Service is key

The way the Family Office service is delivered varies from organisation to organisation. MPH Family Office Limited is involved with delivering bespoke family office services. Very often the services not only involves the management and administration of significant wealth, but also require the management of generational issues. Continuing wealth preservation through the generations needs to centre on family dynamics and not just on investment processes alone.

The key to a successful family office is undivided loyalty. For this reason, MPH offers the additional service of headhunting a suitable employee who, when accepted by the family, will then be taken as a MPH employee. MPH will attend to all personnel issues and at the same time ensure that the employee’s work is subject to the stringent procedures and precedents that safeguard the family’s interest. By having the dedicated family office support manager employed by MPH, the family gains continuity of administration even if the employee is ill or on vacation.

In establishing the family office, the prime issue to address is quality staff, who must be able to cope with the complexities of the role. This requires mature and experienced staff. For this reason MPH centres its operations in the Isle of Man where there is a pool of qualified staff, who have extensive experience of international structures and family office operations.

The final issue of importance for a family is that they need to have an arrangement that avoids any conflict of interest. Particularly conflicts of interest can arise between the ownership structure, of the assets and the various specialist investment managers and advisers. For this purpose MPH are now recommending families to set up a private trust company that is managed for the family by an independent trust company.