How Family Offices Navigate DisruptionHow Family Offices Navigate Disruption

In mid-March, when more than 40 U.S. states issued stay-at-home orders due to the COVID-19 pandemic, family offices found their crisis management plans subjected to an impromptu stress test. Family offices either passed the test with relative ease, shifting to virtual working arrangements and taking steps to protect key assets, or they struggled to make the transition.

Generally accustomed to working in one location with its staff in close proximity to each other, nearly all family offices had to establish new work streams overnight, setting up virtual private networks and creating new procedures just to manage the most basic family office activities, like ensuring family members could still approve expenditures and disbursements. Further...