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Children of wealth must overcome five key challenges to generate a sense of life purpose and a positive and facilitative emotional connection to their money.

Each challenge describes an important aspect of the psychological relationship to the saving, spending, and sharing of wealth. To develop a positive wealth identity, children must resolve conflicts and overcome their vulnerabilities in each area.

Challenge 1: Financial awareness

Family offices can act as reliable providers of direct company equity and debt funding to successful private businesses who are finding it difficult to find sustainable sources of efficiently priced capital  from institutional providers currently caught up with responding to Covid liquidity requirements for public companies and governmental agencies.

Benelux corporates are much more likely to seek alternative finance from high net worth individuals and family offices than their counterparts in Europe, according to a new report by law firm Allen & Overy.

Bank lending still accounts for 48% of all corporate funding in western Europe, the report said, but almost half of corporates expect their use of alternative finance to increase over the next five years.

The US government’s widening investigation into six more Swiss private banks could cause the country’s banks to cut all ties with American clients, according to a top London lawyer.

Edward Reed, a partner at London-based Macfarlanes, told Campden: “Swiss private banks will begin to pull out from US exposed deals – they will stop handling not just US nationals, but also green card holders and anyone even remotely affected by tax regulations.”