What is Scope Creep in Family Office? Scope creep is the gradual addition of more and more activity, such as the need to manage an expanding array of entities or generations of the family. Expectation creep, a form of [...]
Prioritize Your Accounting Software One of the most effective ways for a family office to improve efficiency and reduce complexity is selecting the best accounting software for its needs. While popular accounting software such as QuickBooks is suitable for [...]
It’s amazing how basic each of these five items sound, and yet often one or more are not present in family offices. The result is frustration by the family, stress in the team, and a high likelihood that families [...]
As families and their professional advisors begin discussing the potential benefits of creating a family office to manage their affairs, a number of challenges need to be considered to ensure the office meets the family’s goals. Identify what you [...]
A common mistake made by many high-net-worth individuals and families is failing to treat their family’s financial affairs as a business entity in their own right. Managing the business of the family’s assets is a critical practice that demands [...]
One of the most important factors in determining the success and effectiveness of a family office is creating a structure that supports the family and its objectives. This is typically a personalized decision that addresses several factors such the [...]
