Family Offices / Purpose and Mandate
Defining the Family Office Mandate
A family office cannot be designed well until the family has decided what it exists to accomplish.
What is the family office actually for, and what does not belong within its mandate?
Many offices begin with immediate needs rather than a founding mandate. Someone coordinates banking, investments, trusts, properties and personal matters. As responsibilities accumulate, the office grows around precedent and personality.
The absence of a mandate rarely causes difficulty while the founder remains available to resolve ambiguity. It becomes consequential when the family expands, executives change or different principals expect the office to serve them in different ways.
A useful mandate identifies the office’s client, purpose, responsibilities, limits and measures of effectiveness. It should be precise enough to guide decisions while allowing the institution to evolve.
Practical principles
What institutional stewardship requires
- 01
Define the client before defining the services.
- 02
Separate enduring responsibilities from personal preferences.
- 03
State what the office will not do as clearly as what it will do.
- 04
Review the mandate when the family or ownership structure changes.
How Adamas helps
Independent judgement, translated into workable arrangements.
We work alongside principals, executives and incumbent advisers, bringing purpose, authority and operating reality into one coherent frame.
- Interview principals, family members and senior executives
- Map current activities against intended purpose
- Draft a clear mandate and service perimeter
- Translate the mandate into priorities, responsibilities and review measures
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