Most families worth $2.4 billion still struggle to govern themselves. That's not an opinion — it's what the data says.

In this episode, Prashant sits down with Mark Tepsich, Executive Director of Family Office Advisory at UBS — the world's largest private wealth manager with over $4.3 trillion in AUM, serving roughly half of the world's billionaires.

Mark recently led a research study of 100+ family offices and found that even the most sophisticated, multigenerational families rated their own governance weaker than expected. The reason isn't money. It's culture.

We get into what actually separates families that preserve wealth across generations from those that don't — and what to do about it.

⭐ Sponsored by Podcast10x - Podcasting agency for VCs - https://podcast10x.com

In this episode:

- Why governance fails even the wealthiest families

- How to start a family constitution without getting overwhelmed

- The next gen mistake that wealth creators keep making

- Family vs. institutional investment committees — a critical difference

- When to build a family office and what your first hires should be

- Family banks and why 60% say they drive next gen entrepreneurship

- The one governance rule every family should follow

Timestamps:

(00:00) - Preview

(00:46) - Introduction to the guest Mark Tepsich and the episode's topics.

(02:51) - Deeper dive into the surprising findings from the Family Enterprise Governance Report.

(04:22) - Key governance challenges for mature, multi-generational families.

(06:59) - How to advise families to fix governance issues.

(09:02) - Where to start when building family governance.

(11:09) - The key components of an effective family constitution.

(13:26) - Who should lead governance conversations: family members or a neutral third party?

(15:16) - Why some families hesitate to formalize their governance.

(17:26) - Power dynamics within the family when building governance structures.

(19:39) - At what stage should families start building a family office and governance?

(22:01) - Common misunderstandings about preparing the next generation for wealth transfer.

(25:32) - What separates families that successfully transition wealth from those that struggle.

(28:36) - The importance of letting the next generation make low-risk financial mistakes.

(31:26) - Why regular, non-financial family meetings lead to stronger governance.

(33:31) - The role of investment committees and formal investment policies (IPS).

(35:46) - How family office investment committees differ from institutional ones.

(38:31) - Emotional dynamics that influence family investment decisions.

(39:42) - Who has the final say when investment decisions get messy.

(41:15) - Why don't mature families just split their capital and operate independently?

(45:41) - The role and benefits of involving external professionals in governance.

(47:24) - How to balance outsourcing expertise versus building in-house teams.

(50:27) - The most critical first hires for a family office with a limited budget.

(52:11) - How "family banks" work to fund next-generation entrepreneurship.

(54:24) - What destroys family wealth: Poor investments or weak governance?

(56:13) - The single most important governance rule for preserving wealth across generations.

(57:31) - Where to learn more about Mark Tepsich's work at UBS.

Links:

UBS - https://www.ubs.com/global/en

Connect with Mark Tepsich - https://www.linkedin.com/in/mark-tepsich-88826b33/

Connect with Prashant: https://linkedin.com/in/choubeysahab

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#FamilyOffice #WealthManagement #MultigenerationalWealth #UBS #FamilyGovernance

FamilyOffice10x - Family Office Governance, Next Generation Wealth Transfer, and the Culture Gap - Mark Tepsich, UBS

VC10X - Investing, Venture Capital, Asset Management, Family Office, Wealth Management

FamilyOffice10x - Family Office Governance, Next Generation Wealth Transfer, and the Culture Gap - Mark Tepsich, UBS