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Family Office – The Phases of Business Planning

The business plan should also outline qualitative goals such as:  

  • Details of the current wealth structure and intended asset allocation.  
  • A review process for evaluating the achievement of the family office’s goals.  
  • An employee hiring plan and compensation model (employee stock option plan or other).
  • Contingency plans.
  • Investment guidelines, with the expectations regarding investment returns and benchmarks once the CIO is on board.

The process for setting up a family office

The typical process for establishing a family office includes the following phases: scoping, design, build, test and deploy. Stringent and professional project management is key, and should involve external advisers with the appropriate know-how to assist the family throughout the entire process.

The Phases of Business Planning

Below are details of the two most critical phases described above: scoping study and design.


Scoping Study


Objectives To obtain authorization from  family’s senior management to proceed with the program to establish a family office. To design the structure and operational and functional architecture of the family office.
Deliverables Definition of the business model to be adopted by the family office. Develop detailed operating model.
Detailed scoping study report covering all the outlined objectives to facilitate go/no-go decision making. Functional, IT and data requirements documentation and architecture for family office infrastructure.
Detailed project plan for next phase Finalize business case.

Scoping Study – Proposed Approach


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