Family Office Communication & Planning Protocols

Video transcript

The family office association was founded in 2007 as a peer network for single family offices. Family office communication and planning. There are whole courses and books on communication and planning. Here we will share a few observations from the perspective of the unique challenges faced by family offices. Some of these points may seem obvious but you would be amazed how often they are overlooked. Communication is more than weekly reports on assets and holdings. Without good communication and planning, all the efforts of a family office are in vain. Newsletters, annual reports, educational material, and handwritten cards to celebrate family achievements are all important pieces of a family office's communication infrastructure. And when you're in charge of communications, you get to drive the narrative. Therefore, all communication relevant to the family should flow through the family office. The following are examples of questions the family office should be asking and have well- formulated answers to. Do current communication protocols provide adequate information on the financial standing of the family office? Are communications transmitted in the right form or with the right frequency? Are the right team members supporting these efforts? How do immediate and more distant family members feel about being included in the affairs of the family and the family office? Does the family offic's messaging provide inspiration to younger generations of the family to achieve the legacy ambitions of the principles? A number of technology-based communications platform exist for keeping a large complex family and family office connected. In addition, there are a myriad of formal and informal ways for a family office to communicate with family members, including family retreats, family meetings, family newsletters, and video conferences, among others. A strong communications plan will enhance conversations about what the family office team wants the principles to do and vice versa. Communications should be varied, frequent, and tailored to individual stakeholders. Regular review and maintenance is essential. A key question is to understand who needs to see what information and when. And measuring the results of these communications is easier if goals are clearly defined upfront. Strategic planning. Best practices for family offices include defining goals, assessing the current situation, and building a road map to achieve those goals, identifying requirements and gaps, and developing a feedback mechanism to monitor progress and make adjustments. Family offices should also focus on prioritizing and allocating resources and holding those responsible accountable. And lastly, incorporating the mission and vision of the principles into the communication framework is essential. Thank you for listening. We hope you have enjoyed this content. Please share with others or visit tfoa.info to learn more.