In this recent ION Influencers Fireside Chat, host Giovanni Amodeo sat down with Catherine Shiang, Managing Director of Asia Capital Advisors, to delve into the intricate world of family offices. From generational wealth management to investment strategies, here’s a breakdown of the key topics discussed:

1. What is a Family Office?

• Asia Capital Advisors operates as a single-family office, managing wealth across generations.

• Unlike traditional investment firms, family offices often remain under the radar, using thematic investment vehicles.

• Eighth-generation wealth management comes with unique challenges—balancing legacy, risk, and innovation.

2. How Family Offices Differ by Size

• Under $200M AUM: More risk-averse, less professionalized, shorter investment horizons.

• $200M–$500M: Hybrid approach—may hire investment professionals but still lean on private bankers.

• $500M–$1B+: Operate like institutions—structured teams, investment committees, compliance, but with greater flexibility than pension funds or sovereign wealth funds.

3. Common Mistakes Families Make

• Relying too much on private bankers who push their bank’s products rather than optimal investments.

• Hiring the wrong professionals (e.g., a fund-of-funds manager when direct investing is the goal).

• First-generation monarchs holding too much control, sometimes leading to poor diversification.

• Third-generation challenges—smart, educated heirs who may distrust external managers.

4. Succession Planning & Generational Shifts

• First-generation wealth creators (monarchs) often stick to their domain expertise.

• Second-generation heirs may overspend, while third-generation leaders tend to be more disciplined.

• Every family has a “crazy Uncle Bob”—poor investment decisions must be managed through structured governance.

5. Investment Strategies & Asset Classes

• Direct vs. Indirect Investing: Families must decide whether to build an in-house team or rely on funds.

• Bullish on Impact Investments: Toll roads, infrastructure, and businesses with community impact (e.g., Burger King’s supply chain development in emerging markets).

• Tech & Innovation Bets: AI (especially large language models & agentics), quantum computing, and space-related ventures.

• Minimal Cash Holdings: Reinvest capital aggressively rather than sitting on liquidity.

6. The Future of Family Offices

• $5.7 trillion is managed by ~8,000 large family offices globally (per Deloitte).

• Exclusive deal flow comes from trusted networks, not just conferences or cold outreach.

• Sourcing the next unicorn requires deep founder relationships and domain expertise.

Final Thought:

Family offices blend wealth preservation, legacy, and innovation—but success hinges on professionalization, generational alignment, and strategic risk-taking.

Key timestamps:

00:07 Introduction to the Fireside Chats
01:36 The Legacy of Family Wealth
02:49 Catherine’s Unique Journey
04:41 Family Offices by Asset Size
06:13 The Professionalization of Family Offices
08:11 Common Mistakes in Family Investments
09:46 Direct vs. Indirect Investments
10:43 The Monarch of Wealth
13:01 Influence of Legacy on Decisions
16:09 Succession Planning Challenges
17:35 Generational Wealth Dynamics
18:50 Working with Third Generation Families
21:56 Shifts in Private Capital Allocation
24:56 Emerging Investment Trends
26:21 The Growth of Family Offices
28:14 The Importance of Deal Sourcing
30:54 Building Trust in Investment Relationships