The Family Office Sherpa Understanding and Selecting External Advisers
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Jul 1, 2024 Explore the vital role of external advisers in family offices, distinguishing between family executives and service providers. Learn about the diverse services advisers offer, from wealth management to tax advice. Delve into the complexities of selecting the right external advisers, focusing on vendor selection and the importance of continuous evaluation. Stay updated on the latest trends in wealth management to align strategies with family goals.
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Define Your Needs
- Clearly define the challenge you're trying to solve before seeking external advisors.
- Determine if their expertise aligns with your specific needs, such as stock selection or portfolio construction.
Horses for Courses
- Choose advisors whose expertise aligns with your needs, like lending from private banks and local knowledge from wealth managers.
- Ensure the advisor's approach matches your family's investment policy and the next generation's goals.
Alignment and IP Transfer
- Ensure advisors' incentives align with your family's goals, prioritizing advocacy over transactions.
- Maximize "IP transfer" by extracting valuable research, ideas, and networking from advisors.