2023 Caribbean Corporate Governance Institute Program – Keynote by Thomas Handler, Handler Law, LLP.

Thomas Handler opens his keynote by addressing one of the biggest challenges facing high-net-worth families: successfully transferring wealth across multiple generations. Despite the rise of sophisticated estate planning and governance strategies, studies show that only a fraction of family wealth survives past the second and third generations. Handler highlights that while a vast industry exists to assist with succession planning, many families still struggle with governance, education, and structuring their financial legacies effectively. This has led to the increasing adoption of family offices, which provide a structured, business-like approach to managing wealth, investments, and family governance.

However, Handler warns that many family offices are inefficient, lacking proper structuring and suffering from compliance failures that erode financial value. He stresses the importance of tax planning, asset protection, and legal structuring, particularly as governments worldwide implement more aggressive financial regulations. Additionally, outsourcing key services, such as investment management and legal advisory, has become a best practice, allowing family offices to access specialized expertise while maintaining flexibility. Handler concludes by emphasizing that education, strategic planning, and governance are critical to ensuring the long-term success of family wealth, urging families to take proactive steps in navigating the Great Wealth Transfer.