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Another panel at the Summit focused on the procedures and practices that work in the unique family office environment.

Investing in Family Office Procedures and Practices: ROI and Other Considerations – Post 3

Another panel at the Summit focused on the procedures and practices that work in the unique family office environment. EisnerAmper’s Joel Zbar moderated a panel that included Onofrio Ciriani of EisnerAmper Wealth Management & Corporate Benefits, LLC and Ken Pollet of Answer Human Assets.

Ken and Onofrio discussed several items that are worth the effort. Here are some highlights:

  • An employee handbook provides and defines a thorough set of rules for the company. The handbook may change and evolve as the office structure changes, but policies and procedures should be created for the family office that outline internal controls. Creating a technical portal to these important documents enables one to have access to what they need, wherever they may be in the world.
  • Life insurance policies created 10-15 years ago should be reviewed for current ‘in force illustration,’ as the illustrations from inception and years past do not reflect current financial times and the current cash value of the policy. Life insurance is an investment and should be managed at least annually as part of best practices and procedures. Collaborate with your various advisors to maximize the potential to cover your insurance needs and avoid overlap.
  • The Department of Labor recently updated the rule defining exemption for executives, administrative and professional employees (EAPs). The rule updated the salary and compensation levels needed for EAP workers to be exempt. The standard/base salary is now $47,476 per annum for full-year workers. The rule also amended the basis test to allow employers to use non-discretionary bonuses and incentive payments to satisfy up to 10% of the new standard salary level.

PRIVATE WEALTH & FAMILY OFFICE SUMMIT BLOG SERIES

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