Margaret Steen

Family offices are known for taking the long view when it comes to their investments. For many of them, this means taking a balanced approach to current world events such as geopolitical conflict, oil market disruptions and supply chain issues.

Choosing a family member to take a leadership role in the family office may seem like a natural move — one that doesn’t need a lot of paperwork or policy behind it. But having family members in the family office can raise a number of questions that don’t come up when an outsider is hired. “It can be a delicate situation when you’re bringing family members into the family office or into a governance role.

Although family offices are often focused on stewarding family wealth through generational transitions, guiding family members through transitions is also a critical function — both for the family members themselves and for the future of the family office. New family members, whether they are children reaching adulthood or adults marrying into the family, will be part of the generation that will eventually take over the family office leadership. For the family of Craig J.