Family Offices are entrusted with financial assets, along with the family’s safety, privacy, and reputation. A robust internal control structure is critical to security.
Why Do You Need an Operational Assessment?
The services provided by the Family Office naturally evolve, and internal controls also develop over time with personnel changes, technology innovations, and the relative size of the Family Office. As these changes occur, operations must be regularly evaluated, and policies and procedures updated as needed.
Conducting Assessments of Current Business Operations
Cendrowski Corporate Advisors is frequently engaged by Family Offices to conduct assessments of current office operations. These assessments provide an objective view of the current policies and procedures and result in recommendations that improve the efficiency and effectiveness of the operation in both the short and long-term.
What to Expect from Your Family Office Operational Assessment With CCA Advisors
Improving Your Internal Communications
Maximizing Availability of Information
The Operational Review will identify improvement opportunities to accelerate the availability of information - information vital to family members - through process efficiencies without sacrificing adequate process control. In one instance, we helped a large family office reduce the accounting close process from 40 days to under 5 days.
Enabling Rapid and Reliable Communication
The electronic age has ushered in new expectations for the timeliness of communication, as well as how communication occurs. Many clients now expect information delivered through a portal or dashboard, and available on a mobile device.
We do not sell software, nor do we represent any software companies, but we are aware of software solutions available on the market which may be helpful in improving delivery of information.
Family Office Diagnostics
As we begin your operational assessment, we perform a diagnostic to understand the features and structures of the family and the family office. This helps refine our detailed process analysis:
- Wealth transfer planning
- Integrated financial services and reporting
- Family lifestyle services
- Information management
- Tax strategy and compliance
- Philanthropy
- Family continuity/education
- Liability management
A Brief Overview of Our Review Process
- A comprehensive analysis of operational policies, procedures, internal controls, and efficiencies
- Assessment of both the design of controls (formal policies and procedures) and the actual performance of those procedures (how people actually do the work)
- A gap analysis is performed to determine where controls could be improved, or where risk is presented to the family office
- Improvement recommendations are provided which, if implemented, would improve family office operations
- The review is performed as a collaborative effort with the family office team
- We begin by developing an understanding of family office culture and structure, including high level discussions, and analysis written policies, procedures, and process documentation
- We then conduct structured interviews with selected members of the family office team to discuss process performance
- Both the design of the process and the actual performance of the process are documented
- A summary dashboard shows where process changes and/or additional training would be helpful in improving process efficiencies and effectiveness
Family Office Expertise That Works For You
Our specialists understand the nuts and bolts of financial processes and the control points that must be met to help ensure positive outcomes. We can rapidly assess the state of controls and make recommendations to improve the performance of your Family Office. Strong internal control structures give family members confidence that operations are efficient and management has the best information to make crucial decisions.
Contact CCA Advisors Today
For more than 35 years, Cendrowski Corporate Advisors (CCA) has provided innovative tax and business consulting services to high net worth individuals, families, and their business interests. Each engagement reflects our commitment to integrity, quality, objectivity, and confidentiality. We believe in nurturing long-term relationships. Many of our clients have been with the firm for well over a decade.
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