传承宝典: 家族办公室角色的变化（上）
传承宝典｜家族办公室角色的变化（上） 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水平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。 家族办公室没有现成的蓝图，因为每一个家族办公室是为了满足所服务家庭的特定需求而设计。然而，过去二十年来存在一些明显的趋势，任何一个家族在筹建新的家族办公室或者审视现有家族办公室的作用时，都需要对此加以考虑。诚然，目前外部环境的剧变，对现代家族办公室的基本概念及其经济可行性发出了挑战。给家族办公室界定目标并设计一个工作模式，从而能够以经济高效的方式切实实现这些目标，变得前所未有地重要。 传统的家族办公室 尽管从理论上讲，家族办公室应该“按照目的而设立”，但是大多数家族办公室已随着岁月变迁发生了演变，新的功能根据不同事件的发生相继添加了进来。 在过去，许多家族办公室在一开始是以家族企业或者房地产公司的分支机构起步的，其主要作用是行政管理、记账、处理交易、管理信托和其他金融工具。家族往往直接听取律师、会计师、股票经纪人和土地经纪人等专业顾问的建议，而家族办公室则负责执行这些建议。 从管理者到顾问/守门人的演变 在过去二十年间，家族办公室的角色已经逐渐从管理者和执行者，演变为家族与专业顾问之间的顾问和“守门人”。 这种角色的巨大转变有四个主要原因： 1.人们对于专业咨询的需求更加频繁、更加专业化，这反映出社会环境日益复杂且争讼增多。许多家族需要一个"守门人"来识别问题、选择合适的专家、理解和解释专家提供的建议，并将这些建议纳入更广泛的视野。 2.特别是财富管理，这一领域比二十年前要复杂得多，出现了大量新的产品、战略和结构，需要广泛的分析和持续的监测，以确保找到正确的解决方案和合适的顾问。依靠单一的股票经纪人或投资经理的日子已一去不复返。 3.快速变化且不稳定的经济环境带来更多风险，使人们需要对家庭财务进行全方位且高度复杂的风险管理。 4.各个家族本身已变得更加复杂，这主要是因为他们越来越国际化，同时也因为许多家族有多重的商业利益。 当前模式的问题 问题是，对咨询的需求增长如此之快，以至于对于一个典型的家族办公室而言，即使只是做到当一个有作用的守门人，都是一种挑战。 税务合规要求越来越复杂、监管越来越多、外部环境争讼加剧，这些因素的综合影响，甚至让那些规模最大、资源最丰富的家族办公室都在接受能力的考验。许多家族也确实忙于应对最新的税务或监管规定的变化，以至于几乎没有时间考虑大局，特别是家族战略、治理和传承规划。 对家族办公室的角色定义不明确，往往会导致家族办公室和外部顾问之间思维混乱，工作重复，从而使问题更加严重。例如，一些家族办公室已经超越了自己的能力所及，试图复制外部资产管理人的角色，却缺少关键要素或资源来提供完全合格的服务。这么做不仅低效，而且埋头在家族事务某一方面的过多细节当中，可能会让家族办公室偏离其核心责任：实施家族更广泛的财富战略。 要讲清楚人们对一个家族办公室有何期望，听起来简单，但实际上却可能难得多，因为这需要非常精确地阐述家族、家族办公室与外部顾问之间的关系，包括在达成决定和执行层面。这将涉及对以下几个方面的分析：1.家族自身2.家族集体事务的主要方面3.家族在多大程度上希望将其财富管理委托给家族办公室，而不是直接与专业顾问和私人银行建立关系 1.家族历史和境况 每个家族的情况各有不同，因此家族自身的境况、规模和历史都应该明确反映在其所需的服务中，主要包括以下方面：家族史、代际数量和家庭成员数量 家族领导人的能力、目标取向和权威 地理位置和司法管辖权的复杂度 集体拥有的资产/集体事务 资产持有结构的复杂度 家族战略、目标和价值观 家族治理 假设客户甲是一位有两个年幼子女的第一代企业家，客户乙是一个绵延了五代的大家族，其200名家族成员分散在世界各地，家族领导人是对商业不特别感兴趣、也较少参与日常决策的家族长辈，那么为这两者管理家族办公室显然是完全不同的。 同样，强烈影响家族办公室角色的因素也包括家族资产持有结构和资产的复杂度，以及将家族决策与长期战略和目标相结合的治理框架。家族办公室通常是家族治理过程的监护人，而对于持有许多不同信托和公司的大型家族而言，家族办公室则需要相当的技能和经验，以确保关键决策能够反映整个家族的利益。 英文原文 The Changing Role of the Family Office Family offices are struggling to cope with the growing demands for advice and expertise arising from increased regulation, a more litigious society and the risks of an unstable global economy. Andrew Nolan argues the need for tighter definition of its role and responsibilities to enable the family office to adapt to the current environment. There is no blueprint for a family office, as each should be designed to serve the particular needs of the family concerned. There have, however, been some clear trends over the last two decades which need to be considered by any family establishing a new family office or reviewing the role of an existing one. Indeed the extent of the changes now taking place in the external environment is challenging the fundamental concept of a modern family office and its economic viability. Never before has it been more important to define the objectives and to design a working model which can realistically meet those objectives in a cost efficient manner. THE TRADITIONAL FAMILY OFFICE Whilst a family office should in theory be ‘purpose built’, most have evolved over decades, new functions being added on in response to events. Many started as offshoots of a family business or an estate office. The role was primarily administrative, keeping accounts, processing transactions and administering trusts and other vehicles. The family would take advice directly from professional advisors such as lawyers, accountants, stockbrokers and land agents and the family office would be responsible for implementing that advice. EVOLUTION FROM ADMINISTRATOR TO ADVISER / GATEKEEPER Over the last twenty years, the role has gradually evolved from administration and implementation to adviser and ‘gatekeeper’ between the family and their professional advisers. There are four main reasons for this significant change of role: 1.The need for professional advice is more frequent and more specialised, reflecting an increasingly complex and litigious environment. Many families require a ‘gatekeeper’ to identify issues, to select appropriate specialists, to understand and interpret the advice they give, and to integrate that advice into the broader picture. 2.Wealth management, in particular, is vastly more complex than twenty years ago with a plethora of new products, strategies and structures, which require extensive analysis and ongoing monitoring, to ensure the right solutions and the right advisers. The days of relying on a single stockbroker or investment manager are now a distant memory. 3.The increased risks of a fast changing and unstable economic environment have brought a need for highly sophisticated risk management across the full spectrum of family finances. 4.Families themselves have become more complex, primarily because they are increasingly international, but also because many have multiple business interests. THE PROBLEM WITH THE CURRENT MODEL The problem is that the need for advice is growing so rapidly that it is challenging for a typical family office even to meet the requirements of being an effective gatekeeper. The combined impact of ever more complex tax compliance, increasing regulation and a highly litigious environment is testing the capabilities of even the largest and best resourced family offices. Many indeed are so busy responding to the latest tax or regulatory changes that they scarcely have time to consider the bigger picture, especially family strategy, governance and succession planning. The problem is often exacerbated by loose definition of the role of family offices, causing muddled thinking and duplication of effort between the family office and external advisers. Some family offices, for instance, have already overreached themselves in trying to duplicate the role of an external asset manager, without the critical mass or resource to deliver a fully competent service. Not only is this inefficient, but by immersing themselves in excessive detail in one aspect of the family’s affairs, they can be distracted from their core responsibility of implementing the family’s wider wealth strategy. Defining what is expected of a family office can be more difficult than it sounds, as it involves articulating very precisely the relationship between the family, the family office and external advisers, both in reaching decisions and in the implementation. It will involve analysis of:1.The family itself2.Key areas of collective activity3.Extent to which the family wishes to delegate the management of its wealth to a family office, rather than through direct relationships with professional advisers and private banks 1. THE FAMILY HISTORY AND CIRCUMSTANCES Whilst each one is different, the services required will strongly reflect the circumstances, size and history of the family itself:History, number of generations and number of family members Ability, orientation and authority of family leadership Geographic and jurisdictional complexity Assets collectively owned / collective activities Complexity of structures through which assets held Family strategy, objectives and values Family Governance Clearly it is a very different proposition to run the family office for a 1st generation entrepreneur with two young children than for a 5th generation family with 200 members scattered around the world, led by senior family members who are not particularly interested in business and are thus less involved in day to day decisions. Equally, the role of the family office is strongly affected by the complexity or otherwise of the structures through which the assets are held and the governance framework which aligns family decision making with long-term strategy and objectives. The family office is often the guardian of family governance processes and in larger families, with many different trusts and companies, it requires considerable skill and experience to ensure key decisions reflect the interests of the family as whole.本文转载自雷梭勒家族办公室，如有侵权，敬请告知删除。 ...
传承宝典：面向企业主和企业家的全面财富管理（下）
传承宝典｜面向企业主和企业家的全面财富管理（下） 导读 担当家族的“财富管理人”，是家族办公室扮演的一个非常重要的角色。但是，对于那些打拼了几十年并成功建立起自己家族企业的企业家而言，要想使其认同财富管理人的投资理念、风险认知、以及在家族交接过程中的各种决策等绝非易事。这需要财富管理人拥有精湛的沟通能力和广博的知识面，并明确其作为顾问的责任。 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。 尊重客户的观点，也要履行顾问与受托人的职责 未来的财富顾问对于客户的理解不可或缺，而同样重要的是，客户也需要理解，财富顾问的行动是受到一些条件的限制的：1. 上述一些情况以及资产组合，与财富管理人通常所推荐的相去甚远2. 财富顾问必须发表其观点、建议采取某项行动，并确保客户充分理解和接受采取不同行动所涉及的风险，这些是财富顾问的明确职责所在3. 财富顾问可能要对其他方负责，包括家族成员、受托人或受益人等 此类客户所需的财富顾问，应该既能提供最高水平的传统资产管理服务，同时也具备相应的能力、经验、洞察力和灵活性，从而能够建设性地处理现有专业领域的投资项目产品组合。他/她既要有挑战与质疑精神，同时也能够在保持客观和坦诚的情况下折中让步，顾及客户的想法。这样的财富顾问将能识别出家族对于交接过渡期的需求，并在交接过渡期内作为客户的左膀右臂，有效地采取行动。 他/她还要与家族下一代建立关系，并需要准备好，在家族下一代有意愿和能力继承家族直接投资的传统（至少对于家族财富的一部分进行直接投资）时，提供支持与建议，甚至是提出质疑。 财富顾问必须对结果全盘负责，并确保其责任被明确界定，从而能够在有需要的时候，在了解全局的情况下坚定地提出挑战与质疑。有一些财富顾问会认为这种关系很难处理，于是干脆推荐采用正式的“教科书式的”家族治理方式，由家族委员会制定决策。然而，这种方式会削弱企业家创始人的控制权。对于财富顾问而言，更为明智的是去认识到，大多数创始人都很难放权，因此，有时这一过程需要循序渐进。 解决之道在于找到一个折中平衡点，而对于决策制定的责任则需要详细记录在案，并对所有相关方透明，包括受托人和受益人。 结论 金融服务业通过出售为“典型客户”设计的商品化产品，从而实现自身的延展性与成本效益。财富管理人往往会更为灵活，但在大多数情况下，其业务还是采用的相对标准化的模式，以满足所选定的目标市场的需求。其不利面在于，这种模式往往不能简洁高效地达成一些特殊客户的要求，这类客户的事务往往较为复杂，他们的财富打造与积累往往是通过依靠自己的判断和决策实现的。 面向企业家和企业主的财富管理，需要的是这样一种模式：倾听每一位客户的心声，并提供真正的定制化服务，尤其是在处理与下一代的权责交接时，更是要做到如此。这就要求财富管理人具有精湛的技能、广博的知识面，并明确其作为顾问的职责。 财富顾问必须具备广泛的经验，才能够实现全资产基础范围内的增值，才能够做到挑战企业家，甚至在企业家自己的专业领域挑战他们。许多企业家具有精明强悍的个性，质疑他们的判断还需要一些勇气。 这个工作可不适合胆小的人！ Original English Text Total Wealth Management for Business Owners and Entrepreneurs RESPECTING THE CLIENT PERSPECTIVE, WHILE DISCHARGING ADVISORY AND FIDUCIARY RESPONSIBILITIES Just as it is vital for the potential adviser to understand the client, it is equally important for the client to understand the constraints within which the adviser operates:1. The circumstances and portfolio of assets described above are far removed from anything that a typical wealth manager would normally recommend2. The adviser has a clear obligation to express his or her opinion, recommend a course of action, and ensure that the client fully understands and accepts the risks involved in taking a different course3. The adviser may have responsibilities to other parties including family members, trustees or beneficiaries This type of client needs an adviser who can provide conventional asset management of the highest quality, but also has the capability, experience, insight and flexibility to deal constructively with the existing portfolio of specialist investments. The adviser needs to be challenging, but able to compromise and to take account of client views, without undermining his objectivity and frankness. Such an adviser will recognise the need for a transition period, where he is effectively operating as co-pilot, alongside the client. He will also be building his relationship with the next generation and needs to be ready to support, advise and possibly challenge them, should they have both the will and the aptitude to continue the tradition of direct investment, at least for an element of their wealth. The adviser must be accountable for all outcomes and ensure that his responsibilities are clearly defined, so that he puts up a robust and well informed challenge when required. Some advisers will find this type of relationship very difficult to handle, and will immediately recommend formal ‘text book’ family governance with decision making by committees. However this dilutes the control of the founder entrepreneur, and it is often wiser to recognise that most founding entrepreneurs find it very difficult to let go of the reins, so it sometimes has to be a gradual process. The solution will lie in finding a balance, but decision making responsibilities need to be very carefully documented and transparent to all relevant parties, including trustees and beneficiaries. CONCLUSIONS The financial services industry builds scalability and cost efficiency by selling commoditised products, which are designed for ‘typical clients’. Wealth managers tend to be rather more flexible, but in most cases their business model relies on a relatively standardised approach which meets the needs of their chosen target market. The flip side is that such a model often cannot economically address the requirements of exceptional clients, whose affairs are particularly complex and who have built their wealth by backing their own judgment and making their own decisions. Wealth management for entrepreneurs and business owners demands a model that is based on listening to each client and delivering genuinely bespoke services, especially in managing the transition to the next generation. It requires significant skill, broadly based knowledge and well defined responsibilities. The adviser must have the breadth of experience to add value across the entire asset base and to challenge the entrepreneur, even within his or her own areas of expertise. Many entrepreneurs are strong personalities, and questioning their judgement can require courage. It is not a job for the faint hearted! 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
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