Client Structure and Communication
Effective client structures and communications can contribute significantly to the success or failure of a family office. Defining the family office’s clientele—i.e. who may use its services—is a surprisingly thorny issue, especially regarding spouses. Once that circle of clients has been defined, the next major issue is ensuring comprehensive reporting, including minutes from meetings and reports on performance. While it is sensible to tailor consulting discussions and meetings to relevant subsets of the client base, it is important to maintain an overall transparency so that no elements feel under-informed or unfairly disadvantaged. Whichever decisions are made should be documented thoroughly.