Cerulli: 89% of firms cite family meetings as key best practice

InvestmentNews reports that Cerulli Associates research found 89% of firms surveyed consider regular family meetings an important best practice for high-net-worth wealth transfer, with $124 trillion expected to change hands through 2048. Erik Bjerke of OpenArc Corporate Advisory told the outlet his firm runs family meetings every one to two years, often pairing them with shared recreational activities to reduce tension. Younger generations are being included earlier, sometimes as young as seven for social events, though formal sessions may be limited to the oldest two generations. Bjerke said OpenArc trains its own advisors to facilitate the meetings rather than outsourcing.

With nearly $124 trillion in wealth transfers expected through 2048, the ability to orchestrate family meetings may separate successful succession plans from failed ones. Advisors who can bridge generations and manage family dynamics are likely to be in demand, making meeting facilitation a core competency rather than a soft skill.