PFP2605. Inside the Family Office: When to Take Control and Why It Matters

The definition of the family office is evolving and professionals in the field have different ways to view the family office. In this session, presenters will discuss what a traditional family office progression typically looks like and typical structures, sizes, and complexities. Participants will explore the important functions of the family office; the rationale, risk mitigation, and opportunities for the family choices; and the importance of an accounting spine and other core functions. Additional topics of discussion will include:
• the family office role in intergenerational communication and development;
• the scale, institutional knowledge, and tax advantages for internalizing functions;
• the costs (upfront and ongoing), staffing, technology, security, and unanticipated difficulties in set-up and maintenance;
• insiders versus outsiders (and family/board governance and time horizons); and
• the type of wealth and the Integration with multiple constituencies.
Join this session to learn about the changing nature and complexities in family office.

Learning Objectives:

• Assess the structure and definition around the term “family office” and the different types of offerings in the marketplace.
• Evaluate the functions that family offices provide, their structures, and business models.
• Predict the operational challenges for the family office space going forward and the sources of opportunity for innovation and service.
• Evaluate the ultra-high-net-worth (UHNW) and family office market for the purposes of serving it profitably.