The Importance of viewing the Big Picture
15 February 2012
Having reliable consolidated reporting methods and processes within the family office has never been more important. It is essential that the family can view, understand and monitor their entire financial position collectively and information is captured from all sources in one place. The right consolidated reporting platform serves as a basis for regular trustee and family strategy meetings and can be used alongside qualitative issues and ‘softer’ family matters. Costs and liquidity can be managed effectively and timely decisions can be made about the family’s asset allocation when the right arrangements are in place.
Certain family members may perform a prominent role in one area of the business or have a particular interest in one asset class. Perhaps younger family members are starting in business and need to understand the financial implications of doing so and require a system of monitoring their business interests. In any case, the financial reports can be tailored and broken down to serve individual needs and can contribute to the education and development of financial literacy with less experienced family members.
A family office or multi -family office naturally expects client needs to vary and such reporting systems can be tailored to each family’s needs accordingly.
With many years experience of family office management coupled with significant investment in our technology and systems we at Boston are ideally placed to service your family office needs. If you would like to discuss how we can help you please contact CEO Greg Ellison on gellison@boston.co.im
Ruth Robinson
Director
Boston Family Office
The views expressed here do not constitute advice in any way and should not be relied upon. Boston will only provide specific advice under a formal legal engagement.