Five Steps to Organize a Good Family Office Board Meeting
In this article, we describe how to structure good family office board meetings – from the initial design of objectives to a follow-up after the meeting.
Step 1: Define the Meeting Purpose and Objectives
Begin by clearly defining the purpose of the meeting. Is it a regular review of investments, a discussion on governance policies, or a deep dive into
specific challenges? Establish clear objectives to ensure the meeting stays focused and productive.
For example, if the meeting focuses on succession planning, outline topics like mentoring programs, leadership transitions, and role assignments for family members.
Step 2: Create a Detailed Agenda
A well-structured agenda is critical for a successful meeting. Include key topics, allocate time for each item, and prioritize discussions that require immediate attention.
Share the agenda with participants ahead of time so they can prepare.
Example agenda items might include financial performance reviews, strategic decisions, updates from external advisors, and open discussions for family input.
Step 3: Involve the Right Participants
Ensure the meeting includes all necessary stakeholders. This typically involves family members, board members, and external advisors such as financial, legal, or
tax experts. Tailor the participant list to the meeting’s objectives to avoid overcrowding while ensuring relevant perspectives are represented.
For instance, a meeting to discuss investment strategies might require the presence of the family office’s portfolio manager alongside the family’s financial advisor.
Step 4: Prepare and Distribute Pre-Meeting Materials
Provide participants with pre-meeting materials, including financial reports, performance summaries, and other relevant documents. This ensures everyone
arrives prepared and reduces the need for lengthy presentations during the meeting.
For example, a quarterly investment review might include portfolio performance summaries, market analysis, and proposed investment opportunities.
Step 5: Facilitate and Follow Up Effectively
Designate a skilled facilitator during the meeting to ensure discussions stay on track and time is managed effectively. Encourage open dialogue while maintaining
professionalism and respect. After the meeting, circulate detailed minutes, highlight key decisions, and outline the next steps.
For example, after approving a new family governance policy, follow up with an implementation plan and assign responsibilities to ensure progress.
Picture Source: Getty Images