_____ My single-family office is invariably able to attain the expertise my family needs and wants on an expedited and exceptionally cost-effective basis.
_____ Because of my single-family office, my family and I are able to “jump the line” when it comes to getting the solutions we need and want.
_____ My single-family office is constantly taking steps to catch and correct any mistakes or potential problems with what we are doing or are considering doing.
_____ The senior executives at my single-family office regularly employ “What if?” thinking to identify possibilities and opportunities in order to determine the very best courses of action.
_____ My single-family office makes sure I am staying on track and following the best possible course of action or determines whether an alternative would be more appropriate and effective.
Each 1, 2 or 3 answer means that an important element of your single-family offices is not being effectively addressed. A 4, 5, 6 or 7 answer often means that the element is in progress but that your single-family office could do better. The 8, 9 and 10 answers indicate that your single-family office is where you want it should be, so consider them to be green.
If all your answers are all 1, 2, or 3, which is highly unlikely, think of it as a tremendous opportunity to very quickly dramatically improve your single-family office and very likely your financial world. For perspective, we have found that most family members at various single-family offices have the entire range of answers from 1 to 10.
Your fundamental consideration is now this: What would happen if you could rate every statement 8, 9 or 10? How would your financial world improve? How would your life improve? How would your ability to take care of the people you love and the causes you care about be enhanced?
A high-performing single-family office is able to provide holistic solutions across a wide range of issues, needs and wants. With a high-performing single-family office, the color-coding of all the statements are green.
Russ Alan Prince, president of R.A. Prince & Associates, is a consultant to family offices, the ultra-wealthy and select professionals.