Generally speaking, this service is the main purpose of setting up a family office because it is the core of ensuring wealth preservation. These services include:

a) Assess the overall financial situation

b) Determine the family's investment goals and business philosophy.

c) Determine risk appetite and investment period.

d) Asset allocation-determine the combination of capital market and non-capital market investment.

e) Assist the family to maintain the relationship with the bank.

f) Manage the mobility of the family.

g) Conduct due diligence on investment and external management personnel.

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Some of these services are often defined as "concierge" in nature, but their scope is much broader than this because it also includes budget services. Services in this category include:

a) Club membership (golf, private club, etc.).

b) Management of vacation real estate, private jets and yachts.

c) Budget services, including asset review, short- and medium-term liquidity demand analysis, and long-term goals.

Most of this aspect is centered on the education of the next generation, including wealth management and financial knowledge, as well as broader economic issues. These services include:

a) Organize family meetings.

b) Guarantee the family's commitment to education.

c) Coordinate with external consultants on education issues for the next generation.

The family office will participate in the inheritance and estate planning of the family business, so that the wealth can be passed on to the next generation smoothly. These services include:

a) Wealth protection, inheritance analysis, and management planning for all types of assets and sources of income.

b) Customized services for inheritance distribution and management.

c) Professional guidance for family governance.

d) Professional guidance for passing on wealth to future generations.

In addition to asset management consulting, the family office also provides consulting services related to financing and family business promotion. These include:

a) Syndicated loan

b) Promoter financing

c) Bridge financing

d) Structured financing

e) Private equity

f) Mergers and acquisitions

g) Management buyout

h) Commercial development

Administrative services, or back-office services, are the key to the smooth operation of a family office. These services include:

a) Support for general legal issues.

b) Payment of invoices and taxes, and tax compliance arrangements

c) Bill payment and fee authorization review.

d) Opening a bank account.

e) Check the bank statement.

f) Staff management and benefits.

g) Referral and management of law firms.

h) Referral and management of public relations companies.

i) Recommendation and management of technical system suppliers.

i) Compliance and control management.

Ensuring the succession and planning for future generations is an indispensable part of the long-term relationship between the family office and the family it serves. These services include:

• a) Continuous planning for unexpected changes in the family leadership.

• b) Assess the strengths, weaknesses, opportunities, and threats of senior managers inside and outside the family (SWOT analysis).

• c) Re-evaluate the family committee for the responsibilities of non-family member directors.

• d) Build a platform and plan for corporate social responsibility.

• e) Develop a formal knowledge sharing and training plan.

• f) Implement a heritage inheritance plan between two generations.

• g) Formulate a family constitution or charter, the main objectives are:

  1. Formalize the agreed structure and mission of the family business.

  2. Clarify the roles and responsibilities of family and non-family members.

  3. Formulate policies and procedures based on family values ​​and goals.

  4. Determine the process for resolving major family disputes related to the business.

Keeping records and ensuring a strong reporting culture is another element of family office services. These services mainly include:

Integration and reporting of all family assets.

a) Consolidated performance report.

b) Benchmark analysis.

c) Annual performance report.

d) Maintain an online reporting system.

e) Tax preparation and declaration.

Due to the 2008-2009 financial crisis and its subsequent effects, this service has received increasing attention in recent years. In the future, it will continue to be an important service of the family office. These services include:

a) Risk analysis, measurement and reporting.

b) Evaluate insurance requirements, purchase insurance policies, and supervise.

c) Assessment of existing insurance policies and asset ownership.

d) Evaluation of securities options for customers and properties.

e) Develop options and plans for disaster recovery.

f) Protection of assets-this may involve the use of offshore accounts.

g) Develop strategies to ensure hedging of concentrated investment positions.

h) Personal safety of the family.

i) Data security and confidentiality.

i) Review of social media policies and formulation of reputation management strategies.

Family offices need to ensure strict compliance with regulations related to investment, assets, and business operations. Necessary services may include:

a) Provide audit services for internal issues.

b) Establish a corporate governance mechanism.

c) Ensure the recruitment of high-quality talents.

d) Monitoring and compliance of team performance.

e) Recommend independent advisory bodies and provide suggestions on the composition of the board's advisory committee.

f) Strengthen the supervision of investment procedures.

In recent years, tax issues have increasingly become an important issue that family offices have to face, and they have also become an increasingly important function of family offices. Legal matters are also very important. Generally speaking, the family office will hire a general counsel and/or chartered accountant, or several accountants and tax experts. These professionals may provide the following services:

a) Construct the most suitable tax plan.

b) Design investment and estate planning strategies based on the consideration of investment/non-investment income sources and related tax issues.

c) Ensure that all aspects of the family office comply with tax regulations.

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