Gutiérrez Smith (Santander): "El objetivo financiero de las grandes fortunas tiene que ser trascender con identidad y legado"

Carmen Gutiérrez Smith, Santander's Global Family Office (Beyond Wealth) representative, maintains that ultra-rich families must always keep in mind the ultimate aim of their capital investment decisions: leaving a lasting impact and ensuring future generations remain united. These vast family fortunes feel compelled to safeguard their finances to secure the future of generations to come.

Santander believes that these families should imprint the message of seeking transcendence, identity, and legacy when allocating their capital, according to Smith, who spoke at the EXPANSION Luxury Forum, which included Circle Fortuny and Fuera de Serie as collaborators, and support from Puig, Santander, DILS Lucas Fox, Radisson Hotel Group, and McKinsey & Company as a Knowledge Partner.

The division's objective is to assist families in defining how they can leave a mark and ensure future generations remain united, transforming the matter from purely financial to personal governance. Key elements like conflict and difference management, interests alignment, and philanthropy are vital for these families. Gutiérrez highlighted that these families demand what brands and companies invest in: quality, talent, personalization, and long-term thinking.

She emphasized that each of the 250 families she serves, with a total wealth of $10 trillion (approximately €8.92 trillion), is unique, with distinct luxury and ultra-luxury aspirations.

Utilizing extensive data on these families, Santander identifies investment opportunities, which can be extended to other families globally. Data management is vast, and it's evident that families are changing rapidly, making desired outcomes increasingly challenging to achieve. However, the company emphasizes educating, especially younger generations, to manage inherited wealth.

Gutiérrez noted that the majority of ultra-rich families were created over the past two or three decades, highlighting the importance of active engagement with the wealth.

One significant aspect of today's ultra-rich families is their significant liquidity, which they do not always use. While asset prices are becoming increasingly expensive due to inflation, which affects their products at twice the general rate, there are still ample opportunities. Historically scarce assets, evaluated as any other investment, are sought after by these families.

Diversification is crucial in their wealth movements, with a strong focus on tax considerations. Ultimately, each client's unique needs must be addressed.