全球家族办公室报告：家族办公室身份的演变——以家族为中心的视角

the Globalfamily officeReport The Evolving Identities of Family Offices:A Family-First Lens FOREWORD Family offices are no longer quiet back-office structures. They are now considered to bestrategic engines at the heart of family wealth and legacy. That is why the IMD Global FamilyBusiness Center and the Family Business Network (FBN) have together launched this global With a combined 73 years of experience working alongside enterprising families, we bringdeep expertise to this study. Our goal is clear: to equip families with insights that help themstrengthen their wealth management practices in an environment shaped by rapid financial Unlike many institutional reports on family offices, this study combines theacademic rigor ofIMDwith thelived experiences and stories of FBN families worldwide— blending data with We chose to view the family office through afamily-first lens. Behind every office lies afamily with its own purpose, aspirations, and values. The families we engaged with are notpassive investors; they arelearning families, open to growth, renewal, and exchange and their More than half of the family offices surveyed already integrate education (56%) andprofessional development (52%) into their services. A growing number (38%) go further, byproviding physical and psychological support. These findings show that families increasingly This report reveals a powerful truth: managing wealth today is about much more than financialcapital. Families are investing inhuman, social, intellectual, and reputationalcapitalwith thesame care they devote to financial assets. In doing so, the family office becomes more than Alexis du Roy de Blicquy Prof. Dr. Peter Vogel Professor of Family Business & CEO FBN (Family Business Network) Director Global Family Business Center Debiopharm Chair for Family PhilanthropyIMD Business School TABLE OF CONTENTS 28FAMILY OFFICE CLIENTS28Breadth of the family office client base 29THE FAMILY NETWORKS SERVED BY FAMILYOFFICES 10INTRODUCTION 12FUNDAMENTALS OF THE FAMILY OFFICE12The family office12Family enterprise ecosystem and totalfamily wealth 29IN-HOUSE VERSUS OUTSOURCED SERVICES30Family office services (managed in-house vs. 30WHEN SCALE DRIVES OUTSOURCING CHOICES31Outsourced Family Office Services by size of 15STUDY 16ABOUT THIS STUDY16ABOUT THE STUDY PARTICIPANTS ANDTHEIR FAMILY OFFICES 31AREAS IN WHICH FAMILY OFFICES WORKWITH EXTERNAL SERVICE PROVIDERS TOCOMPLEMENT THE FAMILY OFFICE ACTIVITIES 16Location17Roles of the survey respondents18Time of foundation of the family office18Generation19Family business ownership 32ASSET ALLOCATION32Asset allocation of the family offices, by asset class 33GOVERNANCE AND STRATEGY33INVESTMENT REPORTS 21GLOBAL SURVEY 22KEY TAKEAWAYS FROM THE GLOBAL FAMILY OFFICESTUDY22THE HEART AND CORE OF THE FAMILY OFFICE SITSWITH THE FAMILY22GOVERNANCE AS A VEHICLE FOR CLARITY ANDCOMPLIANCE 34IPS AND INVESTMENT COMMITTEES34Prevalence of investment policy statements(IPS) in family offices 35OVERSIGHT OF INVESTMENT DECISIONS35Composition of investment committees in 36FAMILY OFFICE TALENT MANAGEMENT36Number of full time employees (FTEs) by 26WHAT THE NUMBERS SAY: A SNAPSHOT OFFAMILY OFFICES TODAY 36INCENTIVE PLANS37Incentive plans for family office executives 26FAMILY OFFICE STRUCTURE26Types of family office 27THE EVOLVING PURPOSE OF FAMILY OFFICES27Purpose of the family office at timeof foundation 56THE EVOLUTION OF FAMILY OFFICES 41INTERVIEWS WITH FAMILY OFFICE LEADERS 56PATTERNS OF CHANGE57FAMILY OFFICE EVOLUTION IN ACTION 42A FAMILY-FIRST PERSPECTIVE ON THE EVOLVINGAGENDA OF FAMILY OFFICES 42THE 9 FAMILY OFFICE IDENTITIES431.EMBEDDED FAMILY OFFICE431.1The family office as a “strategy council” 63DEEP DIVE INTO SELECTED TRENDS 442.ADMINISTRATIVE & COMPLIANCEFAMILY OFFICE442.1The family office as a “family treasury” 64NAVIGATING THE NEW LANDSCAPE6413 EMERGING TRENDS 66AN EXPERT VIEW ON EMERGING TRENDS67DEEP DIVE INTO DIGITAL TRANSFORMATION ANDDATA-DRIVEN STRATEGY 70DEEP DIVE INTO RISING REGULATORY DEMANDS70Self-regulation of the family office industry 73DEEP DIVE INTO HYBRID AND EVOLVINGOPERATING MODELS 76DEEP DIVE INTO THE ACCELERATION OF ESG ANDIMPACT INVESTING 506.PHILANTHROPIC FAMILY OFFICE506.1The family office as a “non-profit/forprofit hybrid” 79DEEP DIVE INTO PURPOSE-LED AND COHESIVEFAMILY STRATEGY 517.FAMILY COHESION OFFICE517.1The family office as a “learning lab”517.2The family office as an “umbrella” 83DEEP DIVE INTO THE RISE OF GLOBAL FAMILYOFFICE ECOSYSTEMS 528.VIRTUAL OR OUTSOURCED FAMILYOFFICE528.1The family office as a “simplifier” 90DEEP DIVE INTO THE MASSIVEINTERGENERATIONAL WEALTH TRANSFER 95DEEP DIVE INTO INCREASED TRANSPARENCY ANDPUBLIC VISIBILITY95A foot in both worlds: rethinking family 55CONCLUSION: THE VALUE OF 98CONCLUSION 99ABOUT THE AUTHORS100ACKNOWLEDGEMENTS100Guest contributions101ECOSYSTEM PARTNERS FOR THE INTRODUCTION Over the past two decades, family offices have transit