27 August 2021

Key challenges and the role of the family advisor in facilitating a successful succession plan: Kelly Noel-Smith, Rosie Schumm and Anna Ferster write for Family Law Journal

Private Client Partner, Kelly Noel-Smith, Family Partner, Rosie Schumm, and Family Associate, Anna Ferster, have authored an article for the Family Law Journal entitled 'Key challenges and the role of the family advisor in facilitating a successful succession plan'.

How best to pass on wealth to the next generation is a challenge for many families, particularly when successive generations have different approaches to wealth management. The article uses Greek mythology to illustrate some of the challenges for the family advisor who has to adopt different perspectives on a client family: from the macro level, when trying to establish the ethos of the family unit; and from the micro level of each family member within each generation.

The challenges explored in the article range from advising families who are struggling with the relinquishment of control to younger generations to advising families who have opposing views as to how the family wealth should be managed. Kelly, Rosie and Anna also discuss their own experiences of these challenges and how they were overcome.

The article seeks to set out practical tips for the family advisor in navigating these scenarios, including providing advice on nuptial agreements and how to facilitate communication successfully between family members.

The full article can be read in the August issue of Family Law, the leading practitioner journal compiled by experts for family law professionals.

Our Insights

"At the heart of our success are our people and our clients"
Smita Edwards, Senior Partner
×