Jerome Stern, our CEO, interviewed by Citywire, Wealth Manager on how family offices can survive succession.
Succession planning is to become one of the greatest risks for family offices as 43% expect a generational transition in the next 10 years, according to a new study.
The Global Family Office Report 2016 by UBS and Campden Wealth found that preparation for succession has become a key area of focus for family offices as a further 69% expect transition within 15 years.
Jerome Stern, managing director of J Stern & Co, is now the sixth generation at the helm of a Stern company. Through his own experience in succession and dealing with clients at the family office, he says that ultimately it is about being lucky and having the right people in the right place at the right time.