A Family Office is a comprehensive wealth management and advisory service that is tailored to meet the unique needs of affluent families. It serves as a centralised hub of knowledge, experience and operational capability to support the various aspects of a family's affairs, ranging from long-term planning to day-to-day transactions and administration. The structure and services of a Family Office are individually designed around the specific requirements and preferences of each family, taking into account factors such as family history, size, location, principal assets, and the skills of senior family members. The ultimate goal of a Family Office is to assist families in planning for the transfer of wealth from one generation to the next by agreeing a shared purpose and establishing a lasting legacy.
Stonehage Fleming has significant experience in working with successful families from around the world. We have developed a Next Gen programme specifically designed to challenge and enlighten young individuals. This programme aims to introduce delegates to the world of leadership, family dynamics, communication, risk, finance, business and personal development in an informal and stimulating environment. Through a series of interactive sessions, Stonehage Fleming aim is to introduce the Next Gen to the challenges, opportunities and responsibilities ahead and helping them to understand the roles they can play in creating solutions.
Our programme is led by Matthew Fleming and a team of Stonehage Fleming executives, with contributions from external experts and entrepreneurs. We also offer family workshops to prompt difficult conversations, identify and mitigate risks, and create protocols for decision-making to prepare the family for the future. Our team of experts can review existing structures and provide suggestions around tax and estate planning. Additionally, our investments team can provide counsel on asset allocation, manager selection and risk management to help establish a long-term, diversified investment strategy.
Overall, our aim is to support and empower the Next Generation by providing them with the knowledge, skills and resources they need to navigate the complexities of wealth management and family dynamics.
To successfully transfer wealth and skills to the next generation, several key factors are essential:
Effective Leadership Model: Having the right leadership model in place is crucial. This model should encompass individuals with the skills and capabilities to address every aspect of a family's capital. It is important to agree on the purpose of the wealth, the future strategy of the business (if applicable), including succession planning and identifying future leaders.
Structured Preparation: Structured preparation for leadership is essential. This involves providing effective training that nurtures the natural aptitudes of the next generation and gives them enough autonomy to find their own voice and role within the family structure.
Strong Communication: Strong communication is vital to ensure that all leaders and the wider family are kept abreast of the family objectives and the proposed strategy to achieve them. Open and transparent communication helps to align everyone's expectations and foster a shared purpose and vision for the future.
Education and Development: Providing opportunities for education and development is crucial for the next generation's success. This includes not only formal education but also practical experiences, mentorship and exposure to different aspects of wealth management and family governance.
Continuity Planning: Developing a comprehensive continuity plan is essential to ensure a smooth transition of wealth and skills to the next generation. This plan should address key ownership issues, involve the next generation in decision-making and establish protocols for decision-making and governance.
By focusing on these factors, families can create a solid foundation for the successful transfer of wealth and skills to the next generation, ensuring the long-term sustainability and prosperity of the family.
Protecting your family's legacy wealth requires careful planning and implementation of various strategies.
Establish a Family Governance Structure: Creating a family governance structure, such as a Family Council or Family Constitution, can help establish clear rules and protocols for decision-making, wealth managementw and succession planning. This structure ensures that the family's purpose, values, goals and legacy are preserved and passed down to future generations.
Develop a Comprehensive Estate Plan: Working with experienced professionals, such as our Law team, can help you develop a comprehensive estate plan. This plan should include wills, trusts and other legal instruments to protect your assets, minimise tax liabilities and ensure a smooth transfer of wealth to your chosen beneficiaries.
Diversify Your Investments: Spreading your wealth across different asset classes and geographic regions can help mitigate risks and protect your family's legacy wealth. Our Investments team can provide counsel on asset allocation, manager selection, and risk management to help you establish a long-term, diversified investment strategy.
Implement Risk Management Strategies: Identifying and managing risks is crucial to protect your family's legacy wealth. This includes assessing and mitigating risks related to investments, business ventures, legal and regulatory changes, and other external factors. Our team can assist you in developing risk management strategies tailored to your specific circumstances.
Educate and Prepare the Next Generation: Ensuring that the next generation is educated and prepared to manage and preserve the family's legacy wealth is essential. Our Next Generation programme and family workshops can help provide the necessary knowledge, skills and values to the younger members of your family.
By implementing these strategies and working closely with our team of experts, you can take proactive steps to protect your family's legacy wealth and ensure its preservation for future generations.
Family governance refers to the establishment of a structured framework and set of processes that guide decision-making, communication and the overall management of a family's affairs. It is a way for families to effectively govern their wealth, assets and relationships across generations.
In the context of family governance, the focus is on creating a system that promotes unity, transparency and accountability within the family. It involves defining roles and responsibilities, setting clear rules and protocols and establishing mechanisms for decision-making and conflict resolution.
Family governance helps ensure that the family's purpose, values, goals and legacy are preserved and passed down to future generations. It provides a platform for open and constructive communication, allowing family members to discuss important matters, make informed decisions and align their interests.
By implementing a family governance structure, such as a Family Council or Family Constitution, families can establish a formal framework for addressing issues related to wealth management, succession planning, philanthropy and other family matters. This structure helps foster a sense of shared purpose and collective responsibility among family members. Overall, family governance is about creating a solid foundation for the long-term sustainability and prosperity of the family. It provides a framework for effective decision-making, promotes harmony and unity and ensures the preservation of the family's legacy wealth from one generations to the next.
Stonehage Fleming offers a comprehensive range of family office services designed to support the complex needs of wealthy families. These services are tailored to manage both financial and non-financial aspects of a family's affairs. Here are the key components of their family office services:
Wealth Management:
Investment Management: Tailored investment strategies to meet the specific needs and objectives of each family.
Private Capital: Investing in unquoted companies as part of a globally diversified managed portfolio.
Real Estate: Managing and advising on property investments.
Fiduciary and Administrative Services:
Trust & Fiduciary: Establishing and managing trusts and other fiduciary structures to protect and manage family wealth.
Expert Reporting: Providing detailed and accurate reporting on family assets and investments.
Advisory Services:
Succession and Governance: Assisting families with succession planning and governance to ensure smooth transitions and the preservation of family values and wealth across generations.
Legal and Tax Advisory: Offering legal and tax advice to optimize family wealth and ensure compliance with relevant regulations.
Philanthropy: Advising on and managing philanthropic activities to align with the family's values and objectives.
Lifestyle and Concierge Services:
Administration and Lifestyle Services: Providing administrative support and lifestyle management to simplify the day-to-day lives of family members.
Corporate Services:
Corporate Finance: Advising on corporate finance matters, including mergers, acquisitions, and capital raising.
Corporate Services: Offering a range of corporate services to support family businesses and other enterprises.
Risk Management:
Insurance Services: Providing insurance solutions to protect family assets and manage risks.
Stonehage Fleming's family office services are designed to provide a holistic solution that goes beyond mere investment management. They aim to blend financial and non-financial objectives, offering a seamless service that addresses the broader needs of wealthy families.
Stonehage Fleming's family office services encompass a wide range of offerings designed to manage both the financial and non-financial aspects of a family's affairs. Here are the key services included:
Wealth Management:
Investment Management: Customized investment strategies to meet the specific needs and objectives of each family.
Private Capital: Investing in unquoted companies as part of a globally diversified managed portfolio.
Real Estate: Managing and advising on property investments.
Fiduciary and Administrative Services:
Trust & Fiduciary: Establishing and managing trusts and other fiduciary structures to protect and manage family wealth.
Expert Reporting: Providing detailed and accurate reporting on family assets and investments.
Advisory Services:
Succession and Governance: Assisting families with succession planning and governance to ensure smooth transitions and the preservation of family values and wealth across generations.
Legal and Tax Advisory: Offering legal and tax advice to optimize family wealth and ensure compliance with relevant regulations.
Philanthropy: Advising on and managing philanthropic activities to align with the family's values and objectives.
Lifestyle and Concierge Services:
Administration and Lifestyle Services: Providing administrative support and lifestyle management to simplify the day-to-day lives of family members.
Corporate Services:
Corporate Finance: Advising on corporate finance matters, including mergers, acquisitions, and capital raising.
Corporate Services: Offering a range of corporate services to support family businesses and other enterprises.
Risk Management:
Insurance Services: Providing insurance solutions to protect family assets and manage risks.
These services are designed to provide a holistic solution that goes beyond mere investment management, addressing the broader needs of wealthy families.
Setting up a family office in London involves several key steps, and Stonehage Fleming can provide comprehensive support throughout the process. Here’s a detailed guide on how to set up a family office in London:
Define Objectives and Scope:
Identify Goals: Determine the primary objectives of the family office, such as wealth management, succession planning, or lifestyle management.
Scope of Services: Decide on the range of services the family office will provide, including investment management, fiduciary services, tax advisory, and more.
Legal and Regulatory Framework:
Legal Structure: Choose the appropriate legal structure for the family office, such as a limited company, partnership, or trust.
Regulatory Compliance: Ensure compliance with UK regulations, including registration with the Financial Conduct Authority (FCA) if necessary.
Operational Setup:
Location: Select a suitable location in London for the family office.
Infrastructure: Set up the necessary infrastructure, including office space, IT systems, and communication tools.
Staffing and Expertise:
Recruitment: Hire experienced professionals with expertise in wealth management, legal, tax, and other relevant areas.
Advisory Network: Establish a network of external advisors, such as lawyers, accountants, and investment managers.
Service Implementation:
Investment Management: Develop and implement investment strategies tailored to the family’s objectives.
Fiduciary Services: Set up and manage trusts and other fiduciary structures.
Tax and Legal Advisory: Provide ongoing tax and legal advice to optimize wealth and ensure compliance.
Lifestyle Management: Offer concierge and lifestyle services to support the family’s day-to-day needs.
Governance and Reporting:
Governance Framework: Establish a governance framework to ensure effective decision-making and oversight.
Reporting Systems: Implement robust reporting systems to provide transparency and accountability.
Ongoing Management and Review:
Regular Reviews: Conduct regular reviews of the family office’s performance and make necessary adjustments.
Continuous Improvement: Continuously improve services and adapt to changing family needs and market conditions.
Stonehage Fleming can assist with each of these steps, leveraging their extensive experience and expertise in managing family offices. They offer a holistic approach that blends financial and non-financial objectives, ensuring a seamless and effective family office setup.
For more detailed information and personalized assistance, you can visit the Stonehage Fleming website: Stonehage Fleming Family Office Services.
Meeting family offices in London can be facilitated through several avenues, including networking events, industry conferences, professional associations, and direct outreach. Here are some effective strategies to connect with family offices in London:
Networking Events and Conferences:
Industry Conferences: Attend conferences and seminars focused on wealth management, family offices, and private capital. Events like the Global Family Office Conference and the Family Office Forum are excellent opportunities to meet industry professionals.
Stonehage Fleming Events: Stonehage Fleming hosts various events and showcases, such as the Global Jurisdiction Showcase, where you can meet family office professionals and experts.
Professional Associations and Clubs:
Membership Organizations: Join professional associations such as the Society of Trust and Estate Practitioners (STEP) or the Family Office Council. These organizations often host events and provide networking opportunities.
Private Clubs: Consider joining exclusive private clubs in London that cater to high-net-worth individuals and family office professionals.
Direct Outreach:
LinkedIn: Use LinkedIn to connect with family office professionals. Look for individuals with relevant titles and roles, and send personalised connection requests.
Professional Introductions: Leverage your existing network to get introductions to family office professionals. Ask your financial adviser, lawyer, or accountant for referrals.
Advisory Firms and Service Providers:
Wealth Management Firms: Contact wealth management firms like Stonehage Fleming, which specialise in family office services. They can provide introductions and facilitate meetings with other family offices.
Legal and Tax Advisors: Engage with legal and tax advisory firms that work with family offices. They often have extensive networks and can help you connect with the right people.
Online Platforms and Forums:
Family Office Networks: Join online platforms and forums dedicated to family offices, such as Family Office Exchange (FOX) or Family Office Club. These platforms offer networking opportunities and access to industry events.
Educational Programs:
Executive Education: Enrol in executive education programs focused on family office management. Institutions like the London Business School offer courses that attract family office professionals.
By leveraging these strategies, you can effectively meet and connect with family offices in London.
Setting up a multi-family office (MFO) in London involves several strategic steps, as it requires catering to the needs of multiple families with diverse financial and lifestyle objectives. Here’s a general guide to establishing a multi-family office:
Define the Business Model and Services: Clearly outline the services your MFO will offer, such as investment management, estate planning, tax advisory, philanthropy, and lifestyle management. Determine the scope of services based on the needs of your target families and your expertise.
Legal Structure and Compliance: Choose an appropriate legal structure for your MFO, such as a limited company or partnership. Ensure compliance with UK regulations, including financial services regulations, data protection laws, and anti-money laundering requirements. Legal advice from experts familiar with the family office sector is crucial.
Capital and Funding: Secure the necessary capital to establish and operate the MFO. This may involve investment from founding families, external investors, or financial institutions. Develop a financial plan and budget to ensure sustainability and growth.
Location and Infrastructure: Select a suitable location in London for your MFO, considering proximity to financial institutions, legal and tax advisors, and other service providers. Set up the necessary infrastructure, including office space, technology, and communication systems.
Staffing and Expertise: Recruit a team of professionals with expertise in areas such as investment management, tax advisory, legal services, and family governance. The team should be capable of delivering high-quality, personalized services to multiple families.
Client Acquisition and Relationships: Develop a strategy for acquiring and retaining client families. This may involve leveraging existing networks, attending industry events, and offering competitive and tailored services. Building strong, trust-based relationships with client families is essential.
Governance and Risk Management: Establish a governance structure with clear roles and responsibilities to ensure effective decision-making and accountability. Implement risk management strategies to protect client assets and ensure compliance with regulatory requirements.
Technology and Reporting: Invest in technology solutions that facilitate efficient operations, data management, and client reporting. Providing transparent and comprehensive reporting is crucial for building trust with client families.
Branding and Marketing: Develop a strong brand identity and marketing strategy to differentiate your MFO in the competitive London market. Highlight your unique value proposition, such as specialized expertise, personalized service, or innovative solutions.
Ongoing Management and Review: Once established, the MFO requires ongoing management and regular reviews to ensure it continues to meet the needs of client families. Stay informed about industry trends and regulatory changes to adapt and evolve your services.
Setting up a multi-family office in London is a complex process that requires careful planning, expertise, and a deep understanding of the needs of wealthy families. Stonehage Fleming, with its extensive experience in family office services, can provide valuable insights and support throughout this process.
Stonehage Fleming is a prominent provider of wealth management services for entrepreneurs in London. They offer a comprehensive range of services tailored to the unique needs of entrepreneurs, including:
Investment Management: Stonehage Fleming provides personalized investment strategies that align with the entrepreneur's financial goals and risk tolerance. Their approach is designed to optimize returns while managing risk effectively.
Financial Planning: They offer strategic financial planning services to help entrepreneurs articulate and achieve their long-term financial objectives. This includes cash flow management, retirement planning, and estate planning.
Tax Advisory: Stonehage Fleming provides expert tax advisory services to ensure entrepreneurs are compliant with tax regulations while optimizing their tax position. This includes advice on structuring investments and business operations for tax efficiency.
Succession Planning: They assist entrepreneurs in planning for the future by developing succession strategies that ensure the smooth transition of business and personal wealth to the next generation.
Philanthropy: Stonehage Fleming offers guidance on philanthropic activities, helping entrepreneurs structure their charitable giving to maximize impact and align with their values.
Family Governance: They provide advice on establishing governance structures that facilitate effective decision-making and conflict resolution within entrepreneurial families.
Risk Management: Stonehage Fleming helps entrepreneurs identify and mitigate financial and operational risks, ensuring the protection of their wealth and business interests.
Corporate Finance Advisory: For entrepreneurs looking to grow or exit their businesses, Stonehage Fleming offers corporate finance advisory services, including capital raising, mergers and acquisitions, and business valuation.
Stonehage Fleming's wealth management services are designed to address the complex and evolving needs of entrepreneurs, providing them with the expertise and resources needed to achieve their financial goals.
A family office for wealth management is a private advisory firm that serves ultra-high-net-worth individuals and families, providing a wide range of personalized services to manage their wealth and address their financial and lifestyle needs. Family offices are designed to offer comprehensive solutions that go beyond traditional wealth management, often including
Investment Management: Family offices provide tailored investment strategies that align with the family's financial goals and risk tolerance. This includes portfolio management, asset allocation, and access to exclusive investment opportunities.
Financial Planning: They offer strategic financial planning services to help families articulate and achieve their long-term financial objectives, such as retirement planning, estate planning, and tax optimization.
Tax Advisory: Family offices provide expert tax advisory services to ensure compliance with tax regulations while optimizing the family's tax position. This includes advice on structuring investments and business operations for tax efficiency.
Estate and Succession Planning: They assist families in planning for the future by developing succession strategies that ensure the smooth transition of wealth and business interests to the next generation.
Philanthropy: Family offices offer guidance on philanthropic activities, helping families structure their charitable giving to maximize impact and align with their values.
Family Governance: They provide advice on establishing governance structures that facilitate effective decision-making and conflict resolution within the family.
Lifestyle Management: Family offices often offer lifestyle management services, including concierge services, travel planning, and management of personal assets such as real estate and art collections.
Risk Management: They help families identify and mitigate financial and operational risks, ensuring the protection of their wealth and business interests.
Family offices can be structured as single-family offices, serving one family, or multi-family offices, serving multiple families. They are designed to provide a holistic approach to wealth management, integrating financial, legal, and lifestyle services to meet the unique needs of wealthy families.
Stonehage Fleming is an example of a firm that offers family office services, leveraging their expertise and global network to provide comprehensive support to families across generations.
For more detailed information, you can visit the Stonehage Fleming website: Stonehage Fleming Family Office Services.
