Luxury Assets and Family Governance: Managing Yachts, Jets and Art

Interview with Nic Arnold

How does JTC Private Office help families manage luxury assets such as superyachts, corporate jets and art as part of wider family wealth planning?

Assets such as superyachts are the ultimate affairs of the heart and we have vast experience in this industry. However, our focus tends to be from the owners’ perspective and how these valuable and complex assets fit into clients’ lives.  We help families and entrepreneurs manage the challenges of multi-generational wealth, looking at family governance, succession planning, next gen education, or helping manage the international footprint of their lives. Managing luxury assets owned by families and the unique issues they bring is therefore only one part of what we do.

What do you think the misconception when managing luxury assets and multi-generational wealth?

Something like a superyacht will be an eye-catching symbol of success, but our work goes deeper than this and just the ownership structures. We support clients with honest guidance on the governance surrounding ownership and how luxury assets fit into the family wealth. Families are seeing the importance of adapting to change and the smooth generational transition of personal and business interests, and this is as relevant for the family yacht or art portfolio as it is for the investments.

Can you explain why family governance matters for succession planning, legacy-building and managing wealth across generations?

Good family governance is key to building a lasting family legacy that is able to transcend the changing values of multiple generations. We help families focus on the ‘why’ and the ‘what’ before diving into the ‘how’.  It’s not just about setting up structures for owning wealth, it’s about defining and managing human interaction with that wealth, which means clarifying roles, responsibilities and processes to give purpose, agency and manage conflict down the line.

How do you support the next generation through education, succession planning and responsible wealth stewardship?

We know how important it is to ensure that the next generation are supported, so much so that we have established a formal partnership with the SDA Bocconi School of Management, to promote greater understanding and insights around legacy-building for wealthy global families. In partnership we provide a global perspective and relevant insights for the next generation of clients, who are facing the challenges of succession and legacy and the need to ask the right questions of themselves and others when planning the future of their wealth.

How does JTC Private Office support families with complex needs beyond luxury asset ownership and ownership structures?

We often become the main point of contact for families with complex needs. That might mean bringing together specialist advisers and guiding them through the personal journey that they’re facing. Supporting good family governance is about making sure clients have the framework so they can focus on what matters, whether that’s their business, a cause they care about, or, if it is their desire, bringing something as complex as a superyacht into their lives in a sustainable way.

What advice would you give to families considering outsourcing their family office needs or establishing a single family office for long-term wealth management?

Ask questions. Ask questions of themselves and those around them. Seek a trusted partner to held ensure that the right questions are being asked of the right people and the professionals around them are held to account in the advice they give. There is never a one size fits all in the private client space and so it’s important to look beyond what’s on the surface. Taking a long-term view, thinking about stewardship, education and strategies that keep the family united and moving forward together is important. Good governance over luxury asset ownership is a great place to start, but there is usually a lot more value to add.

How would you describe JTC Private Office’s approach to family governance, luxury assets and long-term legacy planning?

We’re more than luxury asset consultants. We’re a trusted partner, here to help clients and their families to navigate life’s challenges. We may not know all the answers, but we’ll know where to find them.  Everything we do is rooted in careful planning and personal support, so families can thrive, no matter what their needs are.

Contact JTC Private Office to discuss how good governance can support your family’s long-term goals and luxury asset ownership.

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