Andrew Pitcairn, family council chair and director at Pitcairn, says long-term planning and family governance are key to sustaining multi-generational wealth.
What To Know: Pitcairn sat down with Benzinga at the Future Proof Citywide event in Miami Beach, Florida, last week, where he emphasized the importance of structured decision-making in family enterprises.
“Governance is really just a fancy way of saying, ‘How do we communicate and make decisions collectively?'” Pitcairn told Benzinga. “It's one thing to be transparent, but it's another to be inclusive -- bringing family members into the decision-making process instead of simply informing them after the fact.”
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Planning For The Next Century: With a 140-year legacy, Pitcairn understands the challenges of sustaining wealth across generations. The firm, which advises ultra-high-net-worth families, encourages its clients to think beyond typical five-year plans.
“We measure success over generations,” Pitcairn said. “Most people plan for the next year or five years. We ask: What about the next 50 years? The next 100? That's how you build lasting success.”
Pitcairn noted many families focus on investments, estate planning and taxes but neglect the crucial aspect of family dynamics. “If you want your wealth to last beyond three generations, you have to prioritize family health,” he said.
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Lessons From The Past: The Pitcairn family has navigated internal struggles, which Pitcairn candidly acknowledged. “It hasn't been smooth sailing,” he admitted. “We reached an inflection point where we had to decide: Are we staying together, or are we going our separate ways?”
That moment led the family to formalize governance structures -- an approach Pitcairn now recommends to other wealthy families. “Don't go at it alone,” he advised. “Hire a professional who understands family business and multi-generational dynamics. Let them help you navigate challenges while you focus on the bigger picture.”
The Value of Face-To-Face Connections: Pitcairn also praised the Future Proof event, highlighting the importance of in-person relationship-building.
“There's a premium now on being face-to-face,” he said. “Having structured discussions but also open time to reconnect and exchange ideas is invaluable.”
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