This week, Morgan Stanley launched their new Family Office Best Practices report 2020. The report offers insight into the 6 core considerations and best practices for those involved in family offices.
Family offices’ most ambitious goals
- Preserving wealth across generations
- Maximizing philanthropic impact
- and Leaving a powerful legacy.
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While each family office is unique, many face common questions:
- Should we expand our current service offerings?
- What capabilities should we outsource?
- How do we attract and retain talent?
- How do we defend against cybercrime?
- How to improve the legal structures?
Critical answers for Family offices
Morgan Stanley’s Family Office Best Practices report provides critical answers along the 6 chapters:
- Rethink Mission and purpose as the foundation for strategic decision making
- Thoughtful approach to legal vs. leadership organization
- Formulate & align to a strict investment policy to save time and identify relevant deals
- Invest in comprehensive accounting, reporting and cash management systems
- Ensure consistent wealth planning across generations and proper education within members
- Assist the family in the enjoyment of wealth by securing the optimal solutions
To read the full report: Morgan Stanley Family Office Best Practices report 2020