As the human and economic toll of the coronavirus mounts, no sector of the economy has been immune from the downturn, and this includes family offices.
Like any industry sector, family offices are facing challenges in managing the crisis. For instance, employees working from home was uncommon in the past because of the cost of technology improvements. But that is no longer an option; the coronavirus outbreak is forcing firms to upgrade systems that allow for working remotely.
At the same time, family offices have a chance to capitalize on opportunities rarely seen in the markets. That’s because this public health emergency, as severe and costly as it is, will eventually pass. Even if other sectors of the economy take longer to recover, the rebound for family offices, which have grown in size and scope over the past decade, could very well come more quickly. It’s all the more reason that family offices need to manage the crisis and prepare for the rare opportunity to make investments at values not seen in years.
Edited by Jason Kuruvilla | Partner, Financial Services Senior Analyst - RSM US