One of the more striking challenges for family offices is managing the plethora of advisors who serve the family but may provide conflicting or confusing advice.
To address this issue, a family office should appoint a “quarterback” to help coordinate advisors to ensure their advice supports the family’s big-picture strategies. In addition, the right quarterback can provide an overview of the office’s performance and improvement opportunities.
The right person for the quarterback role will likely depend on the family’s needs and relationships with staff members or advisors. Regardless of who performs the function, it’s vital to ensure someone is communicating with the family and other advisors to coordinate everyone’s efforts, ideas, and execution of the proposed plans. You need a quarterback that understands the game plan, can call an audible if needed, and execute the game plan with assistance from the rest of the team.
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