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Family offices are spending more time than ever preparing the next generation, from teaching financial basics to involving heirs in philanthropy. But when it comes to something even more important—succession planning—most still don’t have a clear, actionable plan.
The 2025Family Office Operational Excellence Report from Campden Wealth and AlTi Tiedemann Global shows that family engagement and education have now become the most commonly added services in family offices. Families are starting to see that wealth isn’t just about growing or preserving capital. It can improve quality of life, open doors to education, strengthen relationships, fund new businesses, and support philanthropic or social goals, while also helping heirs better understand the family enterprise and their place in it.
But for most, the focus is still pretty narrow. Investments and philanthropy dominate discussions, and one in four family offices has no plan at all for managing their investable assets. More families are recognizing the value of defining a clear purpose for their wealth and putting governance structures in place, like family councils with clear decision-making processes. Doing so helps the next generation find direction, meaning, and a stronger connection between family values and how wealth is managed.
Where Advisors Can Step In
This gap is a major opportunity for wealth managers. Families don’t just need education for their heirs, they need continuity. Advisors who can help them move from good intentions to documented, actionable succession plans will not only safeguard client legacies but also secure their own role across generations.
Start Focusing on ‘Someday’ Today
Many family leaders acknowledge the importance of preparing heirs for stewardship, but the timeline is often “someday,” far off in the future. That kind of thinking can be costly. Research consistently shows that inadequate planning is one of the top reasons wealth is lost within three generations. The Campden Wealth/AlTi report finds that only one in three families has a fully developed plan or the use of their capital, and most of these plans focus on investments rather than leadership development.
Beyond financial loss, unclear leadership transitions can fracture family relationships and stall the momentum of the family enterprise. As wealth becomes more global, complex, and purpose-driven, wealth managers are uniquely positioned to bridge the gap between intention and implementation if they act proactively.
Four Steps to Building a Cohesive Succession Strategy
Here are four steps wealth managers can take to help clients formalize next-generation plans and, in the process, grow their own business:
1. Start with Purpose
Ground succession in the family’s values and mission, not just tax or legal structures. Help clients articulate what they want their wealth to achieve, financially and socially. This “North Star” guides decisions and gives heirs a reason to stay engaged.
2. Assess Readiness and Gaps
Before designing a plan, evaluate where the family stands today. Who has been involved in governance processes? Who understands the investment strategy? Who is ready and willing to lead? Surveys, facilitated discussions, and skill assessments help identify strengths and gaps and highlight where more preparation is needed.
3. Develop a Formal, Written Plan
Move beyond verbal agreements and good intentions. A formal succession plan should outline governance structures, leadership roles, decision-making processes, and a clear transition timeline. Include contingency plans for unexpected events. Documenting the plan reduces the potential for disputes and creates accountability.
4. Integrate Education into Everyday Life
Education shouldn’t be a one-off seminar or annual retreat. Encourage clients to integrate learning into everyday life through committee participation, philanthropic leadership, or co-authoring impact reports. Real-world experience accelerates learning, builds confidence, and deepens engagement.
A Major Business Growth Opportunity
Helping clients tackle succession isn’t just altruistic, it’s strategic. Families that see you as part of their continuity plan are more likely to retain your services across generations. That means longer relationships, larger mandates, and a stronger referral network.
Facilitating succession planning also strengthens cross-generational trust. Engaging both current wealth holders and their heirs positions you as the consistent partner through periods of transition. In an industry where client retention is everything, that is a powerful differentiator.
The Bottom Line
The 2025 Family Office Operational Excellence Report makes it clear: family offices are prioritizing next-generation engagement, but without structured, documented succession plans, much of that effort will fall short. Wealth managers who translate family vision into actionable plans will safeguard client legacies and secure their own relevance in the process.
In an era defined by complexity, globalization, and rapid change, “someday” is not a strategy. The time to act is now.