True House Partners launches new service for family offices
Covid-19 has upended the global status quo: whole tranches of industry are closed for business and Governments worldwide have allocated more than $15trillion to their budgets to stabilise economies. This will precipitate significant changes to society. The uncertainty is profound, and organisations will need to adapt.
True House Partners has looked at the impact on family offices and how we should develop & evolve our business to support clients in this environment.
Employing a Chief Financial Officer/Finance Director is a vital component of the vast majority of family offices but of course a significant investment. In the current conditions, an interim hire can be an effective but crucially flexible alternative to cover an employee on extended leave, bring in additional resource for a specific project or provide cover whilst hiring permanently.
Permanent recruitment services for family offices remains the core of what we do but we are delighted to announce an additional new interim service specifically tailored to family offices.
Introducing the service:
In partnership with a specialist private client advisory services firm, this CFO/FD Interim service as well as supporting any interim recruitment requirements can support the family office in ensuring their compliance, reporting and disclosure requirements are being met.
In addition, advice is available on a host of issues relevant to the family office life-cycle: the benefit (or not) of a permanent finance resource, navigating the complexities of establishing a family office or assessing if it is functioning at an optimal level. In effect, an independent “health check”.
For example, it is quite common for family offices to use a “structure” as part of their estate planning strategy for a variety of reasons. Some family offices have used the time during Covid-19 to examine their private wealth and question if everything is in order. Structures might have been set up in multiple jurisdictions over many years and may no longer be effective or appropriate.
An independent review, looking at asset holding structures could help in this situation, answering a range of questions:
- Does the current structure deliver the aims of the family’s current succession plan?
- Are all the structure’s entities fulfilling the role they were set up for?
- Is the structure being effectively & efficiently administered?
- Do the benefits of the structure justify the cost?
For a confidential conversation about this interim service, discuss current market conditions, family office compensation or a potential hiring project please call Paul Avon on 0207 846 0025 or email firstname.lastname@example.org
True House Partners is a executive recruitment firm for family offices and the trust & fiduciary services market. Headquartered in London, we work with clients in multiple jurisdictions.