From the rise of artificial intelligence and the absence of a recession to the appeal of impact investing and turnover in the family office world, it was an intense year. Our coverage highlighted that drama as well as offered insights and commentary on the issues that dominated discussions in family offices.
Here are the 10 Crain Currency stories that attracted the most readers this year, ranging from serious analysis to lifestyle trend pieces:
10) How artificial intelligence is launching family offices into the future
"AI" is today’s buzzword. But for some family offices, artificial intelligence is already changing the way they work and helping launch them into the future. While businesses of every stripe are exploring the benefits — and perils — of enhancing their operations with AI, family offices are uniquely suited to benefit from the technology.
9) Why some next-gen family office members prefer impact investing over philanthropy
San Francisco-based investor Jim Chowdry had recently finished grad school when he decided to take a more active role in his family office. "I knew that we had money, and I didn't really understand how it was invested or what the assets were," he said.
8) Next generation drives global family office expansion
Family offices are increasingly becoming international, with locations scattered across the globe, to take advantage of friendlier tax and regulatory compliance in other countries and pursue direct deals with promising startups. Spurred by next-gen family members, the pandemic-related rise in remote work and new technologies, this cross-border growth also presents challenges — legal, cultural and logistical — that need to be overcome.
7) Liqian Ma on what’s next for impact investing
In many ways, impact investing is about intentionally gaining a deeper and more holistic understanding of the broader systems around us and seeking to shape those systems for the better. Growing up in a northern Chinese city, I saw that coal was used for everything from power generation to steel mills to the meals that my grandmother cooked on her coal-fired stove.
6) Why that famous adage about family offices is so wrong
Within the family office community, it is time to take [Sam] Walton’s motto to heart and challenge the oft-recited adage, “If you have seen one family office, then you have seen only one family office.” Academics, advisers and families repeat this slogan ad nauseam. But it is just plain wrong.
5) The power spas of New York City
Fortunately, in this extraordinary (and extraordinarily intense) city, on every other corner, there is a spa for everyone — whether you’re looking to escape, unwind, detach, unplug, recharge or restore. The trick is understanding where the best ones are. In the spirit of luxurious relaxation, here is our list of the top power spas in the city, tested by bona fide spa snobs and categorized by what they do best.
4) Behind closed doors: Family members tell us why they joined the family business
For next-gen family office members, one of the biggest decisions is whether to join the family business. The process can be exciting but also emotionally fraught, full of expectations as well as the potential for disappointment. And for some, it can be an enormous comfort and a confidence booster — a sign of trust that you can carry on the family legacy.
3) Geller’s Oliveira talks about the biggest challenges in wealth management today
There's been a decline in trust as far as wealth management is concerned, and a lot of these ultra-high-net-worth individuals want to have in-house advice. Also, I think that there's more complexity out there; and because of that, individuals want to tailor what they have in-house to their particular needs. They don't want to work with a big bank or brokerage house that builds a kettle of soup, if you will, and serves everyone out of that same kettle of soup.
2) Robles leaves Family Office Association amid differences with current leadership
Angelo Robles launched the membership organization for ultra-high-net-worth individuals in 2008 but recently resigned over differences about the group's direction, he told Crain Currency in an interview. "I wanted to move onward and upward, and they're going in a different direction," he said, adding that it's painful to leave an organization he still considers his "baby" and hopes to launch a new venture.
1) Creating your legacy: Forging your path in the family business (VIDEO)
In the debut of Crain Currency Conversations, Editor Kristen Oliveri sat down with KC Crain, CEO of Crain Communications, and Salvatore Ferragamo Jr., CEO of Il Borro, to talk about creating legacy and forging your own path within the family business. The two men spoke candidly about the inner workings and structures of their businesses, as well as the great challenge of continuing to innovate in a fast-paced, ever-changing world. This invitation-only webinar for our family office audience members covered additional topics, including succession planning, engaging the rising generation and how both families are making a philanthropic impact.