Family Office Services – Governance
At the heart of any family office is investment management. However, a fully developed family office can provide a number of other services, which range from training and education to ensuring that best practices are followed in family governance. Let´s have a look at Governance:
Administrative services, or back-office services, are essential to the smooth running of family office. These services include:
- Support on general legal issues.
- Payment of invoices and taxes, and arranging tax compliance.
- Bill payment and review of expenses for authorization.
- Openning 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 familyoffice and the family it serves. These services include:
- Continuity planning relating to unanticipated disruptions in family leadership.
- Evaluation of 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 integrational estate transfer plans.
- Adoption of a family charter or constitution, specifically aiming to:
- Formalize 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 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 these services are:
- Consolidating and reporting all family assets.
- Consolidating performance reporting.
- Benchmark analysis.
- Annual performance reporting system.
- Tax preperation and reporting.
For further questions don´t hesitate to contact us directly.