth rates hold, Asia-Pacific is likely to continue to be a dominant force over the next decade, representing two-fifths of the world’s HNW wealth, more than that of Europe, Latin America, and the Middle East and Africa combined.

As families continue to grow over the next decade, their risk will continue to grow. Source: Capgemini Financial Services Analysis, 2016; World Wealth Report 2016, Capgemini ¹ HNWIs are defined as those having investable assets of US$1 million or more, excluding primary residence, collectibles, consumables, and consumer durables.

² For the purpose of our analysis, we separate HNWIs into three distinct wealth bands: Those with US$1 million to US$5 million in investable wealth (millionaires next door); those with US$5 million to US$30 million (mid-tier millionaires); and those with US$30 million or more (ultra-HNWIs)

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