Trusts and Estates > Topic Pages > Family Offices > Strength in the Face of Adversity

Jan 1, 2011 12:00 PM

Strength in the Face of Adversity

Signs of resilience: How smaller single family offices have fared during the downturn and what to expect in the future

By David Lincoln

Rumors of the demise of the small family office have been greatly exaggerated. Although many wealthy families have changed the way their offices operate, smaller single family offices are demonstrating remarkable resilience in the face of economic and regulatory uncertainty.1 To be certain, small offices have experienced considerable adversity since the spectacular September 2008 implosion of Lehman Brothers that marked the beginning of a severe economic downturn. The effect on assets was swift and dramatic: more than half of all Family Office Exchange (FOX) members reported pre-tax investment returns of 19 percent or worse for 2008.

But, given its severity, the economic downturn will have a surprisingly limited long-term effect on small family offices. Instead, the “usual suspects” (including family transitions and service value) will drive anticipated changes to the small family office landscape.

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