Defining the Need for a Family Office

A fourth generation family enterprise was considering whether the time had come to establish a person and place to handle the business of the family The family concerns, insurance, investments and governance were becoming part of the workload of the operational staff.

Relative Solutions’ Direction:
Relative Solutions met with members of the family to begin defining the need for a family office and a family office manager. The family elected a small task force to define the scope of the family office and develop a job description for its manager. Once these two items were complete, the task force reported back to the family and received approval to recruit a manager – either by hiring a firm to do so or by conducting the search themselves.

Relative Solutions worked with the task force and the family to hire a recruitment firm and participated in the overall interview, selection, and training process of the family office manager. We also worked with the search firm to create a training program for the new hire and helped the family develop a performance review and compensation package.