It may have only been four weeks since we optimistically welcomed in 2021 but those four weeks have already made history.
With restrictions and riots, a divided government and debt, immunity and impeachment – 2021 is already shining a light on the social-political, environmental, and economic worries felt by most Americans and Family Offices are far from immune.
Professionalised families overwhelmingly bounced back from the first wave of the coronavirus pandemic. In fact, in April, we reported a six-week pause in Family Office recruitment and by summer, hiring activity had exceeded pre-lockdown levels.
With 80% of our clients continuing to interview, screen and onboard resources via video conferencing, the Family Office space is proving resilient to the virus but that isn’t to say it comes without consequences.
Family Office Principals across America are waking up to the realisation that they are not immortal and so discussions around succession planning and intergenerational wealth transfer, that may well have been ignited by the Biden Administration, are continuing well into 2021, exposing the unpreparedness of the next-generation.
Joe Biden is officially the 46th President of the United States of America and while being overwhelmingly welcomed in by Family Offices, between proposed changes to taxation policy and calls to make the ultra-wealthy fund the vaccine, the Biden Administration has already influenced the investment decisions of Family Offices.
While not contributing to wholesale change as much of the media suggests, both the Presidency and the pandemic are continuing to put life into perspective for many Family Offices and it has led us to believe that 2021 will be the year of social mobility and outside expertise.
In this report, we explore the early and projected impact that the Biden Administration and the Coronavirus pandemic is set to have on US Family Offices in 2021. Download your copy to find out more.