Yahoo Finance

The biggest risk family offices face isn’t taxes, regulations, or investments that go south—it’s the family itself, according to the executive of one of these offices. The rich, self-made patriarch he works for hasn’t made a succession plan for his family office despite being in his 70s and unhealthy. Without a plan, the patriarch’s wife and two of his three adult children are on a spending path that could deplete half the family’s wealth by the third generation, the executive said in an interview for a Deloitte Private report published on Feb. 28.