By: Priyanka Hindocha
At the start of a new relationship, we usually suggest that
we prepare what we call a Consolidated wealth report.
So these reports provide an overview of
the entire scope of a family's asset including their
various portfolios their structures
and often items such as art and
property that aren't usually included in the standard investment packs.
They receive from their investment managers.
These reports can be prepared in any way that best suits
a family but they usually include details of ownership structures
asset and currency allocations as well
as key deadlines, for example for tax
payments and upcoming commitments. For example for private
Equity Investments. They can also include items
such as a list of key contacts
and other advisors that support a family
We find that the these reports are really helpful tools for
us in terms of getting to know a family but they're also
really helpful for the families we work with because it's often
the first time that they've seen a snapshot of the entire scope of
their Affairs in one place. So not only
is it from that point easier to make decisions, but it's
easier for us to work together to develop a strategy to achieve
the goals of the family. These reports are really
critical documents in times of Crisis for families, particularly when
a key family decision maker passes away
unexpectedly or loses capacity because
at least the family is safe in the knowledge that the entire
scope of their Affairs are documented in one
place and that they have the support of an outsourced family office in
their time of need.