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The world is changing at a frantic pace. New bestsellers appear weekly on management techniques, time management skills, effective leadership, philanthropy, tax planning, investments, law, etc. Many concepts in these books are revolutionary; others just repackage the "idea of the week."The knowledge necessary for a professional just to stay "average" is overwhelming. Access to quality programs in a time efficient manner is no longer a luxury, it is a requirement for an organization to keep its professional edge.

Regardless of the size of your family office staff, annual employee performance reviews are an integral part of keeping talented people. Performance reviews document an employee's job performance, outline strengths and weaknesses, and align the employee's career goals with the family office goals.

Donors' charitable gifts to their family foundations are not always administered by successor trustees in the manner in which originally intended. Donors must carefully articulate a mission for the organization — their private foundation — that will be the repository of a significant portion of their wealth.

Enumerating the tasks family office employees must fulfill is only part of the goal-setting process. The decisions and actions of every employee impact a family office's success in serving its clients, so it is critical for employees to understand the mission of the office and how their roles, targeted goals, and "behavioral competencies" will help the office meet its objectives.

The family office is often called upon to organize and staff family charitable endeavors. Community foundations can be a resource for the family office by providing information, insight, technical know-how, and alternate means of funding and conducting a family's charitable activities.

Family office executive compensation is a topic continually reviewed by the FOX membership. Because the family office industry draws from other financial and legal professions, it is of critical importance to both the executive and the family to gain a wider understanding of the competitive landscape of executive compensation and benefits in order to recruit, retain and reward top talent.

Effectively managing the transition of employees into and out of a family office will contribute significantly to the achievement of business objectives. Transitions are stressful for the employees and family members who are affected by the change, but, with careful planning, positive morale can be maintained and disruptions to work flow kept to a minimum.

Our advice to anyone hesitating to bring about an intergenerational family foundation because the time does not seem right or there are too many family issues to confront is — just get started. There is no better time than now to have the satisfaction of helping others and, at the same time, to give your family the opportunity to grow and to discover the pleasures of working together.

Just as family businesses have boards and family foundations have boards, family investment offices should have boards, too. And the best family boards include several independent, outside directors. Boards provide oversight and accountability. Family organizations benefit from such oversight, and independent, outside directors on boards provide fresh perspectives and objectivity.

Perspectives of six individuals who have moved into new family office positions.