Episode 65: Stephan Gerwert on Family Wealth, Succession Planning, and the German Family Enterprise Ecosystem

Stephan Gerwert, Head of Family Office Services at PwC Deutschland, joins R. Adam Smith for a wide-ranging conversation on what it takes to build and sustain a modern family office — particularly within Germany's uniquely secretive ultra-high-net-worth landscape. Stephan draws on a career that spans big-bank wealth management, leading a Swiss single-family office, and co-founding a fintech platform to offer a genuinely holistic perspective. Topics include building governance from scratch using RACI frameworks, the growing importance of family succession planning, Germany's conservative capital allocation habits, cybersecurity threats facing affluent families, and the collaborative opportunity — still largely untapped — among Europe's most powerful entrepreneurial dynasties.00:00 Welcome & Introduction01:36 Guest Introduction: Stephan Gerwert and PwC Deutschland03:17 PwC Germany as an Independent, Holistic Family Advisor05:06 Stephan's Career Path07:31 Advisory Philosophy: Starting with Family Vision09:52 Building Governance from Scratch11:23 The Family Capital Ecosystem and Scaling Trends14:56 European Family Dynasties Reinvesting as Business Platforms16:00 Germany's Secretive Family Office Culture vs. the US18:29 Proactive PR and Brand Ownership for Prominent Families19:26 Germany's Economic Headwinds and Family Business Succession24:01 German Family Business Statistics and Cash Allocation26:03 Low Equity Ownership and Long-Term Implications28:06 Holistic Wealth Reporting and Technology29:56 Cybersecurity Threats Facing Ultra-High-Net-Worth Families32:39 Closing Reflections on Stewardship and Legacy