Effective Communication Strategies for Family Offices
Communication is key for any family. That’s especially true for a family in business. In an article for Family Office Pro, Margaret Steen asks six family office experts for advice on successful family communication. Wingspan’s Hillary Sieber delves into best practices for healthy and effective family office communications:
“Communicating effectively in a family office setting is crucial to ensure alignment, transparency, and engagement,” says Hillary. “For internal communications between professional staff members and family employees, we recommend family offices share weekly updates on internal operations, including new investment opportunities, key external meetings, etc.”
But aside from daily communications, there is also a big picture imperative: “To keep the extended family abreast of family office updates, we recommend sending a quarterly report following each portfolio review. It is also best practice to host an in-person annual meeting for the wider family to share key accomplishments and set the business strategy for the year ahead. These efforts help family members who are not working at the firm to stay informed and engaged and ensure the unity of the family and the longevity of the family office.”
For more from Hillary and others, read the full article in FO PRO.
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