Individuals and families with substantial wealth may be advised that they should consider establishing a family office of their own. Prosperitas assists families and their advisors in the formation stage of establishing an independent family office.
Prosperitas can assist with the many issues that need to be addressed in evaluating or forming a family office:
• What are the goals and values of the family?
• Is an independent family office the best solution or should a Multi-Family office or some hybrid arrangement be considered?
• How will the office be organized, owned and managed?
• What type of services will be provided by the office and to which family members? Should some of the services be outsourced?
• Which family members if any should be involved with management of the office
• Which software solutions will best meet the office’s back office and family reporting needs?
• What kind of insurance is necessary?
• How will potential family office employees be recruited and evaluated?
• What type of training will be required to get the office up and running?
• Who will test the systems to make sure the office runs efficiently and securely?
2012