Family Office Advisory Services

In Tax

Providing a holistic approach to legacy preservation

Family offices face challenges that distinguish them from other entities — challenges that, if not addressed, can reduce wealth, jeopardize family unity or derail the family’s legacy.

Whether you are creating a family office, separating an office from the family business or enhancing an existing office, we deliver seamless advice and service through all phases of development and execution. And we do so with an emphasis on long-term sustainability and legacy preservation.

 

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Understanding your needs

EY Family Office Advisory Services is rooted in eight key areas that are designed to help family offices effectively achieve long-term success. The major advantage of our approach is the way we scrutinize the concerned areas with a holistic view to operational, regulatory, tax, strategic and family-related aspects. This helps us to uncover and properly address hidden opportunities and risks, which might have been missed if we were to just examine each area in a silo.

We fully understand that no two family offices are alike. Specific family considerations drive decisions and the way forward. Using our proprietary family office metrics tools, we help you identify key challenges, work with you to define and implement processes for improvement and help you chart a path to future family success and sustainability.

  • Common challenges

    • In a low-interest-rate environment, it is difficult to preserve and grow family wealth over generations. Professional management is needed.
    • The tax and regulatory environment varies throughout the world and is constantly shifting.
    • Cyberattacks, phishing schemes and other personal attacks can create financial losses or jeopardize secrecy and privacy.
    • General transitions and fractures in family cohesion threaten sustainability and continuity.
    • While 62% of family business owners have not chosen a successor, choosing a discrete successor is less important than having a succession plan. 
  • Family office design and setup

    If you are deciding whether to create a family office, we can help you shape the policies, procedures and business plans for the operation.

    As family wealth increases and business needs become more complex, we can help you determine whether to transform the office into a dynamic, full-service company. Our professionals take you through all the phases — evaluation, design and innovation and implementation — and provide program management as you move forward in your evolution.

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  • Strategic planning

    To move forward in a strategic, progressing manner, the family office must be intentional about and focused on preparing for the future. It starts by creating a family charter, a 100-year plan that outlines the family’s purpose, values, governance and how it wants to use its wealth. Additionally, the charter includes 1-year to 5-year plans and 10-year plans to anticipate and address short-term initiatives and long-term opportunities.

    Succession planning is a key component of strategic planning. Steps to help support a successful transition require a focus on four dimensions: leadership, ownership, legacy, and value and wealth transition. We can help you examine all of these areas in in-depth and actionable ways, and chart a definitive yet evolutionary course for moving forward proactively.

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  • Risk review

    Identifying your risks

    A primary goal of most family offices is to protect the family from damage and loss on multiple fronts. Through our proven experience, we’ve identified seven areas where family offices are most exposed — and actionable approaches to address them:

    1. Investment
    2. Succession
    3. Technology
    4. Operations
    5. Management
    6. Vision and legacy
    7. Tax and regulatory

    Employing our proprietary family office metrics, we’ve created a risk index that is supported by a detailed questionnaire to gauge your areas of vulnerability. We analyze and grade each to determine where your office excels or falls short. Our team will then work with you to properly develop a risk management plan for addressing each in order of importance.

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  • Leading practice review

    Benchmarking your performance

    Businesses throughout the world benchmark themselves against like operations and peer groups, but family office matters are confidential, and that hinders such a comparison and access to insight. Through our work with clients around the world, we’ve created and cultivated leading practices offices and pooled them in a proprietary database.

    We use this information, which is constantly growing, to examine four broad areas within the office: governance, financial planning, advisory and strategy. Our advisors will create a report that includes your current position, aspirations and the gap between them, along with recommended actions for change. And we work with your team to prioritize improvements based on the potential impact and ease of implementation.

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  • Technology for family offices

    Assessment, search and selection

    There is no turnkey technology that supports the diverse needs of an intergenerational family, or the multiple requirements of a family office. That forces you to repurpose multiple platforms that were purpose-built for other industries. Unfortunately, these systems often don’t work together or capture the specific needs of each family business, producing waste, inefficiency and stress.

    We can help you identify the best technology with specificity to your office and people, working to make sure that all users are properly considered. For many family offices, the key is making sure the systems interface so data is entered once, eliminating redundant efforts and freeing time for other concerns, pursuits and challenges. We’ll work with you to find the best approach for your current ecosystem, while remaining mindful of future concerns and aspirations.

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Contact us

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