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Transforming a Family Office to Reimagine the Value it Delivers

Take a deep dive into the challenges family offices face, the transformation required to overcome them, and the future of the family office. We answer questions such as: How do you operate the office efficiently and minimize risk? How do you move away from manual processes and workflows? How do you meet the office challenges of staffing and training? What will the family office of the future look like, and how do you prepare for it? How can you enhance the value you bring to the family? To solve these issues, family offices must look to technology. But where do you start? As family office professionals ourselves, this whitepaper is a guide to what a reimagined family office looks like and the transformation required to get there. The family office evolution is gaining speed, and most offices are already behind. Learn how you can catch up.

White Papers

Other White Papers

Moving Beyond the Old Adage of Perpetual Uniqueness

The theme of this paper is that best practice business processes and workflows for the family office are essential factors in maximizing efficiency, minimizing risk and positively impacting ongoing staff challenges. However, clinging to old ideas has hindered family offices’ adoption of modern capabilities. To succeed, any organization needs to develop, maintain, and adhere to well-defined business processes and workflows. Robust, established processes ensure efficiency and employee productivity, reduce risks, and improve outcomes. For family offices, which manage the complex financial and business affairs of ultra-high-net-worth families, best practice business processes are paramount yet under-utilized. A key cause of this is the belief that each office is unique, which often hinders family offices from adopting proven industry best practices and family office software. Despite the uniqueness of every family office, there are many areas to incorporate universal truths where industry-standard workflows and best practices can be leveraged. This modernized perspective resists the old adage, “if you’ve seen one family office, you’ve seen one family office.” It enables the office to move from the burdensome practice of customizing everything to harnessing the power of industry best practices to foster change in the organization. The office can thus go beyond siloed functions, like accounting, and instead transform itself to maximize efficiency, minimize risk, and make life better for staff across the entire enterprise—embarking on the journey to The Family Office of the Future.

Professional Family Office

A Professional Family Office: Here’s How to Make It Work. It’s an obvious goal, to manage your wealth in the most effective way. You built a successful enterprise before and sold it, now your next enterprise is your professional family office. As the Family Office Exchange put it, the family office in its best form provides a structure that helps preserve the family enterprise by supporting four dimensions of the family: • Business Legacy – where the wealth originates, and for some, the cornerstone for the Family Enterprise• Financial Legacy – where financial security and management of the wealth are maintained • Family Legacy – where the family comes from and where they are heading together • Philanthropic Legacy – where the lasting contribution for the family resides, by giving back in a meaningful mannerWhat makes family wealth preservation so complex are the dynamics of the family in tandem with the shared ownership of assets.

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