Since the establishment of the first family offices in the 19th century, there are now more than 8,000 single family offices globally. These offices hold over $5 trillion in total estimated wealth today, an amount expected to grow to over $9 trillion by 2030.

In today’s Redefiners episode, Marla Oates and Tomas Chamorro-Premuzic talk with Stephan Roche, a Partner with BanyanGlobal Family Business Advisors. His previous roles included CEO of Walton Enterprises – the philanthropic and private investment group for the Walton family – and COO of Cascade Asset Management – the private investment office for Bill Gates and the Gates Foundation. Stephan talks about the importance of purpose in a family office and how he navigates decision making with family members who may have a different perspective when it comes to the family wealth strategy. He shares his thoughts on the role of philanthropy and impact in a family office. And he talks about the importance of developing next generation leaders to ensure they’re ready to take on the leadership and governance roles of a family office.

We’ll also hear from Jeff Warren, a leadership advisor at Russell Reynolds Associates, who will share what truly distinguishes today’s most effective family office leaders—and why the role is more complex than ever.

Four things you’ll learn from this episode:

1. The key traits needed to be a successful family office leader, including navigating decision making with family members
2. The roles of leadership, power, philanthropy and impact in family offices
3. The critical need to develop next generation leaders in a family office
4. How family office leaders can avoid falling into the Tradition Trap to ensure success and longevity

If you enjoyed this episode, you might also like these Redefiners episodes:

• Sweet Success: How Mars Blends Family, Values, and Growth with former Mars SVP & Head of Corporate Development Valerie Mars
• Leadership Lounge: How can family enterprise leaders stay ahead in a fast-changing world?
• Leading with a North Star: Former Decathlon CEO Barbara Martin Coppola's Blueprint for Bold Change
• Leadership Lounge | Ep. 27 - How to Create and Maintain Impact as a Leader
• Private Investment Guru David Rubenstein Goes Public on How to Be a Successful Leader & Investor
• Leadership Lounge: Generation Collaboration: How Leaders Can Harness the Power of Multi-Generational Teams

Learn more with the latest research from Russell Reynolds Associates:

• Inside the Mind of the Family Office Leader
• Tomorrow’s Too Late: Why Family Enterprises Must Transform Today