Setting Up a Family Office

6 Steps to a Sustainable Solution

By Gemma Leddy, CPA

Establishing a family office is a logical next step for many individuals and families who have accumulated significant assets. When implemented effectively, family offices can provide much-needed stability and peace of mind for families whose wealth management efforts have become convoluted or unwieldy.

A family office should be a proactive step for families who recognize a growing need for better oversight and protection of their wealth. Common tipping points that indicate a family office may be the right next step include:

  • excessive complications during tax preparation
  • redundant or disparate input from experts and advisors
  • lack of relevant and reliable information needed to make informed decisions
  • failing checks and balances
  • privacy issues between business and personal affairs
  • ineffective management of records
  • issues with meeting the needs of younger generations

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    Gemma Leddy, CPA
    PKF O’Connor Davies Family Office | 914.341.7073