 Removing a family office
professional from his post is not only an often-unpleasant task, it is also
risky, given the sensitive and personal information a staff member handles on a
daily basis. Experts advise families to follow the lead of large corporations
and be rigorous throughout the relationship in knowing who they are hiring and
in paying close attention to their oversight:
1. Pay for a thorough
background check, including fingerprinting.
2. Require an endorsed
confidentiality policy as a condition of employment.
3. Conduct and
document formal annual reviews, during which objectives and expectations are set and measured.
4. Guard against
entrenchment by encouraging and rewarding professional development.
5. Be objective about doing
what is best for the family first, and for the family office staff second.
 Back to Main Article: The Right Hand
|
