Consulting
Pepper International also assists families in the creation of stand-alone single family or multi-family offices. The company has been retained by families to create operations in the Middle East, Europe and the United States.
Pepper International believes that creating a new family office should be approached strategically. The company has developed a three-step process for moving from the idea to the opening of the office.
| Step 1 Strategic Plan |
Step 2 Operational Plan |
Step 3 Family Office |
|---|---|---|
| 3-6 Months | 3-6 Months | 2-3 Months |
| Create Vision | Create detailed plan for operations | Execute plan |
| Select service levels | Select vendors | Open a Family Office |
| Create budget | Hire staff | Set up continuous review process |
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Step One: Create a Strategic Business Plan
First, a strategic business plan must be created that covers all of the major issues faced by the family office- Number of families to be served
- Management, ownership and governance
- Products and services to be offered
- Staffing, location and technology
- Regulatory and compliance issues of the jurisdictions chosen
- Budget and timeline
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Step Two: Create an Operational Business Plan
Once there is a general agreement on the strategic vision for the company, a detailed operational plan and budget must be created. Some of the activities of the operational planning phase are listed below:- Interview potential vendors and evaluate proposals
- Select real estate, technology and furnishings for the office
- Obtain licenses in the jurisdictions where the family office will operate
- Set up compliance procedures and functions
- Create process maps for all important office functions
- Write policy and procedures manuals
- Write job descriptions for major employees
- Interview and hire staff
- Create client literature
- Build website
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Step Three: Open the Family Office
Pepper International will remain involved with the project and help open the family office. Activities at this stage include the following:- Train staff
- Make sure work flows are following process maps
- Answer questions and help with unforeseen issues