My new article with Jeffrey Rosen, CPA, CGMA, MBA : a framework for thinking about a wealthy family from every angle.

My new article with Jeffrey Rosen, CPA, CGMA, MBA : a framework for thinking about a wealthy family from every angle.

A family office has three jobs, in order. Family: harmony, educating the next generation, managing the incentive problem that wealth creates. Financial: returns, preserved capital, cash flows managed across generations rather than around this year’s requests. Social: impact community and philanthropy by managing them with the same discipline as the portfolio.

Run all three like a business - the way the best private investment firms run theirs - and the family part gets easier. The full approach, adapted from my Bloomberg Tax portfolio on family offices, is in “Family Office Framework”.

This is the second article in our Family Office series for Frazier & Deeter - as Jeff and I continue to share what we have learned about family offices over the the years and are using every day with clients.

These ideas also are incorporated in cutting-edge tax planning software for family offices and complex families at Mobena. Continue to follow us and we will be publishing a new family offices article every week (just about).