A key source of creation of private wealth is family business. The world economy today is mainly driven by family businesses that play a pivotal role in wealth creation. The absence of sufficient official data makes this area of business in terms of wealth management rather under researched. In developing and underdeveloped economies, family businesses are basically first generation firms. However, in European economies, family business mainly involve fourth and fifth generation firms.
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Highest demand for wealth management in family business is observed in the developed economies. The owners of family businesses in developing economies generally aim at restricting the entry of external advisors. The growing importance of succession planning services in the developed economies is creating newer and better opportunities for private bankers and wealth managers.
Family businesses need to be well informed about the latest developments taking place in the market. These developments pertain to consumer tastes and preferences, income levels, technological advancements, government rules and regulations, and the degree of competition. Family businesses mainly thrive on the principles of risk taking and opportunity identification. It is crucial for family businesses to bring about the necessary changes in their products and services from time to time in order to thrive and prosper in the market amidst stiff competition.
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The growth and success of family businesses can be attributed to the fact that business families invest heavily in productive activities with greater focus on asset growth and wealth creation. Also, family businesses consume their existing wealth in a very judicious manner.
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