Money managers under the microscope
from Christopher Vellacott:
Families that inherit vast fortunes are free of the financial worries faced by the majority but suffer their own anxieties associated with the transfer of wealth across generations.
To help the patriarchs and matriarchs find their way in bringing up well rounded offspring in a context of huge wealth, one family office – a minibank managing the affairs of a few rich families - produced a pamphlet of insights earlier this year.
SandAire, founded in 1996 to take care of proceeds from the sale of Provincial Insurance accrued to the Scott family and since expanded to take on 20 more dynasties, explores some of the dilemmas based on a survey of 40 rich families.
A central concern outlined in the 52-page ‘Horizons: Children, Wealth and Purpose’ booklet, is how to keep the generations that inherited wealth, without necessarily contributing to its accumulation, on the straight and narrow.