瑞士传承

传承宝典｜有力治理和共同目标令家族基业长青 导语 对于那些为传承数代的家族提供服务的家族办公室，他们往往发现这些家族有一些明显的共同特征：有力的治理和共同的目标。本文通过对一家传承久远的大型家族的访谈，试图带您一起了解家族基业长青的究竟。本文内容由雷梭勒家族办公室根据Stonehage Fleming文章编译整理，版权归原作者所有。 从14世纪初，Frescobaldi家族就开始在托斯卡纳（Tuscany）生产葡萄酒，现在家族已绵延到了第30代。我们采访了Tiziana Frescobaldi，以了解更多情况。 在管理家族企业的同时，保持家族上下一心并预防冲突，这一点具有挑战性。随着家族的发展，我们在家族成员进入企业方面引入了一些规则。对于那些有技能并有资格在公司担任运营职务的人来说，他们可以走管理之路，而对于那些希望在一定时间内获得经验的人来说，则有一条合作之路供他们选择。 我父亲那一代人具有远见，他们让家族以外的顾问参与了进来。我们则继续与外部的家族企业专家合作，包括营销人员、消费者研究人员和律师，以及葡萄种植专家。多年来，听取外部顾问的建议，给正确的未来领导人赋权，对于Frescobaldi家族企业的发展都至关重要。如今，我们的营业额已超过1.25亿欧元。我们各个庄园共计拥有1300公顷的葡萄园和600多名员工。 有力的治理结构对我们业务的顺利运行至关重要。Frescobaldi的业务分为两个角色截然不同的公司。控股公司负责管理公司股份。它的董事会由大多数家族成员组成，任命这些家族成员的目的是为了确保家族内的各个分支在董事会有均衡的地位。 另一方面，运营公司则管理企业的所有农业、生产和商业活动，以确保业务增长和盈利能力。董事会一半由非家族成员组成，董事会成员都是因其能力和经验而被选中。 要实现我们的首要目标——保持家族的团结，家族成员有一个共同的目标是关键。几年前，我父亲给我们的大家族写了一封信，表达了他对未来的愿望。在信中，他敦促下一代向前几代人学习他们能学到的东西，但要有勇气进行创新，并在他们认为合适的地方做出改变。作为一个家族，我们家族中的每一份子都在努力行动，以保持这种持续感和共同目标感。我们其中一个做法就是聚在一起，通过大型家族会议和较小规模的、不太正式的家庭会议进行会面。 自中世纪以来，Frescobaldis家族一直都是艺术赞助者。这是我们创立共同目标的另一种方式。今天，我们通过Artisti per Frescobaldi当代艺术奖支持艺术家。启动这个项目的一个主要原因是让我们与先古历史产生联系。这也是让年轻一代参与进来的好方法，因为艺术家们年龄相仿，语言相通。 英语原文 Longevity through robust governance and strong shared purpose Now in its 30th generation, the Frescobaldi Family have been producing wine in Tuscany since the beginning of the 14th century. We caught up Tiziana Frescobaldi, to find out more. Managing a business while preserving a family’s integrity and preventing conflict is challenging.As the family has grown, we’ve introduced a number of rules around family members admission to the business. There is a managerial path for those who are skilled and qualified to assume operative roles in the company and a collaboration path for those who wish to gain experience for a defined period. My father’s generation had the foresight to involve advisers from outside the family.We continue to work with external family business specialists, including marketers, consumer researchers and lawyers as well as viniculture specialists. Over the years, it has been essential for the growth of the Frescobaldi business to take the advice of external advisers to empower the right future leaders. Today, our turnover is over €125m. We have 1,300 hectares of vineyards across the estates and over 600 employees. Robust governance structures are crucial to the smooth-running of our business.The Frescobaldi business is divided into two companies with distinct roles. The holding company manages the company shares. Its board of directors is formed by a majority of family members, appointed with the aim of ensuring a balanced representation of all family branches. On the other hand, the operating company manages all the business’ agricultural, production and commercial activities in order to ensure growth and profitability. The board of directors – half are non-family members – have all been chosen for their competence and experience. A common purpose is key to achieving our number one goal – to keep the family united. Years ago, my father wrote the wider family a letter expressing his wishes for the future. In it, he urged the next generation to learn what they could from previous generations but to have the courage to innovate and make changes where they saw fit. As a family, we work hard to maintain that sense of continuity and common purpose. One way we do this is to come together and meet both at large family assemblies and smaller, less formal meetings. The Frescobaldis have been patrons of the arts since the Middle Ages.It is another way we create a shared purpose. Today, we support artists through the Artisti per Frescobaldi Contemporary Art prize. One of the main reasons for launching the project was to connect to our ancestral history. It is also a great way to involve the younger generations – the artists are similar ages and speak the same language. 本文转载自雷梭勒家族办公室，如有侵权，敬请告知删除。 Sooswiss为您提供 瑞士方向私人管家式的定制服务： 1）家族传承 2）财富管理 3）瑞士投资 4）居留计划 5）税务优化 6）家族治理 更多资讯请登录网站 www.sooswiss.com

传承宝典｜单一家族办公室与多家族办公室（下） 导语： 高净值家族在被大量的咨询和服务推荐围追堵截。私人银行家、律师、信托公司、投资经理、会计师、保险公司、艺术顾问和安全顾问为获得受家族信任的顾问角色而竞相争夺。即使是对于财富管理世界里最有把握的领航者而言，那些声称 “站在他们一边 ”并提供 “一致利益”的机构如此泛滥，也会让人感到困惑。 许多家族希望通过家族办公室的概念来实现利益调整。但对于家族而言，他们需要什么样的家族办公室呢？ 关键是确定正确和切实可行的做法，以满足家族的需求。这通常包括对内外部责任如何分配进行评估。本文旨在帮助所服务的家族审视这一问题，并将重点讨论单一家族办公室和多家族办公室的比较优势。 本文内容由雷梭勒家族办公室根据Stonehage Fleming文章编译整理，版权归原作者所有。 多家族办公室 另一些家族则倾向于独立的专业服务集团提供的多家族办公室服务。支持这一模式的理由有很多。 人员 较大规模的机构很可能更有能力吸引优秀的人才。它们通常可以提供更有吸引力的职业道路和薪酬待遇，让人才可以在一家成长中的企业中拥有股权，并有可能与多个家族合作。通常，人们认为这样会使工作更有趣，对于不愿意把所有鸡蛋放在一个篮子里的高级管理人员而言，这也可以降低其职业风险。 专业知识 更大规模的机构也能够聘请更多的专家，为客户提供更广泛和更深入的内部专业知识。这有可能会产生利益冲突，需要加以妥善管理。 这样一来，家族办公室内部将产生一种真正的学习文化，不同的专业领域能够相互影响，生成高级智力资本。 对于家族而言，能够兼顾负责多个领域的家族办公室是非常宝贵的。在实际业务中，律师、会计师和银行家需要能够进行简短和定期的沟通。一个专业的多家族办公室能够在公司内部协调这一点。 然而，在现阶段，只有极少的多家族办公室拥有相应的基础设施和专业知识，为利益遍布于多个司法管辖区的国际家族提供全面的服务。 规模经济 以上提及的规模经济现象也可见于其他领域。通过一家机构将不同的家族联合起来，可以实现更大的购买力，从而降低成本并提升标准。 家族办公室也能利用自身对市场、行业和其他影响富裕家族问题的知识，产生规模经济效应。许多家族觉得有必要找到一个论坛，让他们能够与面临类似问题的志同道合者交流观点。多家族办公室可以提供这个平台。 多家族办公室还可以让其所服务的家族在公共辩论中拥有发言权。这意味着政策制定者可以与受影响群体进行更直接的接触来了解决策，而不会遭受隐私泄露，也不必豁出去冒风险。 延续的服务 家族办公室无论是为一个还是多个家族服务，其基本目的之一是确保在发生危机时有一个运转机制，以确保家族能够有效运作。 危机也有可能发生在家族办公室身上。多家族办公室的客户依赖的是一个组织，而不是一个人或一小群人形成的团体。如果家族办公室的内控体系和备用方案已经到位，那么在关键顾问不在的情况下也能为客户提供延续的服务。这种制衡机制可以减轻将过多的责任放在一个人手中所带来的风险。 监管 银行业危机和随后出现的经济状况，使各国政府不得不开始对金融服务部门进行更多的管控。加强监管似乎是不可避免的。单一家族办公室不一定被监管，但可能被监管。照此看来，越来越多的家族可能会落入监管网。 对监管问题的有效管理需要大量的资源和强有力的公司纪律。多家族办公室在这两方面都不具有垄断性。尽管如此，我们可以合理地假设，一个拥有既定合规文化的大型专业机构将更善于应对不断变化的监管环境。 存续时间 关于家族办公室一般的寿命有多久，很难找到确切的数据。如果是这么一个多家族办公室，它有可靠记录显示，自身既挺过了经济动荡期，又经历了客户家族的多个世代相续，那么这样的家族办公室会是一个有吸引力的选择。 选择 如果一个家族的需求发生变化或找到了更好的替代方案，则其可以相对轻松地退出多家族办公室。而将一个家族从单一家族办公室中脱离是非常困难的。 多家族办公室还有其他客户和声誉问题需要考虑。在实践中，多家族办公室可能会以一种尽可能让双方都满意的方式结束客户关系。 技术 一个复杂的家族生活的许多方面可以通过采用正确的技术来改善。在会计、综合财富报告、财务功能、投资管理和研究等领域，技术解决方案都非常丰富。较大规模的组织自身拥有足够的资源和专业知识，来选择、建立和维护最先进的一体化体系。它们也能够维护经验丰富的团队，来管理信息技术免不了带来的一些问题。它们不需要让外部机构参与支持或作为服务供应商，例如，提供服务器空间。这样就提升了安全性。 成本 研究表明，一家单一家族办公室的维护成本约为总财富的65%。多家族办公室则不太可能收取这么高的费用。多家族办公室拥有规模经济，这意味着它会在成本方面占有优势。这对于那些在净资产方面属于中低档次，且可能需要家族办公室服务的家族而言尤其重要。这些家族可能认为，多家族办公室可以在合理的预算内提供恰到好处的服务。 正确的平衡 以上讨论的各个问题的重要程度如何，因不同的家族而异。在确定采用何种方法时，家族财富的规模是一个特别重要的因素。 对于任何一个复杂的国际家族而言，在没有一个重要的内部职能组织的情况下，他们都无法运作。问题是，应该在多大程度上保留或下放责任。换句话说，家族不应该觉得他们面临两种模式的选择。挑战在于如何在两种模式之间建立恰当的关系。 与家族关系最密切的人在这个问题上会有强烈的个人偏好和个人利益，但这一事实并不会使这种平衡工作变得简单。 在这一领域始终有一点不变，那就是真正独立的优秀建议仍然非常珍贵。 English Original Text Single and Multi Family Offices THE MULTI FAMILY OFFICE Other families prefer to use a multi-disciplinary Family Office provided through an independent professional services group. Different arguments are available to advance in favour of this model. People Larger organisations may well be more able to attract talented personnel. They can often offer more compelling career paths and remuneration packages as they can include equity ownership in a growing business and the possibility to work with a number of families. This is often seen to make the work more interesting and to mitigate the career risk of an executive who is reluctant to put all his or her eggs in one basket. Expertise A larger organisation is also able to employ more specialists, producing greater breadth and depth of expertise available in-house to clients. This can produce conflict of interest which need to be properly managed. This should then generate a genuine culture of learning, in which different disciplines are able to interact and produce very advanced intellectual capital. Inter-disciplinary oversight is invaluable to families. Lawyers, accountants and bankers in reality need to be able to communicate briefly and regularly. A professional Multi Family Office is able to coordinate this in-house. However at this stage there are very few Multi Family Offices with the infrastructure and expertise to deliver a full service to international families with interests spread across several jurisdictions. Economies of Scale The economies of scale touched upon above extend to other areas. The grouping of families within one organisation can result in enhanced buying power that reduces costs and improves standards. This can also stretch to the opportunities to leverage off the group’s knowledge of markets, industries and other issues affecting wealthy families. Many families feel a need to find a forum in which they can exchange ideas with like-minded people who are facing similar issues. The Multi Family Office can provide this platform. The Multi Family Office can also give the families it serves a voice in public debate. This means that policymakers’ decisions can be informed by more direct contact with groups of those affected, without any loss of privacy or the need for ‘to put heads above the parapet’. Continuity One of the fundamental purposes of a Family Office, whether it serves one or many families, is to make sure that in the event of crisis there is an operational structure in place to ensure the family can function effectively. Crises happen in Family Offices too. Clients of Multi Family Offices depend on an organisation and not an individual or small group of individuals. Internal control systems and alternates are in place to provide continuity to the client in the event that key advisers are not available. Checks and balances mitigate the risks associated with putting too much responsibility in one person’s hands. Regulation The banking crisis and the subsequent economic conditions have left governments looking for more control of the financial services sector. Heightened regulation seems inevitable. Single Family Offices are not necessarily regulated but may be. It appears likely that an increasing number will fall into the regulatory net. The effective management of regulatory issues requires considerable resources and a strong corporate discipline. Multi Family Offices do not have a monopoly over either. Nonetheless, it might be reasonable to assume that a larger professional organisation with an established compliance culture would be more adept at dealing with the changing regulatory environment. Longevity Hard data on the typical duration of a Family Office is tough to find. A Multi Family Office with a track record of surviving both economic turbulence and transition through generations of clients is an attractive option. Choice A family can reverse out of a Multi Family Office with relative ease if their needs change or a better alternative is found. It is extremely hard to disentangle a family from a Single Family Office. Multi Family Offices have other clients and a reputation to consider. In practice they are likely to end client relationships in a way that is as mutually satisfactory as possible. Technology Many aspects of a complex family’s life can be improved by the use of the right technology. Accounting, aggregated wealth reporting, treasury functions, investment management and research are all areas in which technological solutions abound. Larger organisations have the resources and expertise to select, set up and maintain systems that are cutting edge and integrated. They are also able to maintain fully vetted teams to manage the inevitable glitches that all IT produces. They do not need to involve outside agencies either in a support function or as service providers, for example to supply server space. This improves security. Cost Research suggests that the maintenance of a Single Family Office can cost in the region of 65bps of total wealth. It is unlikely that a Multi Family Office would charge fees anywhere near this amount. The economies of scale available to Multi Family Offices mean that in respect of costs the balance tips heavily towards them. This is especially relevant for those families who, in terms of net worth, fall towards the mid to lower range of those likely to require Family Office services. These families may feel that a Multi Family Office can deliver the ...

传承宝典｜单一家族办公室与多家族办公室（上） 导语 高净值家族在被大量的咨询和服务推荐围追堵截。私人银行家、律师、信托公司、投资经理、会计师、保险公司、艺术顾问和安全顾问为获得受家族信任的顾问角色而竞相争夺。即使是对于财富管理世界里最有把握的领航者而言，那些声称“站在他们一边”并提供“一致利益”的机构如此泛滥，也会让人感到困惑。 许多家族希望通过家族办公室的概念来实现利益调整。但对于家族而言，他们需要什么样的家族办公室呢？ 关键是确定正确和切实可行的做法，以满足家族的需求。这通常包括对内外部责任如何分配进行评估。本文旨在帮助所服务的家族审视这一问题，并将重点讨论单一家族办公室和多家族办公室的比较优势。 本文内容由雷梭勒家族办公室根据Stonehage Fleming文章编译整理，版权归原作者所有。 有一些家族的主要需求是投资管理，而另一些家族则需要多样化的专业和行政服务，以满足国际家族复杂的规划需求，他们通过复杂的信托结构拥有广泛的商业利益、财产和休闲资产。 家族应该从头开始建立自己的业务，还是利用他人搭建的专业知识和基础设施？ 虽然个人偏好发挥着作用，但这种选择最好根据家族的特殊需求和情况决定。 我们可以认为，家族的需求越简单，使用多家族办公室的理由就越充分。事实上，许多自称是家族办公室的机构，本质上是专注于富裕家庭需求的资产管理公司。相反，家族的需求越复杂，就越难找到合适的外部支持。 关键是确定正确和切实可行的做法，以满足家族的需求。这通常包括对内外部责任如何分配进行评估。本文旨在帮助所服务的家族审视这一问题，并将重点讨论单一家族办公室和多家族办公室的比较优势。 家族办公室的功能 “家族办公室”这面旗帜往往被各种机构拿来悬挂。在这里，我们将家族办公室定义为一个帮助家族确定并实现其战略目标的多领域平台。 一个真正的家族办公室在确定采用何种“家族方式”处理广泛事务方面发挥着关键作用，除其他因素外，这些事务尤其包含以下方面： 家族治理 信托 法务和税务规划 汇总报告 家族企业 房产投资与管理 银行业与现金管理 慈善 投资组合 最后一项显然是非常重要的。然而需要注意的是，它不是唯一的项目，“家族办公室”一词不应该被视为“家族投资办公室”的同义词。 单一家族办公室 每个家族在战略和技术上都有不同的要求。关于哪种方法正确，没有硬性规定。然而，单一家族办公室的模式通常有几个明显的优势。 私密性 有明确的证据表明，许多家族选择设立单一家族办公室，是为了提高他们可能享有的私密度。 将更多的工作交由一支小型的、精心挑选的团队承担，有关家族的信息会较少被传播。理论上，相关信息可以得到严格的管理，对数据的访问也会受到监控。 从表面上看，这些都是合理的观点。然而，单一家族办公室的运营团队规模较小，这可能会在隐私方面造成问题。这种情况下，更需要使用IT供应商等外部机构。对外部支持团队进行适当的审查可能很困难，而在需要外部支持的情况下，也不可能限制其访问权限。 另外，将大量的信息和责任集中在少数几个人身上，当关系变糟时也会产生问题。较大的组织能够建立监督机制和“信息防火墙”，以确保信息在需要了解的基础上进行管理，而不论信息访问者的资历。 小型单一家族办公室在物理和电子安全性方面也更难得到保证。 控制权 如果家族拥有自己的单一家族办公室，则不必担心它将被出售或与其他组织合并。该家族是其家族办公室命运的唯一主人。 所有权和控制权有时会出现新的问题。需要对每个相关司法管辖区的监管和税务问题，以及每个司法管辖区的居民持有控制权的后果审慎考虑。 专一 单一家族办公室是一种专一资源，专门为一个家族服务。相关人员不会收到其他客户的竞争性要求。这种情况下，家族办公室团队对该家族事务的理解应该是最为独到的。 然而存在一个重大的不足。通常情况下，单一家族办公室团队会被认为与家族内的某个成员或子集团有关联。他们可能是“爸爸的人”。在有压力的情况下，这种关联会给人一种党派的感觉。这反过来又意味着单一家族办公室团队无法处理棘手的传承问题或其他纠纷。专业机构能够部署不同的人员，更好地发现并管理这些冲突，因为他们具备且能够提供其固有的独立性。 定制 单一家族办公室可以灵活设计，以贴切满足所服务的家族的需求。合适的专业资源可以从外部获取。除了为客户家庭服务外，该组织没有任何商业压力。 然而，需求会发生变化，与规模更大、资源更丰富的机构相比，规模较小的机构可能无法满足这些需求。 利益协调一致 理论上，家族可以相信，他们自己的单一家庭办公室工作人员的动机仅仅是为家族提供最好的服务。毕竟，他们不是在销售任何产品。 然而应该非常小心，以确保雇员与雇主的目标没有分歧。即使在单一家族办公室中，负责投资工作的员工也会感到，他们就跟在更大范围的市场中的同行一样，为了追业绩而被迫承担不适当的风险，尤其是当他们依靠这么做来获得薪酬时。 这一问题延伸到了其他多个领域。单一家族办公室团队可能会本能地在专业知识甚至个人利益方面向自己的舒适区漂移，尤其是当他们被鼓励将外部联系和费用水平保持在最低时。例如，他们可能不愿意就某一具体问题与律师接触，而宁愿完全回避这一问题，或在没有得到建议的情况下继续。一家多领域的多家族办公室则有能力保持其自身具备一系列专业知识，在日常工作中提供快速且具有成本效益的建议。 英文原文 Single and Multi Family Offices I A CASE OF COMPETITION OR CONCORD? Wealthy families are bombarded with offers of advice and service. Private bankers, lawyers, trustees, investment managers, accountants, insurers, art consultants and security advisers scrabble over one another for the role of trusted adviser to the family. To even the most assured navigator of the wealth management world, the profusion of organisations purporting to ‘be on their side’ and offering an ‘alignment of interests’ can be bewildering. Many families look to the idea of a Family Office for this alignment of interest. But what sort of Family Office is required? For some families the principal need is the management of investments. Others require a diverse range of professional and administrative services to meet the complex planning needs of international families, with extensive business interests, property and leisure assets, owned through complex fiduciary structures. Should families build their own operations from scratch or use the expertise and infrastructure developed by others? Whilst personal preferences play their part, this choice is best determined by the particular needs and circumstances of the family.It can be reasonably argued that the simpler the needs of the family, the stronger the case for using a Multi Family Office. Indeed, many organisations describing themselves as Family Offices are essentially asset managers focused on the needs of wealthy families. By contrast, the more complex the needs of the family, the more difficult it is for families to find the right external support. The central task is to identify the right practical arrangements to meet a family’s needs. This will often include an assessment of the degree to which responsibilities are allocated internally and externally. This paper seeks to assist families in this deliberation and will focus on the comparative merits of the Single Family Office and the Multi Family Office. FUNCTIONS OF A FAMILY OFFICE ‘Family Office’ is a flag flown by a wide range of organisations. It is taken here to describe a multi-disciplinary platform that enables families to identify and achieve their strategic goals. A true Family Office will play a key role in determining the ‘family approach’ to a wide range of affairs, including inter alia: Family governance Fiduciaries Legal and tax planning Aggregated reporting Family business Property investment and management Banking and cash management Philanthropy Portfolio investments The last item is obviously extremely important. Critically however, it is not the only item and the term ‘Family Office’ should not be taken as synonymous with ‘Family Investment Office’. THE SINGLE FAMILY OFFICE The strategic and technical requirements of each family are different. There are no rigid rules as to the right approach. However, several perceived advantages are often associated with the Single Family Office model. Privacy There is clear evidence that many of those choosing to set up a Single Family Office do so in order to increase the level of privacy that they might enjoy. More work is undertaken by a small, hand-picked group and less information about the family is circulated. Theoretically, data can be tightly managed and access to it monitored. On the face of it, these are fair points. However, the fact that Single Family Offices have smaller operational teams can cause problems in respect of privacy. There is a greater need for the use of external agencies such as IT providers. It can be tough to properly vet the support teams and impossible in the event of need for external support to restrict access. The concentration of a great deal of information and responsibility with a few people can also be problematic if the relationship sours. Larger organisations are able to put in place oversight mechanisms and ‘Chinese walls’ to ensure that information is managed on a need to know basis, regardless of seniority. The physical and electronic security of smaller Single Family Offices can also be harder to protect. Control A family with its own Single Family Office need not fear that it will be sold or merged with another organisation. The family is sole master of its destiny. Ownership and control can occasionally present new issues. Great care needs to be applied to the regulatory and tax issues that pertain in each relevant jurisdiction and the consequences of control being held by residents of each jurisdiction. Dedication A Single Family Office is a dedicated resource, devoted to one family. The personnel involved have no competing demands from other clients. The team should have an understanding of the family’s affairs that is second to none. There is an important drawback here. Often the Single Family Office team can be seen as essentially tied to one member or sub-group of a family. They can be ‘Dad’s people’. This association can, in pressured circumstances, generate a perception of partisanship. This in turn can mean that the Single Family Office team is not in a position, for example, to navigate through tricky succession issues or other disputes. Professional organisations are able to deploy different personnel and better manage these perceived conflicts as they bring an inherent independence to the table. Bespoke The Single Family Office can be designed perfectly to meet the needs of the family in question....

传承宝典｜家族办公室角色的变化（下） 导读 伴随监管的加强、社会整体争讼的增加以及全球经济失稳的风险，家族办公室也在努力应对两大挑战：客户的咨询更多，同时对家族办公室的专业知识也提出了越来越高的要求。Stonehage Fleming合伙人兼家族办公室负责人安德鲁·诺兰（Andrew Nolan）认为，需要对家族办公室的角色和责任进行更严格的定义，使其能够适应当前的环境。 本文内容由雷梭勒家族办公室根据Stonehage Fleming文章编译整理，版权归原作者所有。 2.家族集体事务的主要方面 家族办公室需要优先处理的事项也体现在家族集体事务的主要方面，这通常包括以下部分或全部内容：- 投资管理、银行业务和财务- 家族企业的关系管理- 私募股权和直接商业利益- 房产- 慈善事业- 行政管理（基本型/专家型）和汇报 在以上每一领域，都需要对家族办公室的具体角色加以定义。例如：投资管理 对于资产配置和经理人选择的问题，如何在外部投资经理、家族办公室和家族内部的关键决策者之间分配责任？家族办公室的角色是经理人的管理者以及投资服务的提供商，还是站在家族的立场，通过外部市场购买此类服务？ 这两者之间的区别或许很微妙，但如果没有确切的定义，家族办公室完全有可能仅仅成为影子投资经理人，并耗费由此包含的所有资源和成本。家族企业的关系管理 家族办公室需要在多大程度上对家族企业与家族股东之间的关系进行监督管理（通常通过信托和其他金融工具），以确保所有股东的利益得到恰当的体现，特别是在做出会影响股东投资风险状况的重大决定时？ 在很多情况下，家族领导人直接参与企业经营，因此家族办公室需要掌握一定的知识和技能，以确保能够代表家族其他成员对领导人的决定进行有效的检视。家族办公室也可能会密切参与家族企业的传承规划，这通常是通过在家族宪章中制订正式框架。私募股权和其他商业利益 家族办公室是应该充当对业绩负责的小型私募股权公司，还是只需执行家族长辈成员的想法和决定，以投机的方式投资于私人企业？如果是后者，其他家族成员的利益如何得到保护？ 同样，这两者之间存在根本的区别。前者需要一支经验丰富的私募股权专业团队，而后者则需要有充分的企业财务经验的人进行研究和落实，但最终不对决策负责。无论采用哪种方式，家族办公室都需要进行适当的治理，以保护广大家族成员的利益。房产 房产是用于居住、休闲、投资，还是三者都有？家族办公室是代表家族找房和议价购买，还是仅需执行家族的指示并提供持续的行政服务？家族办公室是否也负责考虑税务和传承方面的影响，以及房产还可以通过哪些结构持有？慈善事业 家族是否留有遗产用于慈善事业？对于家族外部和内部而言，慈善事业的目标是什么？家族成员在其中扮演什么角色？需要家族办公室提供什么支持？ 不同家族的慈善捐赠安排大相径庭，不过慈善事业在越来越多地与传承规划挂钩，家族会留下一笔社会资本和货币财富遗产，让家族成员在其中发挥关键作用。行政管理和服务 家族办公室的行政管理工作对技术专长（信托、税务、法律、银行等领域）提出了相当高的要求，同时，家族办公室也必须对所服务的家族有实际深入的了解，包括家族史、家族成员的个性、偏好和目标，以便处理日常交易，而无需不断请示家族领导人的意见。 家族提出的要求到底有多复杂？在执行过程中需要进行决策和判断的交易频率有多高？例如，家族是否经常购买房产、艺术品或休闲资产？银行业务和财务安排有多复杂？法务、结构和税务问题 以上所有领域都涉及法务、结构和税务问题，其中一些问题可能相对常规，家族办公室依靠自身团队就能解决，而另一些问题则可能需要外部专家的支持。在一些复杂的情况下，即使是相当常规的交易也可能产生重大影响，需要加以考虑。风险管理 最后，对于高净值家族的风险管理如今需要采用一套类似于企业用到的极为规范的方法，其中第一步就是对家族进行全面的风险审查，对家族全部资产所面临的所有风险（包括直接的商业利益，以及投资组合和家族本身存在的风险）进行分析和优先级排序。 3.家族办公室参与的性质和深度 为了从一个稍微不同的角度来诠释家族办公室的角色，原则上需要询问家族需要哪种程度的咨询建议和服务：A. 家族办公室仅执行和提供行政管理服务，家族直接听取顾问的意见后作出关键决定B. 家族办公室负责挑选并协调外部顾问C. 家族办公室发挥主导作用，担当家族可信赖的顾问D. 家族办公室为家族制定议程，并在促进决策方面发挥主导作用 在极端情况下，家族办公室需要身兼服务提供者、可信赖的顾问和管理咨询师的数个角色，与一系列专业顾问合作，确定正确的方向，在家族成员间建立共识，并负责落实和行政管理服务。 在实践中，家族办公室在不同的责任领域可能会有不同程度的参与。例如，一个商业家族可能希望家族办公室不过多参与家族企业事务，而是更深入地参与投资组合业务。 随着时间的推移，家族办公室参与家族事务的性质和深度也可能发生变化，特别是当家族领导层发生代际转移时。家族办公室在为家族准备领导层交接和更广泛的传承规划方面可以发挥作用。 有一些家族办公室由一名或多名家族成员领导，而这显然取决于是否有人愿意并能够履行这一职责，他（她）是否有能力，是否被其他家族成员所接受，是否愿意遵循适当的治理程序。主要结论 首先，我们必须接受这样一个事实：世界在变，如果高净值家族希望避免不必要的风险，那么他们很可能会比过去交付更多的税款，并在管理家族事务方面支出更高的成本。尽管这种情况令人不快，但他们必须面对现实，着手以尽可能有效的方式管理他们的财富。 其次，为控制这些成本，必须对家族办公室的目标和角色进行更准确的界定，明确规定家族、家族办公室和外部专业人士（例如投资经理和律师）之间的责任分工。更加明确的定义可以减少因犹豫不决或思维混乱而造成的不必要的重复工作和时间浪费。 第三，对于每一项重要的活动（包括制订高层战略），要在多大程度上发挥家族办公室自身专业水平和服务能力，以及外包给外部专家，必须在两者之间找到最佳平衡点。最佳平衡点的位置将取决于预期的工作量和工作复杂程度，以及对工作质量和成本的影响。 第四，需要充分考虑是否需要一名受家族信任的顾问，以及这位顾问是否常驻在家族办公室。让这样一个人定期参与家族的核心决策，不仅可以提高关键决策的质量，还可以让家族在尚未投入过多资金时，迅速放弃那些不太可行的想法，从而节省大量成本。 最后，任何家族办公室在招聘、保留和激励合适的员工方面必须采取务实的模式。切记，虽然直接聘用顾问能带来一些好处，但这必须与使用外部顾问的好处进行权衡，因为外部顾问在其专业领域定期与其他客户合作，具备长久的经验。 英文原文 The Changing Role of the Family Office II 2. MAIN AREAS OF COLLECTIVE ACTIVITY The priorities of the family office will also reflect the main collective activities of the family which will generally include some or all of the following:·Investment management, banking and treasury·Relationship with family business·Private equity and direct business interests·Property·Philanthropy·Administration (Basic / Expert) and Reporting In each area, the precise role of the family office needs to be defined, for example: Investment management How is responsibility for asset allocation and manager selection apportioned between external investment managers, the family office and the key decision makers within the family? Is the role of the family office to be a manager of managers and supplier of investment services or to stand in the shoes of the family in purchasing such services from the external market? The difference may be subtle, but if not precisely defined, there is every chance the family office will become a shadow investment manager, with all the resource and cost which that implies. Relationship with Family Business To what extent is the family office involved in overseeing the relationship between the family business and family shareholders (often through trusts and other vehicles), ensuring that the interests of all shareholders are properly represented, especially when major decisions are made which impact on the risk profile of their investment? In many cases the family leadership is directly involved in the business, so knowledge and skill may be required in ensuring their decisions are subjected to proper scrutiny on behalf of other family members. The family office may also be closely involved in succession planning for the business, often through a formal framework defined in the family constitution. Private Equity and other business interests Is the family office a mini private equity house accountable for performance or does it simply implement the ideas and decisions of senior family members to invest in private businesses on an opportunistic basis? If the latter how are the interests of other family members protected? Again, the difference is quite fundamental, one requiring a team of highly experienced private equity professionals, and the latter requiring someone with sufficient corporate finance experience to research and implement, but not ultimately responsible for decisions. Either way, suitable governance will be required to protect the interests of the wider family. Property Is the property for residential, leisure or investment purposes or a combination of all three? Does the family office find and negotiate the purchases on the family’s behalf, or does it simply implement the instructions of the family and provide ongoing administration services? Is it also responsible for considering the tax and succession implications and the alternative structures through which the properties should be held? Philanthropy Is there a philanthropic legacy and what are its objectives, both externally and within the family? What role do the family members play in this and what support is required from the family office? Arrangements for philanthropic giving vary considerably from one family to another, but philanthropy is increasingly combined with succession planning in leaving a legacy of social capital as well as monetary wealth, in which family members play a key role. Administration and services The administration requirements of a family office can require considerable technical expertise (trusts, tax, legal, banking etc) and a deep working knowledge of the family is also essential, including the history, personalities, preferences and objectives, so that the family office is able to process routine transactions without continuous reference to the family leaders. Just how complex are the family’s requirements and what is the frequency of transactions requiring decisions and judgments in the implementation? Are they, for instance, frequently buying properties, works of art or leisure assets? How complex are the banking and treasury arrangements? Legal, structuring and tax issues All of the above are overlaid with legal, structuring and taxation issues, some of which may be relatively routine and within the competence of the family office team, whilst others may require specialist external advice. For complex situations even quite...