By Ronan 
Association of Family Office
Association for family office trade is the industry body for consultation between regulatory bodies, industries, and government. These meetings are held to sort the matters, both regulatory and legislative, to favour the family office business development.
To lead the city in a family office hub, these meetings are held over family office conferences. To maintain the industry standards, these provide the best possible solutions and guidance. They hold the collaboration between the team members, professional parties, and the government. They serve as a voice to the family office industry of the city.
Special Committee of Directors
The members of the association carry out the activities of the committee. The activities carried out by these members to support the family office interests are:
- Networking
- Events of knowledge sharing
- Practice papers and solutions
Its members and their feedbacks support the committee. In addition, they help to give the best possible advice to support family office solutions.
Membership
If you want to share your ideas, resources and promote a strong family office environment, you can become a member of the association. These give membership based on the following criteria:
- Licensed and qualified single-family offices (SFO)
- Ultra-high net worth families (UHNW)
- Multi-family Office (MFO)
They are highly selective in providing membership and are devoted to the family’s success, including the members of every generation.
Tasks of Family Office
These committees determine the goals of family office services, the scope of goals, and the execution of services through family office conference. The main goals of these services are:
- Cash management and paying for the budget.
- Accounting and financial reporting, including cash control.
- Trusteeship
- Tax preparation
- Estate planning
- Insurance
- Philanthropy
- Family meetings
- Oversight and investment strategy
Some of these services are foundational and not performed by few offices. The strategies are goal-based and require much experience. The last step – execution, is the most important as planning without execution is useless.
Requirements
The role of the family office needs in-depth knowledge, understanding of the family and their assets; it requires expertise in all affairs that promote high-value decisions. The family office should register on the Securities and Exchange Commission (SEC). These offices help to preserve wealth by making strategies and management. Allocation of assets and planning of estates are required to transfer wealth between generations. They work with several other professionals, including CPAs, to ensure the coordination of advisor work. The service of these associations is personalized and responsive. They find a common family purpose and deal with inter-generation challenges.
To get the membership of the family office, you need to fill the application form of that family office. They help you to get instant access to the services and interviews with the investors. In addition, accredited certification programs in investment can be accessed through it.