Functions of the Family Office

The family office provides many functions in a family business.

Here’s a list of functions to consider including in your family office:

Wealth management – this involves setting objectives, identifying investment opportunities and providing ongoing oversight.

Impact focus — this includes pursuing investments and activities that promote a social, economic, or governance cause.

Investment management — this includes designing an investment thesis and pursuing opportunities that meet that thesis.

Security and privacy — this includes taking steps to secure the identity of the family members and mitigate cybersecurity threats.

Succession planning:  this includes preparing the next generation for leadership roles and transitioning functions from one generation to the next.

Tax management — this includes managing tax returns and structuring investments for optimal tax outcomes.

Compliance — this includes understanding and meeting compliance requirements for tax and other regulatory bodies.

Some of these functions can be outsourced to providers who offer such services.

Consider these functions for your family office. 

 

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