Botoff Consulting Contributes To Morgan Stanley Report

Managing The Complexities Of Wealth: Best Practices For Single Family Offices

Botoff Consulting, a preferred partner in Morgan Stanley’s Signature Access Lifestyle Advisory program, contributed key advice and insights to Morgan Stanley’s recently published report: Single Family Office Best Practices Report: Top 10 Considerations Across Common Areas of Importance. “[This] report provides answers to help you design and maintain the best possible family office for the family’s needs. This comprehensive guide is an essential resource for family office professionals and the ultra-high net worth clients they serve to help bring the family’s vision to life and maintain an organization that is built to last for generations.”

“[The SFO Best Practices Report] provides a broad survey of best practices across a wide variety of topics, addressing the key questions [Morgan Stanley’s] clients raise most often.” The report covers 25 different topics in six sections – read an overview of those sections in the Forbes coverage here. Of those 25 topics, Botoff Consulting contributed to the section on “Competitive Compensation”, which can be found on pages 16-17 in the report.

“Competitive Compensation” Section Highlight

Trish Botoff, Managing Principal of Botoff Consulting, observes, “The market for family office talent continues to become more competitive. As a result, family offices are increasingly adopting more professional practices versus a discretionary mindset, and evolving their approach to compensation to both attract and retain key talent. Increasingly, family offices are implementing business and industry best practices as well as compensation structures that include more defined annual incentive plans, the use of multiple types of long-term incentive plans, supplemental executive benefits, and employment agreements for senior executives.”.

Compensation “requires careful consideration, planning, benchmarking and review” – to learn more about our expertise and how we can help you – contact us to learn how we can help.

Morgan Stanley Smith Barney LLC ("Morgan Stanley"). "Managing the Complexities of Wealth: Best Practices for Single Family Offices" Morgan Stanley, 29 June 2020. msreserved.com/article/best_practices_for_single_family_offices