On cost, because we do not expect cost pressures to go away anytime soon, it is important for family offices to constantly monitor asset and manager allocations, question the benefits of services provided, and evaluate the efficiency of insourcing versus outsourcing various tasks. In addition, family office CEOs should ensure their costs are aligned with the family’s or families’ financial management needs and that they are getting the best value for what they are paying.

As wealthy families grow with each generation, financial regulations evolve and global markets experience peaks and valleys, family offices will have to become smarter and more efficient to keep up with the times and accommodate changes in size. Putting the right organization, structure, people and plan in place now – and periodically re-evaluating it – will put them on the path to success.

Charlie Buckley is Americas head of global family office coverage at UBS.

 
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