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

-The evolving definition of the family office (and different ways to think about it)
-What a traditional family office progression typically looks like and typical structures (size and complexity)
-The important functions (core vs concierge) "getting things done"
-The rationale, risk mitigation, and opportunities for the family choices
-The importance of an accounting spine (and other core functions)
-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, technological, security and unanticipated difficulties in seet-up and maintenance
-Insiders vs outsiders (and family/board governance and time horizons)
-The type of wealth and the Integration with multiple constituencies
-Archetypes where it has worked (and where there are challenges)
-Should the family office look like a business?
-Taking a family (and their advisors) through the analysis
-MFO, Hybrid, SFO solutions . . . . where do many families land?
-International vs Domestic?
-Bringing on other families?

Learning Objectives:

• Putting structure and definition around the term "Family Office" and the different types of offerings in the marketplace.
• Having a good handle on the functions that family offices provide, their structures and business models.
• Have an understanding of the operational challenges for the space going forward and sources of opportunity for innovation and service.
• Understanding the UHNW and Family Office market for the purposes of serving it profitably.