Stewardship, succession and the family office

When it comes to making long-term financial plans, every family has unique needs— empowering the next generation to be responsible stewards; creating a thorough succession plan for your investments and other assets; or, for larger and more complex wealth portfolios, setting up a family office. However you envision the future of your wealth, we can help prepare you and your family for what’s next.

Family wealth stewardship

Getting your whole family on the same page when it comes to money is often difficult. You want them to understand the responsibilities of wealth, and their part in helping manage and preserve it. We can help guide you and your family as you share and shape that vision together. We know the ins and outs of family wealth management, and we’ve helped generations of families like yours protect their wealth—as well as their most important values.

Family wealth management is more than investments and assets. It’s also relationships, and the shared memories, culture and values that go with them. Wealth can help cultivate and enrich these relationships, but it can also complicate them. Our J.P. Morgan teams help you start the conversation about resources, objectives and values. And then help you create a clear roadmap toward working together to preserve, protect and pass on your wealth.

Succession planning for family wealth

We believe that sharing your wealth with your family should be considered in the context of the vision you have for your wealth. Your long-term goals and concerns, and those of your family. Whether you’re passing down a business, investments or property, we have experience advising families on both the emotional and technical elements of wealth succession planning.

Let your values be your guide. Before you formalize a succession strategy in an estate plan, determine how you want your vision to shape the way you share and manage your family wealth, now and for future generations. We can help you create a family wealth governance framework that builds consensus around your values and objectives, sets important boundaries, helps guide decision-making and mitigate conflicts.

Family office advisory

Family offices can offer many benefits, but they also come with costs and challenges. Whether you’re considering setting up a new entity or already have one, J.P. Morgan can provide the capabilities and advice designed to meet your unique needs. We help families weigh options and make sound decisions, including selecting the right structure. Selecting and compensating staff. Determining family involvement. And fine-tuning operations so that the office truly functions in service of your values and objectives.

There are a number of family office structures, and each carries advantages and challenges. We can help you choose the best structure for your needs.

  • A single family office gives you maximum control and privacy, but also carries the highest costs and administrative responsibilities.
  • A multi-family office provides economies of scale and can be a profit center, but requires regulatory reporting.
  • Under a virtual family office model, you outsource some or all services and don’t carry the overhead of a traditional family office, but monitoring outside providers will still require time and resources.

Through a broad range of family office advisory services, we’ve helped put together offices of all types and sizes, and our J.P. Morgan teams and specialists are ready to help.