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On June 24, 2024, Partner Erin Nicholls was quoted in the Hartford Business Journal article titled, “Great Wealth Transfer Expected to Fuel Surge in New Family Offices.”

The article explores the growing popularity of family offices—which are entities designed to manage the wealth and personal affairs of ultra-high-net-worth families—in light of the upcoming $84.4 trillion wealth transfer from baby boomers to the next generation.

In the article, Erin—who is co-Chair of the Family Office and Strategic Investments practice group at Wiggin and Dana—notes “that there are a lot of different reasons why (family offices are) becoming more popular. Obviously, it’s attractive to be able to pool capital for investment purposes, but also family offices can serve the goal of ethical investing, which has become mainstream recently.” Beyond investment objectives, Erin goes on to talk about other reasons for the proliferation of the family office structure, such as tax benefits and the unified management of a family’s philanthropic and estate planning objectives.

To read more, click here.