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Four Critical Areas To Explore Before Setting Up A Family Office

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As families and their professional advisors begin discussing the potential benefits of creating a family office to manage their affairs, a number of challenges need to be considered to ensure the office meets the family’s goals. 

1. Identify What You Hope The Family Office Will Accomplish

Asking the following questions will help you identify your goals to provide important guideposts in staffing and structuring an effective family office:

  • Are you looking primarily for administrative support to conduct activities such as paying bills and personal asset management?
  • Are you hoping to coordinate professional investment management? Are you looking to maximize investment performance?
  • To safeguard assets?
  • To coordinate insurance and legal protection?
  • Do you want to create a spending budget?

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