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
firstname.lastname@example.org | 914.341.7073