Claire Machin, Director at Suntera Private Office, gives her insights as to what is on the horizon for the family office landscape in Africa…
Recent years have seen broad discussions around the ‘great wealth transfer’ and this is no different in Africa where high net worth families are considering how to support the new generation to take the helm.
Interestingly, however, is how succession planning in the region has evolved; families of great wealth today operate internationally whether that be via their lifestyle choices, assets or investments and often require a more holistic approach. Quality service providers therefore must take a highly coordinated and organised tack in order to instil peace of mind while also taking an active role in discussions and decision making.
Crucial to such decision making is guidance, which partners like Suntera Private Office can help formulate by way of a family strategy or charter which often sets out core values.
These values come into play particularly when we look at succession planning, governance and strategies designed to transition wealth to the NextGen. In this regard, at Suntera Private Office we work with our African families to educate, advise and nurture a sense of responsibility towards the preservation and application of wealth to equip this generation to be future leaders. And, while this younger cohort typically is more psychologically invested in ESG endeavours, we are yet to see widespread interest in the African region although undoubtedly that will change as the NextGen come to the fore.
From a structuring perspective, the international nature of our African clients’ affairs mean desirable jurisdictions are the ones that can combine stability and expertise with global reach and capabilities. Each family of course is different and the real art form for providers is offering a nuanced approach that tailors services to meet bespoke needs.
It is a mindset that Suntera Private Office has long adopted and it is one of the reasons we are seeing our African book of business grow as more clients reap the benefits of a considered approach that frees the families we work with to focus on their passions.
To discuss our tailored solutions for your family’s future, please contact Claire Machin, Director:
Claire Machin
DIRECTOR, SUNTERA PRIVATE OFFICE
