Custodians of Wealth

Creating wealth is easier than managing wealth, says Raamdeo Agrawal, Co-Founder & Non-Executive Chairman, Motilal Oswal Group. Fortunes are made — and destroyed — often within a generation. But when businesses do survive beyond the first, expanding families and conflicts of interest among family members could potentially implode businesses and destroy wealth.

“When the size of the economy doubles, the wealth of business families increases manifold. Assigning Family Offices to protect and utilise the wealth according to the wish of its founders will help avoid mismanagement of assets,” says Agrawal.

Several business families in pre-liberalisation India disappeared because of a lack of focus on wealth management and preservation. However, an institutionalised wealth management system through