Can family members manage the family office?
Managing a family office with the active involvement of family members can be a rewarding endeavor. It allows you to maintain control and infuse a personalized touch into your financial affairs. However, success in this venture hinges on setting clear guidelines, roles, and responsibilities within the family office structure.
The same principles that guide family businesses apply here: it's essential to determine who should be involved, why they are participating, and what their rights and obligations entail. To strike the right balance and ensure impartiality, many family offices incorporate non-family members into their teams.
For a seamless transition, it's advisable to establish and rigorously test structured operating guidelines before family members join. This proactive approach ensures that your family office journey is cohesive and successful, with everyone on the same page.