Similar to other organizations, Family Offices have challenges that need to be addressed and some of them can be quite significant. Here are a few critical issues: -Ownership Conflicts: When the owners are not aligned regarding their interests and goals this can cause a significant amount of infighting. When this occurs, the trust may be… Read more »

As the wealth shifts to the “New Generation”, there is a myriad of changes that will occur. The children are expected to inherit over $60 trillion from their parents, however the next generation will operate quite differently than the previous generations. This generation will have very different methods of communication such as using smart phones… Read more »

Family office fraud is not something that you read about in the media due to the confidential nature of the industry. Many family offices function as investment managers, whereby a single employee of a smaller organization, may have access to cash and other assets. As a CPA, I have been trained to always look at… Read more »

Creating a Family Office- Key Issues Family Offices are basically private companies, that have been established to manage the finances of wealthy families and individuals. Family Offices are one of the fastest growing businesses in the world. When done properly, a Family Office can have significant benefits, however it should be approached in a similar… Read more »

After speaking with numerous family offices in February 2018, the following topics were the most often discussed: 1) Investing in Real Estate- Investors are very interested in how they can reap profits from investing in Real Estate. They want to know how they can identify the best deals and they want truly “off market” properties…. Read more »

Recruiting is one of the most challenging issues that Family Offices are facing. Hiring the wrong person can be very expensive and can cause the trickle effect of causing a number of people to leave the organization. Artificial intelligence and machine learning are rapidly taking on a significant role when it comes to human capital…. Read more »

Obtaining financing for start ups has always been a challenge, however now Family Offices are becoming an alternative source of funding for them. As Family Offices continue to move into direct investments, they are becoming an essential source of capital for private companies. There are over 3,000 Family Offices worldwide and their appetite for direct… Read more »

Developing an Advisory Board for family offices can be extremely helpful, especially when there are several family members involved in the family enterprise. Today with multiple generations involved in the decision making process, there may be significant differences in the interests and goals of everyone involved. An Advisory Board can serve to provide: 1) A… Read more »

The hiring process for any organization can be difficult, however Family Offices offer some unique additional challenges. When hiring for a Family Office, the decisions made may affect the long term success and sustainability of the organization. Based upon the infrastructure of the Family Office and the number of family members involved, it is essential… Read more »