5 essential conversations for the family at year end

This holiday season, when family is gathered around the table, turn your small talk into smart discussions to help prepare for and adapt to evolving family office challenges. The five questions below are a guide to help prioritize the family’s goals, with a focus on achieving operational excellence.

1. What are the key tax considerations for our family?

Inflation and rising interest rates coupled with political uncertainty could create risks and opportunities for high net worth individuals and families. Download our 2022 tax planning guide for an update on estate and gift tax planning, income tax planning, charitable giving and more.

2. Is our security strategy built to effectively manage risk across the family enterprise?

In today’s rapidly evolving cyberthreat landscape, many ultrahigh net worth individuals and families are prime targets for carefully crafted cyberattacks. Take this short assessment to help understand your current cyber risk and identify steps to protect your information moving forward.

3. What short- and long-term strategies can we deploy to fill our talent gap?

Family offices, similar to middle market companies, are experiencing current talent challenges as they seek to hire and retain qualified employees capable of supporting and advising the family on how to achieve operational excellence. Read our full report on factors contributing to the current talent troubles and how executives are responding.

4. Do we have a formalized decision-making governance structure in place?

A family governance structure helps build a strong family, with communication at its core. Whether guiding conflict management, fostering family unity or supporting pivotal decisions, good governance embraces diverse perspectives and multiple generations to create stronger outcomes for the family and the business. Understand the key elements of a successful governance structure.

5. What technology investments should we plan for in 2023?

Advanced technology empowers family offices to use their data intelligently to support strategic and real-time decision-making for maximum impact. With its customizable views of your critical data, find out how RSM’s FamilySight provides the transparency and insights to keep family offices ahead of the market curves.