It is important that the principal understands that the downside of having an office for the family that offers a high level of supervision and control of the information flow, is that external employees may become very close to the families and be exposed to private information. In addition, as technology advances and companies digitize, cyber attacks are a threat. Companies need to implement adequate security measures to safeguard the privacy and confidentiality of families that they serve.

In defining family office objectives, it’s important to consider both family and household goals. The family office can be based on goals to help meet current and future requirements and expectations. Family offices are often designed to help families achieve their financial goals, and encourage family 离岸信托 participation and continuity. After determining that a Family Office would benefit the founder, their family would have to consider the factors listed below in order to be sure that it meets their requirements.

This service must reflect the needs and goals of each family. This offering is likely to include individual service, but it should encompass integrated wealth-management services for the benefit of the entire family. Although the specific services each family needs may differ, core family services are usually offered. In recent years, family offices offer many services and products to assist families in both financial and non-financial aspects.

In single-family offices, a Chief investment officer (CIO) is required to oversee the daily operations and manage investments for the family. Multi-family and larger family offices have a CIO that oversees the investment team and provides the necessary services.

In a succession planning document, family owners will be asked to decide how assets, responsibilities, and skills are transferred. It is important that the assets in the family office are aligned to the purposes and goals of your family. But it’s also reasonable to expect that the goals and objectives of a family may shift as a result of undergoing a generational change. Generational transitions are a great time to revisit the governance of the family, and how the new generation can be involved.

In choosing the right professional to run the family office the founder should consider both the range of services offered to the family as well as the costs involved with managing their assets. Families will usually want to join an established multi-family firm, and if the office is a one-family, they can hire a CIO that has wealth management experience.

The partner who manages the family office may have information which is sensitive or private for the family. Therefore, the partners will require someone whom they can trust in order to maintain confidentiality. Before entering into a relationship, both the CIO/professional firm and family need to perform due diligence.