ADVISORY
Tax and legal advisory
Tax, in particular, has become a much more important issue for family offices in recent years and as such has assumed a more important part of the functions of a family office. Legal matters are also important. A family office will typically employ a general counsel and/or a chartered or certified accountant, or several accountants and tax experts. These professionals usually provide the following services:
► Construct a tax plan to best suit the family
► Design investment and estate planning strategies that take into account both investment and non- investment income sources and their tax implications
► Ensure all parts of the family office are tax compliant
Compliance and regulatory assistance
Family offices need to ensure strict compliance with regulations pertaining to investments, assets and business operations. These services will include:
► Providing auditing services for internal issues
► Establishing a corporate governance mechanism
► Ensuring a high level of staff hiring
► Group performance monitoring and compliance
► Offering recommendations on independent and board advisory formation
► Strengthening the regulatory investment process
Risk management and insurance services
This is a service that has assumed a more important role in recent years because of the financial crisis of 2008–09 and the subsequent fallout. It will be a crucial service for family offices in the future as well. These services will include:
► Risk analysis, measurement and reporting
► Assessment of insurance requirements, policy acquisition and monitoring
► Evaluation of existing policies and titling of assets
► Evaluation of security options for clients and property
► Formulation of disaster recovery options and plans
► Protection of assets, which could involve the use of offshore accounts
► Development of strategies to ensure hedging of concentrated investment positions ► Physical security of the family
► Data security and confidentiality
► Review of social media policy and development of reputation management strategy
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