What is one of the most important issues family offices face that is often overlooked? It can be summed up in one word: communication. Every family office needs to start with the issue of communication - it needs to be at the center of their organisational structure. All future success sprouts from the ability of your family office to communicate well with your key stakeholders: family members.
Here are a number of reasons that underline the importance of effective communications
Families inevitably get bigger
They get bigger in the number of generations they support and often spread geographically across regions, countries and continents. In addition, most families don’t work in the family office on a daily basis, and it becomes very hard to bring all the disparate parts of the family together to meet physically about issues related to the family office.
Family offices grow along with them
Most family offices are small and operate in a rather informal way. But as more family stakeholders become involved, the need for more formal processes becomes a priority.
Family offices are becoming more complex
Most have to manage different investment structures, trusts, partnerships, investment vehicles - and sometimes they operate out of different jurisdictions. And for each of these areas, there’s a lot of information and communication to manage.
Security is too often assumed
Most people, and frankly many family offices, over-rely on email to communicate. But email has many issues - not least poor security. It’s easier to protect one entry point than to protect 10 to 20 email accounts.
Trusted Family Platform for Family Offices
What Trusted Family has found is that most family offices use outdated technology when it comes to communicating often confidential information with the family community and individual family members. This needs to change. Trusted Family helps to improve the communication processes, enabled by secure technology, relevant content and family expertise.
Most family offices they work with used email as their primary tool for communication. There are a few email security flaws that are often overlooked:
- When you send an email to 10 people with sensitive documents, these documents are copied in 10 different places. People rarely delete emails, so If one of the email accounts gets hacked, the whole family or office can be considered as hacked
- You have no control over them once they are sent. They can be forwarded without you knowing
- They can get lost amongst the hundreds of emails an average person receives in today’s day and age
- When people change address, the history of the communications is often lost
The benefits are that a specialized IT-boutique like Trusted Family combines all the tools family offices need in one easy to use platform and mobile app.
Private Vaults: Each beneficiary of the Family Office can have a private vault, holding confidential data about trust distribution, tax returns and important transactions.
Event Management: this system of the site allows users to schedule meetings. This feature is often used for board meetings, committee meetings, family days and more.
Document sharing and archiving: any type of documents and files can be shared, organized and archived. Granular permissions enable to control who has access to what.
Digital Signatures: allows signature approval of any documents on the site.
Live Family Tree: This allows users to map their family relationships and even print it if they like.
A Full-Service Client Success Team: Trusted Family offers a full-service team as support to all of their clients. Support ranges from technical questions to content- and strategic insights.
Bespoke to the family office: Each site is created to be bespoke to the family using it, which allows for personal optimization.
The Mobile App: the platform reaches family members where they are, across devices with a strong focus on mobile adoption. Users have access to all of the desktop features on a mobile device. So all information and communication functionality can be accessed from the mobile apps.
Peer-to-Peer Learning: through regular events on both sides of the Atlantic, Trusted Family offers a trusted community that includes some of the world’s most successful families.
Trusted Family’s platform is now used by over 4000 family business and family office members and advisors every month in over 25 countries.
For more information and to schedule a 15 min demo, contact Trusted Family at email@example.com