Family office services

At RSM, the key financial services such as accounting, bookkeeping, structuring, tax planning and estate planning are core to our business. Based on the individual needs of your family business we can offer the following services focussed in this area:

• Select and implement accounting and investment  reporting software Prepare budgets, cash flow projections and personal financial plans
• Provide cash management analysis
• Perform valuations of business and personal assets
• Provide employee structuring and reporting
• Perform internal controls assessments
• Prepare financial statement audits, reviews and compilations
• Provide accounting services for investment partnerships
• Prepare complex partnership allocations and reporting
• Provide active income tax planning for federal, state and local tax
• Prepare tax returns for individuals, entities, charitable and private foundations
• Consult on tax strategies for significant investment and business transactions
• Coordinate entity structuring for both income tax and wealth transfer results
• Provide financial accounting outsourcing (Strategic Outsourcing) services
• Provide investment analysis and feasibility reviews
• Assist with acquisitions, disposals and due diligence
• Provide estate and succession planning services

We provide all those services to our family office clients but in other areas we can partner up with external specialists, particularly in the legal and wealth advisory spaces.

DOWNLOAD PDF >>

When it comes to managing family offices in recent years there has been a rise in service providers offering concierge services. These could range from secretarial and travel management to managing a property portfolio, security, education and even walking a dog.

These services are distinct from the actual family business although they may veer in to areas such as succession planning and helping to foster family harmony. For example, areas associated with concierge services might also include support for new family business and other projects; family counselling and relationship management; management of high-value physical assets outside property (yachts, art, aircrafts); entrepreneurial projects; education planning; next generation mentoring and broader entrepreneurship.
It may include organising family board meetings as well as family get togethers because one of the key factors to a family office’s success is the family dynamic - the respect and sense of tradition built into the family and that comes from spending time together as a family, not a business. Family harmony and health is an important piece of ensuring the successful operation of a family office and the seemingly simple notion of concierge services can go a long way to making a positive contribution if executed and managed
successfully.

RSM can deliver and manage concierge services to family offices as they have always been part of our core offering to individuals and small to medium businesses. Ultimately, what we do is work with our clients to uncover their needs and adapt their family office offering to directly suit their specific needs and purpose.

Download PDF >>

In the Global Family Office Report put together annually by UBS and Campden Wealth, one of the more recent findings has been the increasing importance family offices put on governance.

According to the report, as the family office space matures, governance structures are often put in place or are made more sophisticated as staff adopt more institutionalised practices.

Often, when family offices are initially established, they offer only limited investment-related services. Over time, the offices expand their offerings to include other services that are useful to families, such as succession or mission planning.
These elements often become more robust as families increasingly concern themselves with long-term multi-generational planning and legacy building.

For RSM, these types of governance issues are part of the suite of services we have traditionally provided and we have found many of our long-standing family business clients are asking for them as our relationship evolves.

Moreover, our flexibility with our clients ensures it is a relatively seamless offering between the business advisory and the family office advisory.

Download PDF >>

With the growth of family offices, many families have also moved into philanthropy in recent years to cement a positive family legacy of giving to the less fortunate and improved social justice and health outcomes.

At RSM, we recognise philanthropic giving depends on where the family office is in its journey and we can direct clients on how to direct and operate philanthropic giving within their family office. We can assist with the following:

• Identify the best charitable structure to meet the family’s long-term charitable goals
• Establish the governing body for the private foundation
• Conduct tax planning and compliance
• Facilitate board meetings
• Provide accounting and financial reporting

RSM can provide philanthropic advisory that is suitable and relevant to the unique circumstances, views and requirements of each family office we work with. It forms part of our modular approach to the family office service offering, enabling clients to utilise the advisory service if and when it is required, at the most appropriate time in their family office journey.

Download PDF >>

The world is in the midst of a generational transfer as the Baby Boomers hand over the reins to Generation X and Y. It can be a difficult and sensitive time for families, often due to competing forces within the family business.

At RSM, we’ve seen families tear themselves apart over identifying the right people to take over the family business. It requires a whole lot of planning and may take a number of years to execute successfully. It’s a huge issue and needs to be treated sensitively and with open lines of communication within families.

A trusted adviser can get into the middle of all those conversations and ensure the family is communicating from early in the succession planning process. RSM can get involved at all levels of the process and ensure families address the future in a timely manner and help resolve points of acrimony early to ensure a smooth transition process.

Download PDF >>

In an unsettled global environment, family offices are primarily looking towards preservation of wealth. Yet wealth preservation doesn’t mean a completely defensive investment strategy.

We understand wealth advisory services won’t be needed by every client but it’s an offering that reflects our approach to remain agile and to cater for every client’s specific needs and requirements.

Like all of RSM’s family office service offerings, wealth advisory can be retro-fitted for individual clients.
Download PDF >>

Family offices are spending more on general advisory services especially in the legal area as they confront generational change and plan for the future.

At RSM we work with a large network of specialist legal advisers to assist in delivering the required legal structure, framework and agreements to the family office. Our core service offering is often complimented and underpinned by the integration of sound legal advice, structuring and planning.

Download PDF >>