Modern Family: adapting the family office structure to succeed
in the new global environment
No two families, and therefore family offices, are the same.
They may provide a similar range of services based around a hub for
a future management structure, where information, advice, and an
agreed collaborative network can protect and enhance the
family's financial and legacy matters, but in order to manage a
family's affairs completely the structure needs to adapt and
flex with the changing needs of modern families.
A family office should be run much like a business with a
mission statement, business plan, performance benchmarks,
governance, budgets and various committees; from philanthropy to
advisory to investment. While this sounds relatively
straightforward long established family offices may represent three
or even four generations and span multiple continents and cultures
- how then can this be codified into one single vision?
