GOVERNANCE
Reporting and record keeping
The maintenance of records and ensuring there is a strong reporting culture is another core part of a family office’s services. Key to these services is:
► Consolidating and reporting all family assets ► Consolidating performance reporting
► Benchmark analysis
► Annual performance reporting
► Maintaining an online reporting system
► Tax preparation and reporting
Administrative services
Administrative services, or back-office services, are essential to the smooth running of a family office. These services will include:
► Support on general legal issues
► Payment of invoices and taxes, and arranging tax compliance
► Bill payment and review of expenses for authorization
► Opening bank accounts
► Bank statement reconciliation
► Employee management and benefits
► Legal referrals and management of legal firms
► Public relations referrals and management of public relations firms
► Technology systems referrals and management ofthese vendors
► Compliance and control management
Succession planning
Ensuring a smooth succession and planning for future generations is integral to the long-term viability of the family office and the family it serves. These services will include:
► Continuity planning relating to unanticipated disruptions in client leadership
► Evaluation of the strengths, weaknesses, opportunities and threats (SWOT analysis) of senior executives both within and outside the family
► Re-evaluation of family board regarding roles of non-family directors
► Structuring of corporate social responsibility platforms and programs
► Development of formal knowledge sharing and training programs
► Implementation of intergenerational estate transfer plans
► Adoption of a family charter or constitution, specifically aiming to:
- Formalize the agreed structure and mission of the family business
- Define roles and responsibilities of family and non-family members
- Develop policies and procedures in line with family values and goals
- Determine process to resolve critical business-related family disputes
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