发布时间：2022-08-11
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 routine transactions may have significant ramifications which need to be considered.
Risk management
Finally, risk management for a wealthy family now requires a highly disciplined methodology similar to that for a business. It starts with a full risk audit, analysing and prioritising all the risks faced by the family, across all the assets including direct business interests, as well as the investment portfolios and the risks in the family itself.
3. THE NATURE AND DEPTH OF FAMILY OFFICE INVOLVEMENT
To address the role of the family office from a slightly different perspective, it is worth asking in principle what level of advice and service the family requires:
A. Implementation and administration only - family make key decisions with direct input from advisersB. Family Office selects and coordinates external advisersC. Family Office plays lead, trusted adviser roleD. Family Office sets agenda for family and plays leading role in facilitating decisions
At the extreme, the role of the family office combines that of a service provider, trusted adviser and management consultant, working with a range of professional advisers to identify the right course and build a family consensus, as well as being responsible for implementation and administration.
In practice the level of input may vary as between the different areas of responsibility. For instance a business family may want the family office to have limited involvement with the family business, but a much deeper level of involvement with the investment portfolio.
The nature and depth of involvement may also change over time, particularly as the family leadership passes from one generation to the next. The family office may have a role to play in preparing for that transition and for succession planning more generally.
Some family offices are led by one or more family members, although this obviously depends on having someone willing and able to fulfil that role, who is competent, acceptable to other family members and willing to submit to proper governance processes.
KEY CONCLUSIONS
First, it must be accepted as a fact of life that the world is changing and that wealthy families will probably pay more tax than in the past and incur greater costs in managing their affairs, if they wish to avoid unnecessary risks. Unpalatable though this may be, they have to be realistic and can only set out to manage their wealth as efficiently and effectively as possible.
Second, in order to contain these costs, the objectives and role of the family office must be much more precisely defined than in the past, clearly specifying the division of responsibilities between the family, the family office and external professionals such as investment managers and lawyers. Improved definition reduces unnecessary duplication and time wasting caused by indecision or muddled thinking.
Third, for every significant activity (including high level strategy), the optimal balance must be found between the expertise and servicing capability to be maintained within the family office and the extent of outsourcing to external specialists. This balance will depend on the volumes and complexity of the anticipated work and the impact on quality as well as cost.
Fourth, considerable thought needs to be given to the need for a trusted adviser to the family and whether this advisor resides in the family office. Having such an individual regularly involved at the heart of the family’s decision making may not only improve the quality of key decisions made, but also save considerable costs by swiftly rejecting ideas which are unlikely to be viable, before too much has been invested in their appraisal.
Finally, the model for any family office must be realistic in terms of the ability to recruit, retain and motivate suitable staff, bearing in mind that whilst there are benefits of having advisers directly employed, these must be balanced against the benefits of using external advisers who have regular and ongoing experience of working with other clients in their field of expertise.
本文转载自雷梭勒家族办公室，如有侵权，敬请告知删除。
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