{
  "id": 14820491,
  "title": "‘We were born very privileged. What do we do with that?’: Next-gen heirs want more say in family offices",
  "url": "https://urgent.news/2026/10/16/we-were-born-very-privileged-what-do-we-do-with-that-next-gen-heirs",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-16T00:00:00.000Z",
  "source": {
    "name": "The Business Times - Companies & Markets",
    "slug": "the-business-times-companies-markets",
    "url": "https://www.businesstimes.com.sg/companies-markets/we-were-born-very-privileged-what-do-we-do-next-gen-heirs-want-more-say-family-offices"
  },
  "original_language": "en",
  "account": "At a recent family-office forum in Singapore, panelists discussed the importance of empowering the next generation to make decisions within family businesses and investment firms. While acknowledging that inter-generational conflict is inevitable, the speakers stressed the need for families to clearly define their vision and trust that the younger members can uphold these values. Russell Wee, a second-generation member of the Jean Yip Group, emphasized that preserving family values is the primary purpose of a family office, and that different perspectives do not necessarily mean a different goal.\n\nWith an estimated $12 trillion set to change hands in Asia within the next 15 years, the panelists addressed the challenges of succession and governance. A survey by the Wealth Management Institute found that 70% of high-net-worth families plan to transfer wealth to later generations, but only about half believe the next generation is prepared to engage with the family office. Shareen Sandhu, an investment professional at Takahe, suggested that younger family members should be seen as stewards of wealth rather than passive beneficiaries. She pointed out the \"white elephant in the room\" - the privilege of being born into wealth and how to make the most of that position.\n\nMany next-gen members have outside career experiences that they bring to the family business or office. Angel S. Kurnia, COO of Icon Cozmo Realty, had previously started a wellness-fitness venture before joining the family office. For her, the core mission of the family office is to pass down values, not just wealth. Jean Yip's Wee noted that having worked in an institution before joining the family gave him a broader perspective. He advised that future generations should treat each other as professionals, not just family members, to manage expectations effectively.\n\nBalancing legacy rules with the next-gen's input can be challenging, as each generation approaches decision-making from different perspectives. Richard Mak, CEO of Highland Family Office, shared that his family office's charter, dating back to 1992, has been updated over time to include principles such as liquidity requirements, minimum investment size, and ethical guidelines. As a third-generation member, Wee must adhere to these rules, which restrict the use of leverage. While some of the family office's current strategies may miss out on opportunities due to these constraints, Wee emphasized the importance of maintaining stability and capital preservation.\n\nThe panelists also highlighted the value that families bring to companies beyond just capital. Koh Jin Hoe, head of capital markets at Singapore Exchange, noted that private capital is well-suited to support long-term, system-changing efforts, as it tends to be more patient and flexible compared to traditional financial instruments. Kenneth Goh, an associate professor at Singapore Management University, suggested that next-gen members are more likely to be interested in solving long-term, existential problems due to the greater risks they face. He proposed altering governance systems to allow for \"catalytic investments\" that may yield results only in the long term, rather than solely focusing on short-term returns.",
  "summary": "Forum panellists agree that wealthy families need to give their younger members space to make decisions",
  "key_points": [
    "Next-gen heirs want more decision-making power in family offices",
    "70% of high-net-worth families plan to transfer wealth in Asia within 15 years",
    "Younger members should be stewards of wealth, not passive beneficiaries"
  ],
  "editors_take": "Empowering heirs to transition from passive beneficiaries to active stewards shifts the focus of family offices from mere wealth transfer toward long-term value preservation and professionalized governance.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}