我的家人需要家庭办公室吗

2|DOE S M Y FAMILY NEED A FAMILY OFFICE?IntroductionFor centuries, sophisticated families with significantresources have used a formalized family officestructure to manage their assets. In recent years,family offices have become increasingly popular asmore and more families have amassed resourcessubstantial enough to merit their own office.Additionally, the investment landscape has grown more complex, and the range of issues andresponsibilities associated with significant wealth has grown—including risk management,governance, reporting, and cybersecurity.Entrusting the oversight of these and many other areas to professionals gives families access tospecialists and experts. Having a family office alleviates the burden of day-to-day administration,freeing families to pursue their goals, passions, and desired lifestyle. Family offices can alsoserve to bring together the family and their collective interests while presenting them with theopportunity to strategize for their future legacy within a formalized structure.Here are four key considerations for anyone thinking about a family office.• Embrace your complexity• Identify your purpose• Understand the critical capabilities• Select the optimal structure Embrace Your ComplexityAn important first step is assessing whether your lifeis complex enough to necessitate having a family office.The assessment begins by considering the complexitiesof your family’s specific situation.•Are there multiple branches and/or generationsin your family tree?•Is there a family business?•Do you have multiple properties, extensiveprivate equity investments, significant collections,or patents/catalogues?•What is the potential involvement in the familyoffice of various family members?It’s also critical that all involved family memberstransparently address the total expenses for the newoffice and how they will be allocated. This can be especiallyimportant for family offices with wealth generated fromfamily-owned and/or operated businesses, as some familymembers are also part-owners, and others may be actively WILLI A M BL A IR PRI VATE WE A LTH M A N AGEMENT |involved in running/managing the enterprise. Familymembers who are not directly involved in the businessmay feel excluded in other, less tangible, ways.Finally, it is important to focus not only on numbers, asnonfinancial or intangible complexities can unite or dividea family. That’s why “the soft stuff is the hard stuff” whenit comes to navigating a smooth course across generationsand family branches.It is important to focus not onlyon numbers, as nonfinancialor intangible complexities canunite or divide a family. 4|DOE S M Y FAMILY NEED A FAMILY OFFICE?Identify Your PurposeIf you have determined that your situation is adequatelycomplex to proceed, the next step is a collaborative andstrategic process centered on these questions:•What is the purpose of our family office?•What key thing(s) are we trying to accomplish?•How can a family office help guide and solidifyour legacy and vision for the future?Every family is unique, and so is every family office, givingcredence to the adage, “If you’ve met one family office,you’ve met one family office.” But one thing is true in nearlyall cases—identifying a purpose is critical.Some families want their new office to focus on fiscalmanagement, others on philanthropic endeavors. Perhapsthe intent is to prepare the next generation to manage thefamily’s wealth—or maybe it’s to make direct investments.Some families might decide there’s a secondary purposeinvolving opportunities to engage family members early in their careers and find ways to leverage their talents.One family might create their own family-led innovationhub for members, encouraging entrepreneurial initiativesand fostering creativity that could lead to new ventures.Others might develop family members to oversee digitaltransformation projects, including optimizing operationalefficiencies or implementing new software.Establishing the purpose and strategy up front setsup the family office, and its leadership and staff, forsuccess. Indeed, hiring operational personnel withoutfirst deciding on a clear purpose can cause problems,often at considerable investment in human and capitalresources. The CEO and office staff should have skillsand experience that align with the office’s purpose andgoals—along with qualities such as loyalty, discretion,and faithful stewardship. Understand the Critical CapabilitiesOnce you have determined the need and purpose, itis appropriate to begin a more granular exercise tounderstand the capabilities and skills needed to achieveyour family’s goals.Questions we hear often are:•How do families like mine use a family office?•Are there specific categories we should focus on?•What types of professionals should we hire to staffour family office?There are several elements of a high-functioning familyoffice. While not every family needs them all, it is a helpfulexercise to consider each of them.InvestmentsProper