Family Offices

The STEP Handbook for Advisers, Second Edition

Consultant editor Barbara R Hauser

Publication date:

30 May 2019

Length of book:

450 pages

Publisher

Globe Law and Business

Dimensions:

240x160mm
6x10"

ISBN-13: 9781787422810

Prepared in association with STEP, the world’s leading organisation for private wealth professionals, this new edition of Family Offices features updated chapters from key players in the field including Sandaire, Pitcairn and Farrer & Co. This practical guide steers readers through the family office model, from its inception to the final stage in its “life cycle”, and covers: •Establishing a family office and choosing the right jurisdiction •Recruiting and managing staff •The pros and cons of a “virtual” office •Evaluating a multi-family office •Millennials’ interest in investments •Reputation protection •Using social media, total risk analysis and tools •Communication and cultural issues •Governance, crisis planning and long-term resilience The second part of the book explores the increasing number of important jurisdictions and features chapters on Australia, Bermuda, Canada, the Gulf region, Hong Kong, India, Israel, the Netherlands, Singapore, Switzerland, the United Kingdom and the United States. Whether you are a professional practising in the family office sphere, a family member or a new entrant to this diverse and challenging arena, this comprehensive publication provides essential insight into all aspects of the family office world.

About STEP 7 Introduction 9 Barbara R Hauser Independent family adviser What is a family office? 11 Ian Macdonald Wright, Johnston & Mackenzie LLP Mark McMullen BDO UK Francis Moore Moore Family Office Limited Establishing the family office 27 Barbara R Hauser Independent family adviser Selecting the right family office jurisdiction 35 Jan van Bueren Thomas Ming FOSS Family Office Advisory – Union Bancaire Privée, UBP SA Global virtual family offices 47 Thomas J Handler Handler Thayer LLP Recruitment and talent management strategies 63 M J Rankin The Rankin Group LLC Investment 79 Charles Peacock Sandaire Alexander Scott Applerigg Limited Health and wellbeing: the journey to family longevity 93 Feisal Alibhai Jing Cameron Qineticare Professionals and family offices: putting a square peg in a round hole? 105 Joseph A Field Pillsbury Winthrop Shaw Pittman LLP Family offices and technology: the challenge, approach and opportunity 111 William S Wyman Summitas LLC Don’t let a risk become a crisis 123 Clare Archer Rebecca Goldring Penningtons Manches Risk and insurance management 131 Linda Bourn Crystal, Alliant Private Client The ‘prepared mind’ at a time of crisis 141 John Deverell Deverell Associates Family values, mission and vision and the family office 149 Kirby Rosplock Tamarind Partners Inc Culture, communication and conflict 161 Ian A Marsh What next? Governing a family office through leadership succession 175 Amelia Renkert-Thomas Renkert Thomas Consulting LLC The five challenges for wealth inheritors to develop a positive wealth identity 185 Dennis T Jaffe Wise Counsel Research The golden rucksack – insights from qualitative research among wealthy heirs 195 Raimund Kamp Marijke Kuijpers Guidato The resilient single family office: a developmental perspective 217 James Grubman Family Wealth Consulting Dennis T Jaffe Wise Counsel Research The lifecycle of the family office 233 Leslie Voth Pitcairn The global culture of giving: four key trends 243 Melissa A Berman Rockefeller Philanthropy Advisors Australia 251 Keith Drewery Drewery Consulting Bermuda 271 Keith Robinson Carey Olsen Bermuda Limited Canada 281 Mary Anne Bueschkens Miller Thomson LLP Lucinda Main Andrea Tratnik Beard Winter LLP The Gulf states 299 Barbara R Hauser Independent family adviser Asher Noor AlTouq Group Hong Kong 309 Christian Stewart Family Legacy Asia (HK) Limited India 333 Aditya Gadge Association of International Wealth Management of India (AIWMI) Israel 347 Ori Ephraim O Ephraim Multi Family Office Services Lyat Eyal Aronson, Ronkin-Noor, Eyal Law Firm Alon Kaplan Alon Kaplan, Advocate and Notary Firm Italy 371 Nicola Saccardo Maisto e Associati Netherlands 379 Raimund Kamp Marijke Kuijpers Guidato Singapore 391 David Chee Drew & Napier LLC Switzerland 399 Andrea B Bolliger Tobias F Rohner Baker McKenzie Zurich United Kingdom 405 Grania Baird Emily Jamieson Marianne Kafena Simon Rees Farrer & Co United States 423 Mary Duke Independent adviser to families About the authors 439

This book sets the gold standard for the sophisticated family advisor’s increasingly higher duty of care for protection and preservation of existing assets and continuing pursuit of success in business. For family members, it frames the many important choices for families confronting an increasingly complex, hostile and intrusive world.