Administrative Services and Reporting

For many families, a key part of a family office is the administrative back-office solution that makes your family life worry-free.

This includes paying the bills and helping find vendors for special family services. Homrich Berg Famiy Office has provided all of the following services for families using in-house staff, but can also advise families on using outside resources as well:

  • Bill payment and review of expenses for authorization
  • Bank statement reconciliation
  • Cash flow management - wires, withdrawals, loans, etc.
  • Management of family and property budgets
  • Employee management and benefits
  • Record keeping and retention
  • Legal referrals and management of legal firms
  • Public relations referrals and management of public relations firms
  • Technology systems referrals and management of these vendors
  • Compliance and controls management

Consolidated reporting is one of the key benefits of working with Homrich Berg Family Office. The family can see its entire financial picture in one place on a regular basis, a convenience that also often leads to great discussions about strategic issues that might not otherwise occur to the family members if they were not reviewing the big picture consistently.

Standard consolidated reports combine information from all advisors and sources, including liquid and illiquid investments, performance and indices for comparison, cash flow and net worth, and tax forecasts. Custom reports can be developed to fit the needs of specific family issues, such as a cash flow budget report for an important rental property or a budget for a young family member. Information is typically provided on a monthly basis with deeper dives quarterly or semi-annually, again depending on family needs.