Worth reading cover-to-cover.

“There is no such thing as a family office.”

More on wealth management M&A activity coming Friday.

Michael Dell's family office leads insurance take-private deal. DFO Management is leading a planned $7.7 ​billion take-private deal for insurance brokerage firm ‌The Baldwin Insurance Group - Reuters

Why advisors need to prepare heirs, not just assets. Cresset founder Eric Becker says families should transfer values and life lessons alongside the money, including through “ethical wills.” There’s also a commercial lesson for advisers: heirs are far less likely to walk away if relationships are built years before the inheritance arrives - InvestmentNews

Indonesia’s richest family moves over $1 billion offshore amid turmoil. In all, some nine entities based in Singapore and London tied to the billionaire Hartono family have invested at least $1.4 billion abroad, a sharp pivot for a media-shy clan worth about $30 billion that has traditionally parked its wealth at home - Japan Times

The families winning the wealth transfer challenge share one habit, and it costs nothing. They talk openly about succession before there is a crisis. Good family offices increasingly treat communication and governance as core infrastructure, giving the next generation real decisions and using things like philanthropy as a training ground - Professional Wealth Management

Younger generations have new perspective on philanthropy. Philanthropy is changing with the wealth transfer. Younger heirs tend to want more visible, systemic impact and different causes, making early involvement in family giving a useful way to bridge generations and build consensus - HSBC

Jurisdictional Diversification Is Critical To US Family Offices. Jersey as a destination for US family offices looking to diversify their investments and where they hold assets and structure wealth - Family Wealth Report

Making family wealth planning multigenerational. The next generation needs real responsibility, not just a seat at the family table. 54% of family offices report gaps around legacy, succession and philanthropy; they need to start preparing heirs to steward wealth now - J.P. Morgan

The rise—and realities—of the passion portfolio. Meet the people turning luxury collectibles into an asset class. From Birkin bags to whiskey and sneakers, the alternative-asset niche is booming with help from asset management firms and a handful of entrepreneurial individuals - Robb Report

ICYMI: last week’s newsletter profiled notable family office general counsel Henry Brandts-Giesen.

Lots coming up this week - until then, see you on 𝕏, reddit or LinkedIn.

X