One of the most common challenges for taxpayers during the first tax season (running from February 15 through April 15) is a too-common delay in getting Schedule K-1 forms. Since April 15 comes around every year, why do we [...]
Can you imagine a CEO of a fast-paced, growing company getting up before dawn to pay bills and keep the family accounting straight? Wondering if the insurance might lapse or the lights could go out unexpectedly? It was reported [...]
A common mistake many high-net-worth individuals and families make 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 the [...]
Outlining your goals, setting a budget, and choosing the best technology are among the keys to establishing and running an effective family office. What is a Family Office? A family office is an organization that’s created to serve a [...]
In a virtual family office, most professionals serving the family are not in a physical office, which means the family office team can be situated almost anywhere. Additionally, these virtual family offices can be comprised of employees, individual professionals, [...]
The size and complexity of your business and family offices, the skills of your finance team, and a desire to protect your privacy can all help determine whether your business and family offices needs separate financial leadership. A shared [...]
One of the more striking challenges for family offices is managing the plethora of advisors who serve the family but may provide conflicting or confusing advice. To address this issue, a family office should appoint a “quarterback” to help [...]
One of the most effective ways for a family office to improve efficiency and reduce complexity is by selecting the best accounting software for its needs. While popular accounting software such as QuickBooks is suitable for family offices with [...]
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 [...]
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 [...]
