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From one family office to another, the ‘top spot’ or Family Office Leader will go by different titles that include Head of Family Office, Managing Director, and Chief Executive Officer. And while the position will never be the same with professionals adjusting to the Family Office it serves, there are ideal competencies, qualities, and even qualifications that you can look for in your search for the ideal Family Officer Leader.

In the world of Family Offices, anything is possible and the professionals hired to do the unthinkable have to be problem solvers, agile, and absolutely committed to the cause. Most importantly, they have to be the right Cultural Fit, which most Family Office professionals believe is more important than qualifications in the hiring process.

As companies and service organizations increasingly use third-party service for outsourced services, there is more demand for a detailed understanding of the processes and controls of these third-party service providers. To show they have the right processes and internal controls in place, it’s crucial to provide a System and Organization Controls (SOC) report.

Many successful family-owned businesses are managing embedded family offices within their existing operations to maximize the benefits and opportunities gained from the unique structure. But in time, the needs of both the business and the family shift for various reasons that include the family growing and earlier generations transitioning out of the business. If you aim to run a best-in-class, well-functioning family office while also operating a family-owned business, consider these best practices and related emerging trends.

Cybersecurity is a known and growing risk that all family offices need to address. The potential of a cybersecurity attack is no longer a matter of whether it will happen, it’s now a matter of when it will happen.