FOWIM703 Family Office Operation and Practice (Y/650/7676) FOWIM703 Assignment Brief Qualification Qualifi Level 7 Diploma in Family Office and Wealth Inheritance Management (610/2921/X) Unit Reference Number Y/650/7676 Unit Code FOWIM703 Unit Title Family Office Operation and Practice RQF Level : 7 Number of Credits 20 Total Qualification Time (TQT) 200 hours Guided Learning Hours (GLH) 100 hours Unit Aim The aim of this unit is to provide students with a comprehensive understanding of the operational and administrative aspects of managing a family office. Introduce students to the operational and administrative aspects of managing a family office, develop students’ understanding of the practical considerations involved in setting up and running a family office.
Learning Outcomes And Assessment Criteria Learning Outcomes When awarded credit for this unit, a learner will:
Assessment Criteria Assessment of this learning outcome will require a learner to demonstrate that they can:
- Understand principles and techniques involved in valuing family businesses and how to prepare and present a comprehensive business valuation. 1.1 Apply valuation methodologies for different stages of the family and principles and techniques involved in valuing family businesses. 1.2 Evaluate the impact of market trends, industry conditions, and economic factors on family business valuation.
1.3 Discuss what is necessary to prepare and present a comprehensive business valuation report to stakeholders.
1.4 Explain legal, ethical, and regulatory frameworks governing family business valuation.
- Understand latest trends and practices and their impact on the family office industry. 2.1 Analyse emerging trends and the potential impact on the family office industry. 2.2 Critically evaluate different sources of knowledge and information on latest trends and practices in the family office industry.
2.3. Analyse challenges and opportunities presented by the “globalisation” of the highnet-worth family.
2.4 Compare benefits and drawbacks of “specialisation” with multiple providers or a “one-stop shop” approach.
3.Understand the importance of family governance and the role it plays in ensuring the success of the family office. 3.1 Critically assess the importance of family governance and different approaches to family governance, including the use of formal and informal family constitutions. 3.2 Discuss the key components of family governance structures, including family councils, boards, and committees.
3.3 Explain the role of performance measurement and reward systems in motivating family members and aligning their interests with family objectives.
3.4 Asses the challenges of dealing with complex family structures and dynamics, including conflicts, power struggles, and competing priorities.
3.5 Explain the legal and regulatory issues associated with family governance and dynamics, and their potential impact on family business operations.
- Understand investment strategies and asset allocation techniques and how family offices implement and monitor their use to achieve investment goals. 4.1 Explore various investment strategies and asset allocation techniques used by family offices to manage wealth. 4.2 Analyse the portfolio management process and how family offices implement and monitor it to achieve investment goals.
4.3 Critically examine the different types of alternative asset, their benefits, and challenges, and how family offices access them.
4.4 Explain tax management and advisory services provided by family offices, including tax planning, compliance, and reporting.
4.5 Assess cash flow management and budgeting techniques used by family offices to help clients manage their cash flow.