Succession planning discussions are increasingly framed around the “next generation”. While this focus is understandable, and often necessary, it can come at a cost when it overshadows the needs and position of the current generation — the individuals who created the wealth, built the businesses, and have acted as stewards for their families over many years.

              In many families, the current generation’s affairs have historically been managed by a small number of trusted advisers.

These advisers are often long-standing and highly capable, having worked closely with the family patriarch or matriarch in a financial, banking, or operational capacity. In many cases, they have done an exceptional job navigating competing objectives, family dynamics, and evolving circumstances, often extending well beyond their original remit.

However, the landscape in which family structures operate has changed significantly. Tax regimes, legal frameworks, transparency requirements, and international information exchange have evolved rapidly over recent years. Structures that were once robust — trusts, foundations, holding companies — may now be misaligned with current law, regulatory expectations, or the family’s objectives.When these misalignments surface, there is a tendency to respond by refocusing on the next generation: introducing additional governance layers, complex access provisions, or restructuring assets in anticipation of succession. While well-intentioned, this can leave the current generation inadequately provided for, constrained in their ability to enjoy or manage their wealth, or exposed to unnecessary complexity at a stage of life when simplicity and certainty matter most.

Effective succession planning requires recognising that the client is not an individual, nor a generation, but the family as a whole. This means balancing the legitimate needs of future generations with the financial security, control, and dignity of the current one. It also requires regular reassessment — ensuring structures remain fit for purpose as laws change and family circumstances evolve.In an environment of increasing complexity, good succession planning is not about shifting focus prematurely. It is about maintaining perspective, exercising judgement, and ensuring continuity across generations without sacrificing those who built the legacy in the first place.