In our opinion, families and executives that manage to articulate a clear purpose and mission, which can feed into decision-making frameworks for the office, have a far greater chance of creating an office that will stand the test of time. Through our experience in helping families and offices achieve these goals, we found it can take upwards of five years to get the vision and mission correct. Based on our experience, it is our opinion you will need to test initial assumptions and theories before you can agree that you have it right. After the vision and mission are understood, it can take another five years to get the office staffed and working effectively. Building this foundation is a marathon and not a sprint, so taking the time to set things up correctly will likely pay dividends down the road. The onus is now on family members and hired executives alike to help steer that process— enabling every family to find its “North Star.”
QUESTIONS TO CONSIDER For families: Can you articulate the purpose of your wealth? Is your vision for the family your own or is it a shared vision, inclusive of multiple members and generations? Have you communicated this purpose and vision with those you have charged to run your family office? For family office executives: How do you know that the office and the family are aligned on what success looks like? How might the family’s needs and wants change over time? As the family does evolve, how will you react to address these changes? Explore other chapters of the e-book at go.fidelity.com/evolvefamilyoffice.
About the Author Jim Coutré is Vice President, Insights & Connections. He is responsible for the oversight of Fidelity Family Office Services’ Insights & Connections program, which provides family offices and wealthy families with thought leadership, referrals to industry experts and consultants and access to a peer networking program. Prior to joining Fidelity, Jim was a vice president at The Philanthropic Initiative where he helped ultra-high net worth families and multi-generational foundations increase the social impact of their giving and he trained professional advisors and family office staff to help their own clients set and achieve their philanthropic goals.
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