At the heart of any family office is consolidation of family businesses and investment management. However, a smart innovative family
office can provide several other services which ensures from training and education to ensuring that best practices are followed in family
governance. Appended below is the possible full range of services a mature family office could potentially provide.
Administrative services, or back-office services, are essential to the smooth running of a family office. Our services include:
- Support on general legal issues.
- Payment of invoices and taxes and arranging tax compliance.
- Bill payment and review of expenses for authorization.
- Opening bank accounts.
- Bank statement reconciliation.
- Employee management and benefits.
- Legal referrals and management of legal firms.
- Public relations referral and management of public relations firms.
- Technology systems referrals and management of these vendors.
- Compliance and control management
Ensuring a smooth succession and planning for future generations is integral to the long-term viability of the family office and the family it serves. Our services include:
- Continuity planning relating to unanticipated disruptions in family leadership.
- Evaluation of the strengths, weaknesses, opportunities and threats (SWOT analysis) of senior executives both within and outside the family.
- Re-evaluation of the family board regarding the roles of non-family directors.
- Structuring corporate social responsibility platforms and programs.
- Development of formal knowledge-sharing and training programs.
- Implementation of intergenerational estate transfer plans.
- Adoption of a family charter or constitution, specifically aiming to:
- Formalise the agreed structure and mission of the family business.
- Define roles and responsibilities of family and non-family members.
- Develop policies and procedures in line with family values and goals.
- Determine the processes to resolve critical business-related family disputes
Reporting and record keeping
The maintenance of records and ensuring there is a strong reporting culture is another core element of a family office’s services.
Key to Our services are:
- Consolidating and reporting all family assets.
- Consolidating performance reporting.
- Benchmark analysis. Annual performance reporting.
- Maintaining an online reporting system.
- Tax preparation and reporting.