Citi Private Bank

Browser Requirement

To best view Citi Private Bank's site and for a better overall experience, please update your browser to a newer version using the links below.

Perspectives

Strategic and governance insights for family offices

Bill Woodson

By Bill Woodson

Head of Family Office Group – North America

Edward Marshall, Director of the Global Family Office Group

January 31, 2018

Citi Private Bank today released a white paper to help family offices overcome the distinct challenges of managing substantial wealth by sharing best practices, benchmarks, and insight on organizational design, strategic leadership, and governance.

 

The family office industry has grown tremendously over the past twenty years as the number of ultra-high net worth families and the complexity of their needs has increased dramatically.  The rise in the number of family offices has also led to an increase in the breadth and sophistication of professionals who are interested in working for these institutions, particularly at the senior leadership level.  As a result, family offices are professionalizing at a faster rate than before. 

 

One will often hear the claim that: “If you have seen one family office, you have seen one family office.” While it is true that every family is different, the challenges facing all substantially wealthy families are broadly similar and therefore require similar solutions.  It is also true that the challenges that come with substantial wealth are oftentimes predictable and, as a result, many of the solutions to those challenges can be identified in advance.

 

In this white paper, Bill Woodson, Managing Director and Head of the North America Family Office Group, and Edward Marshall, Director of the Global Family Office Group, have outlined a number of solutions increasingly being used by many established family offices.  Bill and Edward presents and discusses some of the professional practices they are seeing adopted by established family offices to provide senior family office executives and their principals with benchmarks in three key areas:

  • Organizational design and key service areas of family offices as they pertain to the family office management company;
  • Senior leadership positions, with a focus on job responsibilities, skills required, success metrics and experience needed; and
  • Strategic, managerial and governance insights that help navigate the unique dynamics that exist within every wealth family.

We hope this provides senior family office executives a useful blueprint to help them navigate the dynamics that exist within every wealthy family.

The full publication can be accessed here.

 

FINRA's BrokerCheck - Learn more about Citigroup Global Markets Inc.'s background