Family Office Services
 

Dominion Private Clients Family Office Services has been established to become the Central Point of Reference for select clients’ Financial Affairs. Our vision is to be the pre-eminent supplier of comprehensive, integrated financial management services to our selected Family Office Service Clients.

Objectives

Our Objectives are to provide our Family Office Clients:

• Centralised Management of clients’ financial and non-financial service needs.
• For areas we are not the experts, identify, introduce and manage “Best of Breed” service providers.
• Ensure all risks are identified and have a management strategy in place.
• Benchmark performance of financial assets
• Devise and manage financial operating structures.
• Effectively use technology to maximise the Family Office outcomes.
• Provide Families a choice of service levels.

Choice of Service Levels

The following is a comprehensive breakdown of the Family Office Service Delivery Model. There are six service offerings available and each service offering is distinct allowing clients to implement as many or as few of the offerings as they wish.

Strategic Consulting Services

• Devising the optimal financial operating structure which meets short, medium and long term financial and non-financial objectives.
• Creating a Family Taxation Management strategy that ensures any required tax is paid on time and that tax risks are identified, communicated and minimised.
• Wealth creation and access strategies are determined, agreed and managed.
• Introduction of appropriate Asset Allocation and Investment Advisors to implement wealth accumulation strategies.
• Establishing a financial structure that supports a tax effective transition of Family wealth to future generations

Tax and Accounting Compliance Services

• Preparation of Annual Accounting and Taxation requirements for all Family Entities.
• Attendance to the Annual Australian Securities and Investment Commission obligations of Family Entities.
• Attendance to the Annual Taxation, Accounting and Audit obligations of the Family Self Managed Superannuation Fund.
• Attendance to the administration of ongoing tax payment obligations of the Family Group, including Quarterly Activity Statements.
• Preparation of detailed taxation payment projections for all Family entities and individuals.
• Attendance to the administration of State Revenue Office obligations for all the Family Entities.

Day to Day Accounting Support Services

• Delivery of day to day accounting and administration support to ensure Family Group bills are paid on time and investment receipts are deposited.
• Bank Accounts are reconciled.
• Source information is filed and maintained to meet Australian Taxation Office information retention policies.
• Collate and transfer source information into Financial Management Software to facilitate the preparation of quarterly and annual Taxation and Accounting obligations.
• Ensure that the right expenses are being met by the right entities, therefore minimising any unintended taxation outcomes

Defensive Asset Management and Protection Services

• Assist the Family to devise an Asset Succession Strategy.
• This Strategy must merge the sensitive non-financial issues of control and access to wealth by the next generation, protecting this generation “from themselves” and delivering these outcomes in a tax effective way.
• The Asset Succession Strategy is then documented by way of Wills and Powers of Attorney.
• Ensure current and future physical assets of the Family Group are appropriately insured in case of loss or damage. If required, we also ensure appropriate life, disability and trauma insurance cover is in place for Family Members.

Benchmarking and Performance Services

• This module of the Family Service Offering ensures that all of the information that is gathered from the other modules is communicated and reported to the Family.
• Investment performance is monitored and reported against pre-determined Family Benchmarks.
• Family Drawings are monitored against Budgets.
• A rolling Family Action Plan / Agenda of Issues is developed, implemented and monitored.
• Regular Family “Board” Meetings are chaired together with a “Board Pack” being prepared and distributed prior to the Family Meetings.

Communication Tools and Technology

Family Office Portal – Intranet Dashboard

• The secret to the effective and efficient delivery of our Family Office Services is via the use of a tailored Portal via the World Wide Web.
• This Family Portal enables key financial and non-financial data that relates to the family to be shared between Family Members and us.
• We are able to post key documents and reports so that they can be viewed by Family Members.

Portfolio Management – Praemium

• Key Benefits
  • Improved access to portfolio information
  • Improved information regarding tax outcomes
  • Management of CGT risk
  • Facilitates global analysis of portfolios
  • Enables unlisted assets to be tracked better

Banking Tools – BankLink

• Use is made of “read only” access to internet banking platforms to ensure cash balances are being monitored.
• Additional Banking Packages such as BankLink are used to easily transfer Banking Data into our Accounting Software