Family Office Services

Our dedicated, specialist resources review the historical records of our client’s current family office accounting system and transition records. Then, we establish a QuickBooks Online, Sage Intacct or other accounting file. We use this accounting system to process transactions and maintain a general ledger, as the basis for producing financial reports. These systems integrate artificial intelligence with sophisticated reporting capabilities and enhanced cybersecurity and internal controls.

Treasury management for an ultra-high-net-worth family involves overseeing and optimizing the family's financial assets and liabilities. We ensure liquidity, manage risk and maximize returns. This includes managing cash flow and transactions and coordinating with financial institutions to secure the family's financial stability and growth.

Accounts payable for ultra-high-net-worth families is a fundamental ingredient to managing financial needs. This can include:

• Automating the bill pay workflow to remove bottlenecks caused by manual processes
• Providing multiple and quick payment options
• Establishing the highest level of internal control, security and privacy for financial information

We bring best-in-class accounting and reporting to the private financial lives of wealthy executives and their families. We provide insight and control over their personal balance sheets in much the same way corporations maintain control over theirs.

Vendor management for ultra-high-net-worth families involves coordinating and overseeing relationships with service providers to confirm efficient and effective service delivery. This includes reviewing contracts, managing performance and ensuring that vendors meet the family's specific needs and standards. Additionally, we can prepare and file applicable Forms 1099 resulting from payments issued to vendors throughout the tax year.

Cash management for ultra-high-net-worth families is crucial for maintaining liquidity and ensuring effective financial administration. It involves understanding cash flow as a key component of a broader wealth management plan. This includes mapping out all assets, fixed and discretionary spending, major financial goals, and anticipated purchases. Effective cash management allows for time-sensitive investment opportunities, advanced estate planning and the timing of major purchases with greater comfort and clarity.

Payroll for ultra-high-net-worth families involves managing the compensation and benefits for household staff and other employees. This includes processing payroll transactions, ensuring compliance with tax regulations and maintaining accurate records of payments and deductions.

Our HR services include benefits administration, HR outsourcing or co-sourcing, employee communications, HR consulting and administration and executive search, amongst others.

Working closely with internal or external tax advisors, our accounting teams are able to provide detailed year-end financial reports. The reports contain all applicable supporting documentation required for accurate tax reporting.  We liaise with financial institutions and investment managers to obtain various income reporting forms. Then, we reconcile the activity to the general ledger and provide evidence of tax-deductible expenses and charitable contributions.

Family office structuring has evolved significantly over the past few decades, becoming more sophisticated and efficient. It involves creating a legal and organizational framework that supports the family's long-term goals. The framework should also remain compliant and tax-efficient within a particular jurisdiction. Structures can include single-family offices, multi-family offices or virtual family offices. Each type has its own set of governance structures and legal considerations.

We customize each client team to include professionals from a variety of backgrounds. Your team will perform a wide spectrum of activities while ensuring appropriate internal controls and continuity of interests.

We also work with clients who have existing family office infrastructure. We can reinforce and complement your family office with additional resources. Our team will optimize the pool of intellectual capital required to support nuanced family activities.

Insurance and risk management coordination for ultra-high-net-worth families is essential for safeguarding assets. Risks to assets may include cyber threats, natural disasters and rising insurance costs. We provide a holistic approach to asset protection, periodically meeting with risk advisers and conducting annual policy reviews. We work closely with qualified risk advisers to evaluate coverage gaps, optimize self-insurance strategies and ensure comprehensive coverage.