EisnerAmper LLP
Annual Private Wealth & Family Office Summit
Enhancing Family Office Operations and Efficiencies: Outsourcing and Additional Opportunities
November 9, 2010
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Enhancing Family Office Operations and Efficiencies - Review
• The Office Needs to be Tailored to Family Needs
– Operations Strategy Should be Clear and Measurable
– All Operations Need to Possess Efficiencies and Adequate Controls
– Reporting and Transparency
• Purpose of a Review of Family Office Operations
– Review of overall operations, procedures, and management
– Recommendations to enhance operations and management
– Additional circumstances that could initiate a review
» What are the Desired Outcomes of a Review ?
» The Review Must be Objective
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Enhancing Family Office Operations and Efficiencies – Outsourcing Model
• Uncertainty Regarding Office Management by Family
• Long-term Legacy Employees Nearing Retirement
• Cost Reductions and Enhanced Efficiencies Desired
• Enhanced Operational Controls Desired
• Additional or More Comprehensive Resources Desired
• Enhanced Reporting Capabilities and Transparency
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Enhancing Family Office Operations and Efficiencies
• Case Study 1 – N Family
– Multi Generations Served by the Office
– Long Legacy of Operation
– Accounting, Financial Reporting, Treasury Functions, Charity
– Why the Operations Review Was Requested
– Discovery: What Was Learned
– Outcomes: What Was Done Based on Observations/Recommendations
» Outsourced Accounting and Bill Paying Functions
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Enhancing Family Office Operations and Efficiencies
• Case Study 2 – C Family
– Multi Generations Served by the Office
– Internal Accounting, Treasury Functions
– Why the Operations Review Was Requested
– Discovery: What Was Learned
– Outcomes: What Was Done Based on Observations/Recommendations
» Design Transition Plan to Adopt Partial Outsourcing Model