Summary List Placement
Steve Sokić has spent nearly three decades in wealth management. Earlier in his career when he met with affluent families, he would meet only with the patriarch, sometimes the matriarch as well.
But now he sees heirs in their 20s and 30s sitting at the table, and some of these tech-savvy millennials suggest cryptocurrency as a way to diversify the family fortune.
“Younger family members are getting involved in wealth stewardship much earlier,” Sokić, the head of private wealth at the $500 billion investor-services firm IQ-EQ, said. “And generally, younger people are looking at different asset classes that aren’t brick-and-mortar.”
Family offices are typically more conservative than institutional investors when it comes to portfolio strategy, but riskier assets have become more attractive with interest rates near historic lows. Between young heirs introducing their parents to digital assets and banking giants like Goldman Sachs and Morgan Stanley jumping on the Bitcoin bandwagon, more…