The Complete Family Office Handbook: A Guide for Affluent Families and the Advisors Who Serve Them -- Copyright -- Contents -- Foreword -- Preface -- Acknowledgments -- Chapter 1: Introduction to the Family Office -- A Macro View of Global Wealth -- Billionaire Update -- How Much Do I Really Need to Fund a Family Office? -- Purpose and Definition of the Family Office -- Historical Background of the Family Office -- Family Wealth and the Family Office from the Industrial Age -- Three Key Roles of the Family Office -- The Keeper and Executor -- The Guardian and Confidant -- The Brain Trust -- Types of Family Office Services -- Conclusion and Final Thoughts -- Notes -- Chapter 2: Inception of the Family Office: Pathways to a Family Office -- Inception of a Family Office -- Impact of the Family Business on the Family Office -- Attractions and Challenges with Embedded Family Offices in the Family Business -- Separating the Family Office from the Family Business -- Sudden Wealth -- The Investment Office -- Family Offices through the Back Door -- Family Business Exit and Liquidity Event -- Case-The Kessler Family -- Conclusion and Final Thoughts -- Notes -- Chapter 3: Family Wealth Needs: Determining Your Family Office Solution and Services -- Trends in the Family Office Landscape -- Family Office Archetypes -- The Multi-generational Focused Family Office -- The Investment Family Office -- The Founder's Family Office -- The Administrative and Compliance Family Office -- Family Business-Centered Family Office -- Legacy and Philanthropic Family Office -- Determining Family Wealth Management Needs -- Why the Single Family Office Solution? -- Why the Multi-Family Office Solution? -- Questions to Ask During the Evaluation Process -- Request for a Proposal (RFP) -- Conclusion and Final Thoughts -- Notes.

Chapter 4: Family Values, Mission, and Vision and the Family Office -- Introduction to Values -- The Process of Exploring Values -- Values Statement -- Mission Statement -- Values, Mission, and the Family Office -- The Importance of Vision -- Elements for Successful Family Office Visioning -- Building Your Family Office Vision -- Pitcairn Family Case Study -- Creating Your Family Vision -- Step 1: Education and Clarifying the Process and Expectations -- Step 2: Preplanning for the Vision Retreat -- Step 3: Staging the Vision Retreat -- Step 4: Developing Your Family's Vision -- Step 5: Aligning Vision with a Strategic Plan -- Conclusion and Final Thoughts -- Notes -- Chapter 5: Establishing and Structuring of Family Offices -- Case in Point -- Question 1: What Legal Form Should the Family Office Take? -- Choice of Entity -- Deciding Between an LLC and a C Corporation -- Question 2: Who Should Pay for Establishing and Operating the Family Office? -- Question 3: Who Should Own the Family Office and How? -- Legal Ownership -- Beneficial Ownership -- Models of Ownership -- Question 4: Who Should Manage the Family Office and How? -- Structuring the Legal Formalities -- Structuring the Scope of Services -- Family Philanthropy, Legacy, and Social Capital -- Managing Regulatory and Estate Planning Concerns -- Question 5: How Are Family Offices Structured to Optimize Tax Efficiency? -- Tax Deductibility of Services Provided by the Family Office -- State and Local Tax -- Question 6: Can a Family Office be Structured to Manage Risk? -- Risk Management Through Architecture -- People-Oriented Risk Management -- Balance Sheet, Cash Flow, and Economic Risk Management -- Question 7: What Is the Process of Establishing and Structuring a Family Office? -- Conclusion and Final Thoughts -- Note -- Chapter 6: Advising Families: Developing a Family Office Baseline.

Introduction to Creating a Family Office Baseline -- The Family Genogram -- The Family Background -- Trusted Advisors -- The Estate Plan Review -- Mapping and Summarizing Legal Entities -- Assessing and Preparing for Major Life Issues -- The Financial Review -- Capital Sufficiency Analysis -- Capital Sufficiency Case Study for the Raymond Family -- Capital Sufficiency Outcomes Discussion -- The Insurance Review -- Conducting An Insurance Review -- Conclusion and Final Thoughts -- Notes -- Chapter 7: Legal and Compliance Standards and Practices for Family Offices -- New Regulations Affecting Family Offices -- What Has Not Changed -- Case in Point -- The Single Family Office Exemption -- Case in Point -- Clients of the Family Office May Need to Report Beneficial Ownership of Securities of Publicly Reporting Companies -- How to Report Beneficial Ownership -- Clients of the Family Office May Need to Report Beneficial Ownership as Insiders of Publicly Reporting Companies -- Reporting Insider Status on Form 3, Form 4, or Form 5 -- How Do I Determine Beneficial Ownership in a Multi-Tiered Family Holding Structure? -- Case in Point -- Are You an Institutional Investment Manager? (The Answer May Surprise You.) -- What Is an Institutional Investment Manager? -- Reporting on Form 13F -- Determining If the 100 Million Threshold Has Been Met -- Case in Point -- Are You a Large Trader? -- Case in Point -- The SEC Gets Personal about Insider Trading -- Compliance Policies -- What Are the Components of a Good Compliance Policy? -- Document Retention Policies -- What Are the Components of a Good Document Retention Policy? -- The Compliance Function: In-House versus Outsourced -- Special Issues for Family Offices When Considering Regulatory Requirements -- Conclusion and Final Thoughts -- Notes -- Chapter 8: Investment Management and the Family Office.

Family Office Investment Management -- Concentration: All Eggs in One Basket -- Simplifying the Wealth Management Paradigm: A Matter of Lifestyle and Legacy -- Scale: How Much Is Enough? -- Time: A Family Office's Most Precious Advantage -- What Gets in the Way of Growing Wealth: Variance, Inflation, Taxes, Investment Costs, and Spending -- Family Office Investing: A Different Type of Animal? -- A Goals-Based Approach to Asset Allocation -- The Investment Process in a Family Office -- Investment Review -- Investment Philosophy -- Investment Objectives -- The Investment Policy -- Investment Advisory Committee -- Strategic and Tactical Asset Allocation, Manager Selection, Surveillance, and Ongoing Investment Monitoring -- The Role of the Chief Investment Officer -- The Outsourced Chief Investment Officer Model -- Case in Point: Walford Family Office -- Conclusion and Final Thoughts -- Notes -- Chapter 9: Operations and Information Technology in the Family Office -- Family First: Establishing Family Office Operations and Information Technology -- Assessing Complexity -- Case 1: Simple Family Fact Pattern -- Build the Infrastructure! -- Comments on Technology for the Simple System -- Case 2: More Complex Family Fact Pattern -- Build the Infrastructure! -- Comments on Technology for the More Complex Infrastructure -- Case 3: The Most Complex Family Fact Pattern -- Build the Infrastructure! -- Financial Reporting -- Data and Decision Archiving -- Conclusion and Final Thoughts -- Notes -- Chapter 10: Talent Management in the Family Office -- Introduction -- Family Office Staffing -- Single Family Office Organizational Chart -- Finding Family Office Talent -- People Business -- Chemistry Fit -- Background Checks -- Compensation -- Managing Talent in Your Family Office -- Role Clarity and Job Description -- Performance Management.

Talent Management Practices Case Study -- Family at the Helm -- Conclusion and Final Thoughts -- Notes -- Chapter 11: Governance Issues for the Family Office -- Governance Issues for the Family Office Itself -- Benefits of a Good Board -- Addition of Independent Directors -- Interim Stage of Advisory Board -- Accountability to the Family -- Pricing Alternatives -- Participation in Long-Term Strategy -- Next Generation Issues to Address -- Succession Planning for the Family Office and Its Executives -- Case of the Winchester Family -- Governance Issues for the Family Itself -- Analysis of Existing Decision-Making Process -- Hallmarks of Good Governance: Transparency, Accountability, and Participation -- Benefits of the Family Creating Its own Governance Process/Structure -- How to Create the Family Governance -- Family Councils -- Family Constitutions -- Conclusion and Final Thoughts -- Notes -- Chapter 12: Preparing Succeeding Generations: Family Education in the Family Office -- Developing the Next Generation -- Elsa's Story -- To Tell or Not to Tell: Overcoming Communication Challenges -- Case Study: Aragon Trust Company -- Clear Expectations and the Power of Inherited Wealth -- Case Study: The Lyle Family -- Inspiring Entrepreneurship and the Next Generation -- Mentoring: The Power, Influence, and Inspiration of Mentors -- Building a Foundation for Financial Independence: The Role of the Family Office -- Conclusion and Final Thoughts -- Notes -- Chapter 13: Family Entrepreneurship and the Family Bank -- Key Entrepreneur Characteristics, Traits, and Questions -- Mini-Case Study: Family Bank Supports and Promotes Family Entrepreneurship -- Takeaways -- What Is a Family Bank and Its Overall Purpose? -- Mini-Case Study: Informal Intra-Family Financing for the Acquisition of a Business -- Takeaways -- Conceiving Your Family Bank.

Who Funds Family Banks and What Do They Typically Fund?.