Enumerating the tasks family office employees must fulfill is only part of the goal-setting process. The decisions and actions of every employee impact a family office's success in serving its clients, so it is critical for employees to understand the mission of the office and how their roles, targeted goals, and "behavioral competencies" will help the office meet its objectives.
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Family office executive compensation is a topic continually reviewed by the FOX membership. Because the family office industry draws from other financial and legal professions, it is of critical importance to both the executive and the family to gain a wider understanding of the competitive landscape of executive compensation and benefits in order to recruit, retain and reward top talent.
Effectively managing the transition of employees into and out of a family office will contribute significantly to the achievement of business objectives. Transitions are stressful for the employees and family members who are affected by the change, but, with careful planning, positive morale can be maintained and disruptions to work flow kept to a minimum.
Just as family businesses have boards and family foundations have boards, family investment offices should have boards, too. And the best family boards include several independent, outside directors. Boards provide oversight and accountability. Family organizations benefit from such oversight, and independent, outside directors on boards provide fresh perspectives and objectivity.
In difficult economic times such as this, we tend to forget — or minimize — the impact of turnover in the office. This is primarily due to the fact that people seldom leave their jobs in a tight employment market — even if they are unhappy. Turnover is costly, particularly in a small office environment. Smart family offices will pay extremely close attention to innovative recruiting strategies, job satisfaction, employee involvement and modern management techniques to attract and retain their best people.
Most of us live with a fair amount of interpersonal conflict, largely because we really don't believe that it can be resolved. Ongoing controversy within families and between family members and family office staff is a common experience, but it is not a necessary one.
Building and sustaining a team of responsive, compatible employees is one of the keys to a successful family office. In the sports world, professional team managers use a variety of diagnostic tools to enhance their team-building techniques. In the family office, managers can use similar diagnostic tools to gain valuable insights into how groups of employees are likely to work together.
It's a pivotal time for Single Family Offices, with more and more reviewing their structure and operations to minimize risks. In this roundtable discussion, experts share how Single Family Offices are evolving and addressing new risks and risk mitigation strategies.
Families of wealth and business-owning families report that privacy and security of personal and financial data is a concern, yet few report confidence that these risks have been mitigated. This guide is designed to help families, family offices, and family enterprises integrate a security strategy in a code of conduct framework that is responsive to the family’s risk and intrusion tolerance that comes with living in a digital world.
In today’s hyperconnected world, news headlines are filled with stories about identity exposure, data breaches and other major threats to your personal information and financial assets. This guide provides best practices, resources, and actionable advice to help you protect yourself or recover from a cyberattack.