Because staff members report directly to HNWI in an SFO or on the basis of a bespoke service agreement in an MFO, their roles and responsibilities can be as flexible and varied as the HNWI requires. One of the reasons for creating such guarantees at the beginning of employment is that the end of employment can be much more emotional, especially if the Family Office terminates the worker. If the Family Office has not laid the groundwork to ensure that the information remains confidential, it may be difficult to prevent the outgoing employee from adopting a “scorched earth” approach to the family`s confidential information. Nevertheless, there are steps you can take to minimize the risk. While there is no silver bullet for the secrecy of private family information, these measures can minimize the risk of unwanted information being made public. At Northwood, personal data is protected by appropriate security measures for sensitivity to unauthorized access, disclosure, reproduction, use or modification. Security measures include physical protection (for example. B closed cabinets and restricted access to offices), organizational measures (e.g. B safety distances) and technological measures (e.g., words. B pass and encryption).
Family offices, whether single or multi, have basic similarities such as: when a new employee arrives on board, it offers an excellent opportunity to set the tone and expectations on keeping a family`s confidential information secret. Here are some steps you can take at the beginning of the job to avoid problems months or years later. As we go through a system transfer, any of the above points could lay bare the financial soul of the Family Office. During this journey, we must understand the seriousness of this subject. We were not just given a commitment to a successful end. We have been tasked with a project in which financial details are part of the transition process. With a wide range of services for private clients and Family Offices, we offer solutions to meet your specific needs or the specific needs of your customers. To learn more about our retail and wealth management services, click here or contact Richard via his profile below. While the Family Office should always be responsible for respecting the confidentiality of private information, there is twice the most important: at the beginning of the job and at the end of the employment. HNWIs mandate staff directly into the Family Office.
This means that the Family Office recruits and cares for highly qualified staff that are highly suited to the needs of its family of clients.