Family Office Fundamentals

This introductory module focuses on defining and understanding the concept of a family office, its regulatory context, and the variety of roles it plays in wealth management. It addresses the unique definition provided by the SEC and explores the multi-faceted functions of a family office, emphasizing its importance in managing extensive wealth, ensuring compliance, and supporting a family's legacy.

Learning Objectives:

1. Distinguish a Family Office and Examine Regulatory Implications by understanding the SEC-specific criteria and definition, along with the implications of exemptions from investment advisor registration and compliance requirements.
2. Explore Key Roles and Adapt Wealth Management Strategies by examining the roles of executor, guardian, confidant, and brain trust in a family office.

3. Design and Strategize Family Office Structures by integrating design thinking principles to tailor family office setups.

Module 2 focuses on three primary family office structures: Virtual Family Offices (VFO), Single Family Offices (SFO), and Multi-Family Offices (MFO). From the initial selection between virtual and traditional models to understanding the implications of single and multi-family offices, the course outlines how these structures influence wealth management, privacy, and generational continuity. The module emphasizes the comprehensive range of services these offices offer—operational, strategic, family-focused, and investment—highlighting how each contributes to effective wealth stewardship.

Learning Objectives:

1. Differentiate Between Family Office Structures to highlight their unique advantages and suitability for different family and wealth management goals.
2. Examine the comprehensive range of services provided by family offices, including operational management, strategic planning, family-focused services, and investment management, to understand their integration and support for comprehensive wealth management.

Module 3 explores the family office's human capital dimension. It delves into the people employed by a family office, from human resources, staffing, and employment to hiring and compensation. Next, it covers the importance of family office leadership and the role of family and non-family leadership. The module offers approaches to managing change and innovation to guide its strategic planning process.

Learning Objectives

1. Examine human capital management within family offices to understand how human resources roles, family dynamics, and leadership qualities contribute to effective staff recruitment, onboarding, and management.
2. Navigate innovation and change by exploring how family offices respond to market shifts, regulatory changes, and technological advancements, while considering the influence of next-generation members on sustainable investments.
3. Explore family office governance and decision-making processes by analyzing various models and methods to assess their effectiveness and impact on family office operations.

Featured Resources:

The following lessons reference several helpful books to supplement your learning. These are not required to complete the coursework but may be beneficial to further expanding your knowledge.

Articles/Books

• The Complete Family Office Handbook, Second Edition, Wiley by Kirby Rosplock, Ph.D
• Family Office Fundamentals: Human Capital Matters, Wiley by Mark Somers
• The STEP Handbook for Advisers, Third Edition, Barbara R Hauser & Nicola Saccardo (use the discount code Tamarind20 for 20% off)
• The Family Office Navigator: Your Guide to Building a Multigenerational Family Office, IMD International by Peter Vogel & Mario Marconi
• The Five Capitals Framework by Scott Peppet