Family Office Creation

  • Family Office Creation

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 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
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
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