Full Description
Setting up a family office is never an easy undertaking and can present numerous challenges for anyone seeking to steward assets for future generations or meet the complex needs of extended family members. This Special Report provides a practical guide to the main factors to consider when setting up a family office and helps families and their advisers navigate a path through the wide range of family office models in use today.
In addition to a brief history of family offices and their evolution, the report covers how families can be encouraged to spend quality time thinking about their needs and aspirations - as well as their relationship to the family wealth - and explores how advisers can work alongside families most effectively. Written in an engaging, accessible style Setting Up a Family Office looks at who can benefit most from a family office and walks the reader through each key step in the process, including:
•how to hire;
•where to locate;
•what structure to use;
•how to ensure privacy and loyalty; and
•the evolution of the office and the family.
This report makes essential reading for anyone considering setting up a family office including advisers working alongside families on these key issues.
Authors Barbara Hauser and Keith Drewery have decades of practical experience working with family offices, in all stages, and in many countries.
Contents
1. Why read this special report?
2. How to use this special report?
3. Should I have a family office?
3.1 Does it need to be a single family office?
3.2 The need for a family office
3.3 Size of assets/investments
4. What are some of the benefits from having a family office?
5. Purpose of creating a family office
6. What does the family need doing? Assessing needs and expectations
7. What will the family office look like?
Setting up a Family Office
8. What will the family office do?
8.1 Potential services to be provided
9. Where should your family office be located?
10. Getting the staffing right?
10.1 Recruitment
10.2 Remuneration
10.3 Retention
11. Funding the family office
12. Managing risks of the family
13. Getting the "infra-structure" right
14. Governance
15. Conclusion - the life cycle of a family office
16. Appendix
