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Leaders in the management, This article discusses how tax in sport and media protection and administration is a complex subject to manage and maintain of family wealth. We have provided family business services to wealthy families for over 40 years. We are experts in this field and have in some cases worked with several generations of the same family, ensuring their financial expectations are achieved as the family wealth is handed down. This vast experience forms the perfect foundation for our family office services, which are managed by our specialist teams who work closely with clients and both their internal and external family advisers.
What is a family office? There is no single definition of a family office. It is a bespoke offering, tailored to each individual family. As the circumstances, needs and expectations of every family are unique, so every family office must also be unique. At Hawksford we liken the role of the family office to that of a conductor, with the family and its advisers comprising each section of the orchestra. The primary duties of the conductor are to agree objectives, select members of the orchestra, set the tempo, oversee each contribution and listen critically to ensure that the final sound of the
ensemble is attuned to the familyâ€™s objectives. The role of the family office is to unify and consolidate the often complex and varied affairs of the family. Some banks and investment houses offer what they call a family office, primarily covering financial services for wealthy families. However, we mean something much wider here - not just limited to investments but encompassing every aspect of a familyâ€™s affairs, from concierge services, private jet and yacht brokerage to trans-jurisdictional, multi-generational wealth management. Our family office is not intended to be an add-on service but one which sits at the very heart of the family and offers a central point of contact, bringing together and overseeing all of the other strands.
What are the benefits? We have found from experience that the benefits of a family office can be significant and varied. As an introduction, they can include:
Centralisation A family office can provide a coherent overview of a familyâ€™s affairs, and can allow for a holistic approach that highlights gaps, inefficiencies and opportunities. It can facilitate an informed, proactive approach to wealth management, which is essential for clients with complex affairs.
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Family Office Confidentiality A key aspect of a family office is its private nature. The family office looks after the affairs of a single family. Depending on the needs of the family, and cost requirements, we can offer anything from a dedicated, hand picked team to setting up a completely independent legal entity, run from a separate office.
Flexibility Being able to cope with change is not only an advantage, but essential. A family office is designed to be able to evolve and flow with the family. It is designed to fit around the existing investments of the family and to be flexible enough to accommodate the inevitable changes and developments. A family office can work with the family business and assist in coordinating all of the investments and interests that make up a family’s wealth.
Asset Protection We often find that a desire for secure and certain estate planning and asset protection is a key factor driving the establishment of a family office. A family office can be used to ensure the preservation of family wealth for future generations. We have found that a family office can be a useful tool for enabling more senior members of the family to work with their trustees and advisers to introduce younger generations to the business and affairs of the family, gradually informing and equipping them to take on a suitable role when the time is right. We recognise that the future of a family’s wealth depends on the family members - and that the level of involvement of each member, and the interaction between them, must be carefully managed.
Tax In our experience, family offices are generally established for reasons of family governance rather than tax planning - and while tax mitigation may well be one of the reasons for setting
up a family office structure, it is not always the primary aim. We do not give tax advice, but we do have many years’ experience of working with international tax advisers to ensure that structures are administered in such a way as not to compromise their tax efficacy.
Who should set up a family office? We find that the family office appeals to families whose wealth and affairs are sufficiently complex that they would benefit from a tailored, private, bespoke service. A family office can be particularly suitable for families whose wealth spans different jurisdictions, encompasses varied interests, and is held within a range of structures.
15 Esplanade, St Helier Jersey, JE1 1RB Channel Islands T +44 (0) 1534 740 000 F +44 (0) 1534 740 074 www.hawksford.com Jersey | British Virgin Islands New Zealand | Singapore Switzerland | United Arab Emirates Hawksford Group (and Hawksford International) are the Registered Business Names of Hawksford Trust Company Jersey Limited which is regulated by the Jersey Financial Services Commission.
Talk to us If you would to find out more about Hawksford and the family office solutions we can provide, please do not hesitate to contact us.
Why choose us? Hawksford Family Office has extensive experience of setting up and running successful family offices for a wide range of clients. In some cases we have been looking after the same family’s wealth for three generations, and we consider stability and continuity to be a key feature of our offering. We have detailed knowledge and practical experience of forming and administering complex structures and can work with a family’s own advisers to agree and create an appropriate family office. We can also use our knowledge and skills to co-ordinate, oversee and, where appropriate, provide and maintain the various entities and interests which hold and make up a family’s wealth.
Julian Hayden Director T: +44 (0) 1534 740140 E: firstname.lastname@example.org
Michael Powell Director T: +44 (0) 1534 740204 E: email@example.com
We see clarity and transparency of fees to be an important feature of a family office and will negotiate with each family to agree a bespoke fee agreement. We are able to use our knowledge and experience to lead from the front, establishing effective structures and solutions that remain in tune with the family’s objectives and ensure that all members (settlors, beneficiaries and advisers) are working together in harmony to protect and enhance the family wealth.
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Christine Stockton Associate Director T: +44 (0) 1534 740169 E: firstname.lastname@example.org
Please note: The information provided in this document is intended to be general information and serves as a brief outline of what Hawksford can provide. It is not to be relied on as legal or professional advice nor as an alternative to taking professional advice relating to specific circumstances. We exclude all liability whatsoever for any loss or damage arising or claimed to arise out of use or reliance on the information contained in this document. The information highlighted may or may not be suitable for an individual’s situation. We therefore strongly suggest that individuals make contact with Hawksford before taking action.