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2015 Private Wealth Industry Outlook: The ongoing institutionalization of the single family office

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The private wealth landscape continues to change at a rapid pace. Organizations that grew out of the family business are evolving into very sophisticated wealth and investment managers. Check out the five key areas that family offices will likely have to prioritize in 2015.

Read the full report here:http://www2.deloitte.com/us/en/pages/financial-services/articles/2015-private-wealth-outlook.html

Publié dans : Économie & finance
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2015 Private Wealth Industry Outlook: The ongoing institutionalization of the single family office

  1. 1. + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + ++ + + + + ++ ++ + + + + + + + + + + + + + + + + + + ++ + ++ Organizational Structure • Family offices will operate more like professional services firms and compete for top talent in the industry • Industry subject matter specialists will help create the most successful and efficient operating models • Evaluation of outsourcing and succession planning, leadership, guidance, susceptibility to fraudulent activity, and new opportunities for growth will be key 2015 Private Wealth Outlook The ongoing institutionalization of the single family office As used in this document, “Deloitte” means Deloitte LLP and its subsidiaries. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting. Copyright © 2015 Deloitte Development LLC. All rights reserved. Member of Deloitte Touche Tohmatsu Limited The private wealth landscape continues to change at a rapid pace. Organizations that grew out of the family business are evolving into very sophisticated wealth and investment managers. Check out the five key areas that family offices will likely have to prioritize in 2015. Governance • Private wealth managers will adopt a more institutional structure • Renewed focus on the organization’s processes, policies, and procedures that make up the governance structure • A leading practice for family offices will be to define or refine their mission statement • Governance structure will provide clarity of strategy and goals, manage complex family relationships, and clearly define roles, responsibilities, and accountability Controls • Controls and technology work in partnership and will be essential to create new opportunities for the organization to thrive in a competitive industry • The organization must create a culture of transparency to avoid potentially costly mistakes in risk engagement • Education on best practices for staffing and fraud detection, and performing periodic assessments of vulnerability will be critical activities Technology • Technology will provide both opportunities and challenges • There will be greater adoption of cloud applications by family offices, especially in the areas of client and tax reporting • Outsourcing of key business processes and technology applications is on the rise Risk Management • Preparation is paramount to manage reputational, cyber, and fraud risk • Organizational risk will need to be constantly monitored, managed, and reevaluated • A master risk framework will be needed to provide structure around risk management for the organization; however the family, the Board, and the employees must all be responsible and accountable

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