The Complete Family Office Handbook : A Guide for Affluent Families and the Advisors Who Serve Them.

Cover -- Title Page -- Copyright Page -- Dedication -- Contents -- Foreword -- Preface -- Acknowledgments -- Chapter 1 Introduction to the Family Office -- A Macro View of Global Wealth -- Billionaire Update -- How Much Do I Really Need to Fund a Family Office? -- Purpose and Definition of the Family Office -- Historical Background of the Family Office -- Family Office from the Industrial Age to Current -- Key Roles of the Family Office -- The Executor and Trusted Advisor -- The Guardian and Watchman -- The Librarian and Guru -- Family Office Orientation to Family, Strategy, and Operations -- Conclusion and Final Thoughts -- Notes -- Chapter 2 Family Office Evolution: Inceptions and Archetypes -- Inception of a Family Office -- Scale: How Much Is Enough? -- Impact of the Family Business on the Family Office -- Attractions and Challenges with Embedded Family Offices -- Separating the Family Office from the Family Business -- Sudden Wealth -- The Investment-Focused Family Office -- Family Offices Through the Back Door -- Family Business Exit and Liquidity Event -- Family Office Archetypes -- The Founder's Family Office -- The Virtual, Administrative, and Compliance Family Office -- The Philanthropic Family Office -- The Direct Investment and Investment Offices -- The Family Business-Focused Family Office -- The Multigenerational-Focused Family Office -- Mathile Case Study -- Background: Inception -- Evolution of the Family Office: Strategic Planning Cycles -- A Multigenerational Perspective -- Alignment, Urgency, and Action -- Discovery and Steps -- Involving Outside Experts -- Conclusion and Final Thoughts -- Notes -- Chapter 3 Comparing Family Office Solutions: Multi- and Single-Family Offices -- Trends in the Family Office Landscape -- Determining Family Wealth Management Needs -- Why the Single-Family Office Solution?.

Why the Multi-Family Office Solution? -- Questions to Ask During the Evaluation Process -- Pathways to Selecting a Multi-Family Office -- Godspeed Case Study -- Introduction -- Background of the Family and Family Office -- A Trigger and Decision for a New Direction -- Journey to Find What Is Next -- Decision-Making Process -- Final Cut -- Key Insights and Outcomes -- Conclusion and Final Thoughts -- Notes -- Chapter 4 Family Values, Mission, and Vision and the Family Office -- Introduction to Values -- The Process of Exploring Values -- Values Statement -- Mission Statement -- Values, Mission, and the Family Office -- The Importance of Vision -- Elements for Successful Family Office Visioning -- Building Your Family Office Vision -- Pitcairn Family Case Study -- Five Steps to Creating a Family Vision -- Step 1: Clarifying the Process and Expectations -- Step 2: Vision Retreat Pre-Planning -- Step 3: Staging a Vision Retreat -- Step 4: Timing for a Vision Retreat -- Step 5: Aligning Vision and the Strategic Plan -- Conclusion and Final Thoughts -- Notes -- Chapter 5 Establishing and Structuring of Family Offices -- Question 1: What Legal Form Should the Family Office Take? -- Choice of Entity -- Deciding Between an LLC and a C Corporation -- Case in Point -- Question 2: Who Should Pay for Establishing and Operating the Family Office? -- Question 3: Who Should Own the Family Office and How? -- Legal Ownership -- Beneficial Ownership -- Models of Ownership -- Case in Point -- Question 4: Who Should Manage the Family Office and How? -- Structuring the Legal Formalities -- Structuring the Scope of Services -- Family Philanthropy, Legacy, and Social Capital -- Managing Regulatory and Estate Planning Concerns -- Question 5: How Are Family Offices Structured to Optimize Tax Efficiency? -- Tax Deductibility of Services Provided by the Family Office.

State and Local Tax -- Question 6: Can a Family Office Be Structured to Manage Risk? -- Case in Point -- Risk Management Through Architecture -- People-Oriented Risk Management -- Balance Sheet, Cash Flow, and Economic Risk Management -- Question 7: What Is the Process of Establishing and Structuring a Family Office? -- Conclusion and Final Thoughts -- Notes -- Chapter 6 Strategic Planning for the Family Office -- Creating a Family Office Strategic Plan -- Discovery -- The Family Capital Review -- The Family Background -- The Advisor Network Review -- The Estate Plan Review -- Mapping and Summarizing Legal Entities -- Family Office Stress Tests -- Risk and Insurance Management Considerations -- Family Office Risk Assessment and Insurance Planning -- Family Member Risk and Insurance Planning -- Overview of Capital Sufficiency Analysis -- Simple vs. Sophisticated Approach -- Using Capital Sufficiency in the Family Office -- Case in Point: Doryman Family -- Key Takeaways -- Conclusion and Final Thoughts -- Notes -- Chapter 7 Legal and Compliance Standards and Practices for Family Offices -- Regulations Affecting Family Offices: Dodd-Frank Act -- Case in Point -- The Single-Family Office Exemption -- Case in Point -- Clients of the Family Office May Need to Report Beneficial Ownership of Securities of Publicly Reporting Companies -- How to Report Beneficial Ownership -- Ownership of Securities in the Ordinary Course of Business -- Passive Ownership of Less than 20 Percent of a Class of Securities -- Other Acquisitions -- Clients of the Family Office May Need to Report Beneficial Ownership as Insiders of Publicly Reporting Companies -- Reporting Insider Status on Form 3, Form 4, or Form 5 -- How Do I Determine Beneficial Ownership in a Multi-Tiered Family Holding Structure? -- Case in Point.

Are You an Institutional Investment Manager? (The Answer May Surprise You.) -- What Is an Institutional Investment Manager? -- Reporting on Form 13F -- Determining If the 100 Million Threshold Has Been Met -- Case in Point -- Confidential Treatment -- Are You a Large Trader? -- Case in Point -- The SEC Gets Personal About Insider Trading -- Compliance Policies -- What Are the Components of a Good Compliance Policy? -- Document Retention Policies -- What Are the Components of a Good Document Retention Policy? -- The Compliance Function: In-House Versus Outsourced -- Special Issues for Family Offices When Considering Regulatory Requirements -- Conclusion and Final Thoughts -- Notes -- Chapter 8 Investment Management and the Family Office -- Family Office Investment Management -- Concentration -- Measuring Success -- Lifestyle and Legacy -- Time Horizon -- Hurdles to Growing Wealth -- Family Office Investing: Paradigm Shift -- Passive Versus Active Asset Management -- A Practical Approach to Asset Allocation -- The Investment Process in a Family Office -- Investment Review -- Investment Governance -- Investment Objectives -- The Investment Policy Statement -- Investment Committee -- Why Would a Family Establish an Investment Committee (IC)? -- How Does a Family Establish an Investment Committee? -- How Does an Investment Committee Usually Operate? -- Strategic and Tactical Asset Allocation, Manager Selection, and Investment Monitoring -- CIO Function: In-House Versus Outsourced -- Conclusion and Final Thoughts -- Notes -- Chapter 9 Family Office Operations and Information Technology -- Family Needs Drive Family Office Systems -- Family Office Operations -- Accounting -- Reporting -- Financial Reporting -- Data and Decision Archiving -- Family Office Management -- Security -- Other Technology -- Assessing Operational Complexity.

Simple to Complex Systems -- Complex System Technology -- Operations Lens to Insourcing Versus Outsourcing -- Technology Considerations: Buy or Build -- New Technology Due Diligence and Onboarding -- Keys to Success -- Conclusion and Final Thoughts -- Notes -- Chapter 10 Family Office Talent, Compensation, and Recruitment -- Introduction -- Family Office Staffing -- Single-Family Office Organizational Chart -- Gender and Family Office Executives -- Recruiting Family Office Talent -- Finding a Good Chemistry and Culture Fit -- Background Checks -- Compensation -- Methods for Determining Annual Incentives -- Managing Family Office Talent -- Role Clarity and Job Description -- Reporting Hierarchy and Authority -- Performance Management -- Communication and Trust -- Recruiting Internationally -- Case Study: Setting Up the Office -- Family or Non-Family at the Helm -- Family Member Compensation -- Conclusion and Final Thoughts -- Notes -- Chapter 11 Governance Issues for the Family Office -- Governance Issues for the Family Office Itself -- Benefits of a Good Board -- Importance of Independent Directors -- Interim Stage of Advisory Board -- Accountability to the Family -- Participation in Long-Term Strategy -- Next Generation Issues to Address -- Succession Planning for the Family Office and Its Executives -- Governance for the Family Itself -- Analysis of Existing Decision-Making Process -- Hallmarks of Good Governance: Transparency, Accountability, and Participation -- Benefits of the Family Creating Its Own Governance Process and Structure -- How to Create the Family Governance -- Family Councils -- Family Constitutions -- Kettering Family Governance Case Study -- Conclusion and Final Thoughts -- Notes -- Chapter 12 Family Education and the Family Office -- Stewardship of Wealth -- Psychology of Wealth and Child Development -- Elsa's Story.

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Electronic reproduction. Ann Arbor, Michigan : ProQuest Ebook Central, 2024. Available via World Wide Web. Access may be limited to ProQuest Ebook Central affiliated libraries.