Personal assistants are often associated with specific duties such as scheduling appointments, making travel arrangements, dealing with email correspondences, and overseeing daily household tasks. However, their talents stretch far beyond these everyday responsibilities.
A growing percentage of high-net-worth families are concerned about a concept known as succession planning, and the type of legacy that they will ultimately leave. How can personal assistants provide solutions, and what additional benefits can be leveraged? We will first examine succession planning before discussing the roles that a PA can perform.
Looking to the Future
The simplest way to describe succession planning involves the means by which leadership and ownership will be transferred between generations. For example, who will become the CEO of a family-run business once the current individual chooses to step down? How will wealth be distributed between family members in the event of a sudden death? Will it be necessary to mitigate interpersonal conflicts during the transitional phase? These are some of the many variables that may be associated with transition planning.
How is Transition Planning Related to the Legacy of a Family?
Independently wealthy families are not only concerned about the proverbial “bottom line”. They also want to create a living legacy that can be passed down to future generations. Here are some questions that are likely to arise:
- What types of morals are important to the business?
- Who is the most qualified for a specific position?
- How can the family continue to maintain a positive public presence?
After all, it makes little sense to “pass the torch” if its flame will soon be extinguished due to a lack of foresight.
When Assistance is Required
Personal assistants who have been properly trained can also take on the role of a family archivist. This position is concerned with responsibilities such as organising the history of a family, preserving important documents, collating important information so that it can be easily accessed, and serving as a liaison between different members. Note that firms such as the personal assistant recruitment agency Cora Partners can provide assistants with additional skill sets in accordance with the bespoke needs of the family.
A Holistic Approach
“The only wealth which you will keep forever is the wealth that you have given away.”
– Marcus Aurelius
This is another way of saying that family legacies are just as important as financial ledgers. Ideally, a personal assistant should be able to find a healthy balance between each. This is also one of the reasons why famous families such as the Carnegies and the Rockefellers chose to outsource these needs to professionals.
Personal assistants can offer a wealth of advice, and they are capable of providing an objective view if conflicts happen to arise. Either way, keeping your legacy intact with the help of an archivist will ensure that future generations fully appreciate your present efforts.