根据最新研究，下一代家族办公室领导人可能会使用更多债务、投资更多另类资产，并关注不同的慈善事业。
The next generation of family office leaders is likely to use more debt, invest in more alternatives and focus on different philanthropies, according to new studies.
随着家族办公室准备进行大规模的代际交接，婴儿潮一代和老一辈将权力移交给X世代和千禧一代，他们的投资和优先事项将发生变化。这些转变可能对家族办公室管理的超过5万亿美元资产产生深远影响。
As family offices prepare for a sweeping generational transfer, with baby boomers and older generations handing over the reins to Gen Xers and millennials, their investments and priorities are set to change. The shifts could have profound implications for the more than $5 trillion in assets managed by family offices.
美国银行的一项调查显示，四分之一的家族办公室在过去十年中经历过代际交接，超过四分之一的家族办公室的主要财富持有人是婴儿潮一代。
According to a survey by Bank of America, a quarter of family offices have had a generational transition in the past decade and more than a quarter have principals (chief wealth holders) who are baby boomers.
为下一代做准备往往是家族办公室最主要的担忧和使命。根据美国银行的调查，“教育家庭”是家族办公室列出的首要挑战，与“管理遗产税风险”并列。
Preparing the next generation is often the top worry and mission for family offices. "Educating the family" is the top challenge listed by family offices, tied with "managing estate tax exposure," according to the Bank of America survey.
然而，交接不太可能顺利进行。在许多家族办公室中，主导的家长不愿将控制权交给子女。在拥有潜在下一代主要负责人或家族领导人的家族办公室中，84%表示现任主要负责人在交接后仍将参与家族办公室。在被问及最大的治理挑战时，首要回答是“家庭关系的复杂性”。即将接班的下一代也有自己对投资和慈善的想法。
Yet the transition is unlikely to be smooth. In many family offices, dominant patriarchs are reluctant to cede control to their children. Among family offices with a potential next-generation principal, or family leader, 84% say the existing principal will be involved in the family office even after the transition. When asked about their greatest governance challenges, the top response was "complexity of family dynamics." The upcoming generations also have their own ideas on investing and giving.
年轻的主要负责人更倾向于青睐另类资产。在拥有潜在下一代主要负责人的家族办公室中，79%表示另类资产将占整体投资组合的更大比例。私募股权和风险投资是Z世代和千禧一代主要负责人预计将获得更多投资的前两个类别，各占41%。
Younger principals are far more likely to favor alternatives. Among family offices with a potential next-generation principal, 79% say alternatives will represent a larger portion of the overall portfolio. Private equity and venture capital are the top two categories expected to receive more investments among Gen Z and millennial principals, at 41% each.
“我认为下一代的风险承受能力不同，”美国银行私人银行家族办公室负责人伊丽莎白·西森表示。
"I think there's a different risk tolerance for the next gen," said Elizabeth Thiessen, head of family office at Bank of America Private Bank.
他们也更有可能投资体育产业。在由千禧一代和Z世代掌舵的家族办公室中，27%目前已投资体育球队，而由婴儿潮一代掌舵的家族办公室这一比例为16%。
They are also more likely to invest in sports. Among family offices run by millennial and Gen Z principals, 27% are currently invested in a sports team, compared to 16% of family offices run by boomers.
年轻投资者也更倾向于使用债务。在拥有30至45岁下一代家族成员的家族办公室中，84%表示有兴趣利用信贷杠杆来积累财富。
Younger investors are more likely to use debt as well. Among family offices with next-gen family members aged 30 to 45, 84% say they're interested in leveraging credit to build wealth.
过去十年新成立的家族办公室在风险偏好和投资概况上也有所不同。根据贝莱德的一项家族办公室调查，较新的家族办公室青睐的另类投资类型，与那些已服务第二、第三甚至第四代家族的办公室有所不同。
New family offices created in the past decade also have different risk and investment profiles. According to a family office survey from BlackRock, newer family offices favor different types of alternative investments than family offices now serving second, third or even fourth generations.
根据该调查，在成立超过20年的家族办公室中，近半数的另类资产配置比例超过40%，而较新家族办公室这一比例为32%。贝莱德表示，许多较新的家族办公室手中仍握有大量来自企业出售、首次公开募股（IPO）或退出交易的现金，尚未完全部署。
Among family offices established more than 20 years ago, nearly half have alternative allocations above 40%, compared to 32% for newer family offices, according to the survey. BlackRock said many newer family offices are still sitting on large piles of cash from a business sale, IPO or exit that they have yet to fully deploy.
贝莱德美国家族资本、捐赠基金、基金会及医疗保健业务主管杰西卡·布伦表示：“新生财富的创造者往往是私营公司创始人和集中持仓持有者。他们对依然伴随日常的风险有着切实的担忧。因此，他们真正在寻找的是流动性极强的投资组合，或能产生流动性的投资。而老牌家族办公室已投资了几十年。”贝莱德美洲机构业务主管阿曼多·森拉表示，流动性是决定家族办公室核心目标的关键因素，无论由哪一代人掌舵。
"Newer wealth generation tends to be from private company founders and holders of concentrated positions," said Jessica Bulen, head of U.S. family capital, endowments, foundations and healthcare at BlackRock. "They've got real concerns around the risk that is still with them day to day. So they're really looking for a very liquid portfolio or investments that can generate liquidity. Older family offices have been invested for decades."
“了解家族的流动性需求，可能是你在讨论家族资产配置时需要考虑的最重要因素，”他说。“一旦明确了这些需求，就能进一步探讨他们真正想要实现的目标。”在富裕家庭中，有一句常见的观念是：“他们希望传承的不仅仅是金钱，还有家族的价值观。”然而，在慈善事业方面，随着年轻一代继承人的崛起，家族办公室的价值观和慈善理念正在发生重大变化。根据美国银行的调查，超过四分之三的由下一代继承人管理的家族办公室表示，他们会支持与前辈不同的慈善事业。
Armando Senra, who leads BlackRock's institutional business across the Americas, said liquidity is key in determining a family office's chief goals, no matter what generation may be in charge. "Understanding the liquidity needs is probably the most important factor in conversations you may have around the portfolio," he said. "Once you understand the liquidity needs, then it leads you to a deeper conversation on what it is they are trying to achieve." A common saying among wealthy families is that they "want to pass down values not just money." Yet when it comes to philanthropy, family offices are set for a significant change in values and philanthropy with younger heirs.
多项研究表明，Z世代和千禧一代的继承人更倾向于关注那些具有系统性影响的问题，如气候变化、公共卫生、人权以及国际发展；而婴儿潮一代和X世代则更倾向于支持当地的慈善机构。由于女性在慈善事业中扮演着更重要的角色，且越来越多的家族财富由女性继承，因此慈善事业很可能会成为家族办公室的核心工作内容。
More than three quarters of family offices with a next-generation principal said they will support "different charitable causes than their predecessors," according to the Bank of America survey. Several studies suggest Gen Z and millennial heirs are more likely to focus on systemic causes, like climate, health, human rights and international development, while boomers and Gen Xers tended to focus more on local institutions.
根据美国银行的调查，在由女性担任负责人的家族办公室中，有40%的办公室制定了明确的慈善使命宣言；而在所有家族办公室中，这一比例仅为29%。
Since women place a greater emphasis on philanthropy, and more family fortunes are passing to women, philanthropy is likely to become more central to family offices.
“下一代继承人正在探索如何在继承家族传统的同时，建立属于自己的慈善事业方向，”蒂森（Thiessen）说道。
Fully 40% of family offices with female principals have written philanthropy mission statements, compared to only 29% for family offices overall, according to the Bank of America survey.
《Inside Wealth》是由罗伯特·弗兰克（Robert Frank）撰写的每周资讯杂志，专为高净值投资者及其相关行业提供深度分析。立即获取该杂志的阅读权限吧！
"The next generation is navigating how they can honor their existing family legacy while creating their own philanthropic identity," Thiessen said.