Family Office Ecosystem Diagnostic
How well is your family managing today?
Wealth is the ultimate juggling act for enterprising families. Family Offices are designed to tackle risks, achieve goals and ultimately, wrestle down the complexities that arise when managing generational wealth.Learn More
The Family Office Ecosystem Check-In is designed to maximize your reward for our time together. It is a “health check” for families interested in a review of their family enterprise actions in order to receive our independent determination of which additional actions would improve alignment between the family, their goals, and their FO Ecosystem activity.
Whatever the definition of “Family Office” you use (the term is probably devoid of a specific meaning at this point (link)), there is no doubt you have a Family Office Ecosystem; a web of external advisors and professionals that interact with you and your internal team.
We use the term “ecosystem” because all families with sufficient wealth to consider the impact of inheritance on their family’s affairs has an ecosystem, even when the only “in-house” participants are the family members themselves.
As an experienced trustee, tax lawyer, single family office president, and wealth management firm CEO and in-house counsel, I have broad experience within the family office landscape. I want families to be able to properly assess the tradeoffs they are making in their family office design. This is why I developed the FO Ecosystem Diagnostic tool.
The three steps
There are three steps which requires three hours of your time to complete the FO Ecosystem Report and Action Plan:
Duration: 2 hours (1 hour for the more specific questions typically in a boardroom setting followed by 1 hour over a meal for broader inquiries)
Objective: To gather essential information about your Family Office ecosystem. The conversation typically includes questions like the following in office:
- What are your internalized Family Office services? What are external?
- What is your Investment Policy Statement?
- How would a specific investment opportunity be reviewed?
- What is your tax strategy?
- What are your accounting and tax compliance processes?
- What is your ownership structure and how does it govern?
And like the following in a more casual setting:
- How do you define family legacy?
- What is your definition of success? Your family’s?
- What rituals does your family have?
- Do any risks keep arising to your attention and focus?
- What are the roles currently being played in the ownership transition?
Duration: N/A (Report will be generated within one week based on the initial consultation)
Objective: To produce a comprehensive report based on your responses. This Report covers the following topics:
- Purpose: Strategic goals of your family office.
- Well-Being: Alignment with your family’s values and well-being priorities.
- Flourishing: Alignment with your family’s values and flourishing priorities.
- Impact: Trade-offs made in pursuit of desired impact.
- People: Effectiveness of the advisory team and family members.
- Risk Management: Handling of physical, financial, and intangible risks.
- Resource Allocation: Efficiency in utilizing time and financial resources.
The size of the Report typically covers up to 50 topics and every effort is made to keep the report as succinct and valuable as possible. The Executive Summary is designed to highlight which matters are of likely greatest priority to address in the short term (less than one year) and medium term (one to three years).
Duration: 1 hour
Objective: To discuss the FO Ecosystem Report and create your FO Ecosystem Action Plan. Often, key priorities are new to the family enterprise and therefore a specific action plan is the most valuable component of our work, including the identification of recommended resources (recommended conflict of interest free / no referral fees) from within our ecosystem of service providers.
The value of time
I designed the FO Ecosystem Check-In with your valuable time and attention in mind. Time is our most valuable resource and I believe this is the most valuable use of three hours available to wealth stewards within the family office consulting industry.
Many FOE steps require more time (like the tactical steps within investment, tax, or insurance planning, for example). Yet none are more important. Our focus on the key insights gleaned from the greater Family Office industry and the talented family wealth strategists and consultants therein will significantly impact your strategy and purpose which are critical in achieving your tactical goals.
We offer a full money-back guarantee if you are dissatisfied in any way with the Check-In. It is the least we can offer if we have misused your valuable time.
Book a discovery call
All that is left is setting up our meeting time. You can complete the sign-up form or email me with your Executive Assistant CC’d and I will line up a time.
We can meet on a 15-minute discovery call and I can provide our Scope of Work which provides more detail as to the contents of our FO Ecosystem Report and Action Plan.
FORM GOES HERE