Best Practices For A Family Office
A family office may have many purposes, ranging from helping younger generations understand how to handle wealth responsibly to simply ensuring that bills are paid on time. Just as every family is different, every family office will also be unique. However, while the needs of a given family may vary, successful family offices have certain qualities in common. These practices allow offices to provide the very highest levels of service to the families whose affairs they oversee. First, a family office should align its goals with those of the family. The best family offices will provide independent and objective advice. This means that managers should only receive compensation directly from their clients, and that they should take care to work with other professionals who can say the same when engaging outside support. While the services offered "in-house" will vary, the staff should make sure that any outside services they seek are also provided by professionals with transpar...