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Wealth Management for Families
Family Office – Chief Advisor
Built on relationships
between family and family office personal
Develop and enhance
financial, human, intellectual capital
Investment, Financial
Administration, Fiduciary and Back Office Management
Themes
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Control and Service
Traits Needed
·
Multi - Competency
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Security
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Responsiveness
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Devotion to Clients
Principal Functions
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Develop and preserve
family’s core competencies
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Creates opportunity for
members to pursue personal happiness
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Mechanism to ensure
privacy and confidentiality
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Strengthen and reaffirm
family mission and legacy
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Control costs
Duties
Chief Information Officer
Management, Analysis,
Review of financial capital of family
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Policy
Creation
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Manager Selection
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New Manager Review
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Asset Monitoring
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Due Diligence
Chief Financial Officer
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Facilitate Financial
Education for Client
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Personal Investment
Philosophy
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Tax Compliance
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Financial Control
– Liquidity, Cash Management, Personal Financial
Statements, Reviews, Budgets
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Project Management
Real estate
Business
Hard Asset Management
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Financial Reporting
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Wealth/ Estate
Transfer Planning
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Gift Planning
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Succession Planning
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Retirement Planning
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Transportation
Acquisition and Management
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Tax Free Exchanges
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Intellectual Property
Protection
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Document retention
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Insurance Placement
Management
Trustee – Family Legacy
Educating and Mentoring
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Family Mission and
vision
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Family Values
Trust Administration
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Compliance with trust
documents
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Coordinate with
attorney
Communication
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Family councils and
meetings
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Family Board of
directors
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Philanthropic goals
– Program development and align charity giving with
goals
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Resource Management
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Divorce Advocacy and
Management
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Mediating family and
outside issues
Back Office - Supports CIO, CFO and Trustee
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Data Collection
Accounting and reporting – includes software
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Delivers or Administers
Technology Platform – Network and Telecommunications
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Knowledge Base
Management – Database Retention and Security
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Compliance – set up and regulate internal controls to
support privacy and confidentiality. Adherence to
outside regulations and conformance to contracts.
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Administrative
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