Perspective

Establishing a family office on a strong foundation

Best practices for developing a sustainable office that supports the family and their legacy.

Key Takeaways

Many family offices are established to tactically address a specific need at a particular moment in time. However, this approach can be problematic to the long-term health of the office. Ensuring the office can meet the needs of multiple generations requires a strategic vision and a supporting mission that are collaboratively created and agreed upon.
The vision can be thought of as the “purpose” of the office and serve as the “North Star” for all family members and office staff. The mission on the other hand typically outlines the various services the family office will provide.
At its core, the purpose of a family office is to protect and maintain a family’s financial legacy, while supporting various other objectives, priorities, and multigenerational needs. To do this successfully, it is important to be clear on the office’s vision and mission.

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Questions to Ask to Help Formulate Your Office's Mission and Vision

A conversation guide to help identify and establish the family's long-term, multi-generational goals.

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