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Do I need a Family
Office?
The answer usually becomes clear during our initial meeting. Once we have discussed matters
with a prospective client, gathered some information and a have a proper understanding of what a client would require from
us, both the client and we should know what course of action would be appropriate. We believe that our three step approach
to establishing a service for a new client assists by clarifying requirements as we proceed.
First
meeting
Our first meeting is the first of our three steps. At this meeting with you we will begin
to gather all the relevant facts about your financial arrangements, family and business circumstances. We will find out what
is important to you, what you might need from us and thr order of priority for any potential actions and who would
be responsible for those actions. At this point, and if you wish to proceed, we will with your authority contact any other
professional firms or financial institutions with which you have dealings to obtain information to complete the picture.
Initial report
Armed with the hard facts
and with a clear understanding of what is important to you, we then conduct a full analysis of your current financial arrangements
and relevance to future requirements. Any areas needing attention will be highlighted, as will any alterations necessary to
existing arrangements. At this second step we will then put forward our generic advice, supported by a written report. We
will discuss our findings with you and agree on actions to be taken and an appropriate timescale.
Implementation of recommendations
The third step is meeting to agree on initial actions to be taken, after which we can move on to provide specific
recommendations based upon the generic advice we have given. Our specific recommendations will be detailed in a second written
report. In implementing our recommendations we will deal with any necessary paperwork, liaise with specialists as required
and generally ensure that everything is put in place for you.
Ongoing
Family Office service
Putting matters in order is the beginning. Now we put in place an
agreed ongoing service to suit the individual client. Clients all differ of course but this service would typically include
an agreed reporting interval on any investment arrangements, dealing with periodical events such as pension contributions
or maturing holdings, tax information to be passed to an accountant each year and so on. This is underpinned by regular meetings
to discuss your affairs and to keep matters properly updated.
CANE COHEN - THE FAMILY OFFICE
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