Family Governance and Single Family Offices
Angelo Robles discusses Family Governance and Single Family Office with noted experts Fredda Herz Brown and Kathryn M. McCarthy
A family with wealth often has many entities to manage, such as one or more operating businesses, a Family Office, family foundation and perhaps a family council. It’s difficult, when they are joining economic and emotional systems, to manage all that complexity and all those overlapping roles so it doesn’t overtake the family.
In this Q&A, author and consultant Dr. Fredda Herz Brown, founding member and senior consultant at Relative Solutions, and Kathryn McCarthy, an independent advisor to families and Family Offices, discuss how different family governance structures and policies can help families avoid the economics from destroying what’s in their family’s emotional system and preventing the family system from destroying the economic system.
Governance and Single Family Office Topics Covered:
• Why do high net worth families need governance? Why not just center Family Office activities on investments, accounting, taxes and concierge services they want or need?
• How can families participate in governance structures without family dynamics getting in the way?
• How can family governance structures and practices work most effectively vis a vis the Family Office?
• What are some common governance practices and structures that successful families employ in the SFO?
• What is an effective balance of family versus non-family input?
• What are some factors that contribute to success of family governance?
• How does family governance change from the founder generation to the next few generations?
• Are family governance practices different for a newly created Family Office versus an existing one that the family is focused on sustaining?