BDO PRIVATE CLIENT SERVICES | ASIA ADVISORY SERVICES GROUP 15
FAMILY OFFICES HOWWE CAN HELP
WHAT IS A FAMILY OFFICE? X A professionalised support structure that helps a family manage and administer their assets and deliver their long-term strategy X There is no standard legal form X Can employ from 1 to 100+ X Variety of operating models from all in‑house to everything outsourced X Services provided will depend on family requirements from investment management or private equity to art and education. When done well, a family office safeguards the collective interests of the family while enabling individual family members to achieve their potential. DO I NEED A FAMILY OFFICE? Common reasons for creating a family office include creating a family legacy after a family business has been sold, the need for additional expertise to manage an increasingly complex portfolio of assets, relieving the administration burden on family members, gaining greater control over the management and investment of assets, increasing privacy or supporting the family’s philanthropic plans. As a family’s wealth and complexity increases, so too do the potential benefits of a family office. In assessing the complexity of needs, factors to consider include the variety of assets to be managed (such as real estate, investments and personal assets), the locations of assets and family members, and the expectations of a fully personalised and bespoke approach. Even if the answers to the exploratory questions point towards the establishment of a family office, benefits must be weighed against the costs, and alternatives should be examined.
HOWCAN BDO HELP?
01
PROOF OF CONCEPT
Supporting you to establish whether a family office is right for you and what you need it to do. At the end of this stage you will have a clear strategy and set of objectives for your family office.
02
DESIGN
Choice of the optimal location, structure and operating model to achieve your family’s specific objectives.
03
IMPLEMENTATION
Establishing a roadmap, building out the finer details such as your risk management strategy and staying by your side as the vision is brought to life.
04
ENHANCEMENT
Working with established family offices to ensure everything works as intended and support continued growth.
WHY BDO? What a family office ultimately looks like can vary considerably from family to family. However, most families only know their own family office. In contrast, we have worked with a many different ones over the years and can use this knowledge and experience to guide you whether you are embarking on a large strategic project or simply need a specialist who truly understands family offices for a one-off piece of advice.
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