Many of our client families have decided to formalize a Family Office to serve the financial and professional needs of family members.
In general terms, a Family Office is a services center to coordinate such family requirements as investment management, estate planning, insurance, tax planning and preparation, legal services, family staffing, philanthropy, and security.
The range of services offered by Family Offices varies widely, depending on the size of the family and the level of the family’s interest in collective financial management. Some families fully staff their Family Offices with dedicated professionals; others choose to outsource many of these services, and rely on a small Family Office staff for oversight and coordination.
Initially many families give considerable attention to the services and financing of their Offices, but they need encouragement and guidance to attend to the governance aspects. We focus on helping families with the decisions on structure, staffing, governing boards, leadership and trustee succession, models of participation across generations and family branches, funding, professional staffing, guiding values, risk assessment, and the menu of family services provided.
Once the Family Office is operating, we assist with coordinating the efforts of all the professional specialists, both on staff and as outside vendors, to maximize efficiency and integration as they fulfill their disparate responsibilities.