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Isle of Man: Why Are Family Office Services Becoming So Popular?

1024 913 Crowe Clark Whitehill


Family Offices are private wealth management advisory services offered to ultra-high net worth investors to centralise focus and control over family finances, legal, tax and administration issues. It is an outsourced solution to manage the financial and investment affairs of wealthy individuals or families. It works to provide the best solution for building, preserving and transferring family wealth onto future generations.

The first known family office was setup for the Rockefeller family of New York in the 19th Century. The family, faced with increased wealth management concerns, began hiring trusted advisors with certain expertise to assist with the management and protection of their family’s interests. Thus the concept of family office was born.

Family Offices are most commonly utilised because assets have grown in size and complexity, demanding full-time professional management. The world’s most wealthy families establish Family Offices to ensure their wealth is suitably preserved for future generations.

One of the main attractions of the use of a family office for wealthy families is having one central source for information and advice on the family’s financial matters. Having a dedicated team of professionals who are completely focused on the client’s goals and financial aspirations in a completely confidential manner who can ensure wealth management and future proofing of complex structures to ensure the wealth is managed effectively for future generations.

One of the most important parts of any family office is to consolidate all relevant financial information into one report and coordinate with various financial institutions to establish an overall investment strategy. This saves valuable time and resources for family members and can focus the mind on the main goals for the family’s wealth and is a pragmatic way to manage overall investment risk.

A family office may also act as a connection between family members and as a trusted advisor for younger generations. Research has shown that many wealthy families are not able to preserve their wealth for longer than three generations. This is often caused by a lack of strategy within the family or a lack of communication between the family members. A family office can build long-term relationships with all family members and involve and educate the younger generation on wealth management matters. As the family office is a third party, it is often easier for family members to discuss financial matters with the family office instead of dealing directly with each other.

It has been said that the most important considerations of any family office are a professional comprehensive service, discretion and extensive wealth management experience and at CCW we can offer all three.

If you are considering a family office for your family or are a trusted advisor who is looking to move a family office which is currently in existence we would be happy to discuss your needs. Crowe Clark Whitehill have looked after families and their needs for over 30 years, our people are highly skilled and qualified client professionals. We have extensive experience in the management of international structures and through our network we have links to professional advisors in almost every jurisdiction around the globe.

Crowe Clark Whitehill’s services are uniquely crafted to give each family exactly what they need. We will take the time to get to know you, your aspirations and concerns. We understand that there is nothing more important than family and that you will be in trusting personal matters to us, we will work with you to gain understanding and build long term relationships.



Say No More Often!

965 832 Clare Evans, Personal and Business Coach


Even in the legal profession – saying “No” more often can be useful when you’re feeling overwhelmed, you’re taking on too much or your clients are just too demanding.

If you want to use your time more effectively or just get through the day with less stress, it’s key to your success.

Initially you might find saying “No” is hard to do, particularly if you usually say “Yes” and people are used to you saying it. You want to look after your clients, you want to help your colleagues but you need to stop reacting and start being more proactive.

You say “Yes” because:

– You feel you ‘should’ or ‘ought’ to say ”Yes”.
– You don’t want to let people down.
– You feel guilty if you don’t say ”Yes”.
– They’re your boss/colleague – you can’t say “No”.

Your time is yours and it’s up to you to decide how you spend it. Don’t be guided by other people’s expectations – even if they’re your clients, your boss or work colleagues. You need to set clear boundaries so people know where they stand.

You don’t have time to do everything so you have to be realistic about what you can achieve. If you say ”Yes” too often, you’ll collapse under the weight of responsibility, time constraints or the shear volume of work.

When you find yourself about to say ”Yes”, ask yourself two questions:

What are you actually saying ”Yes” to?
What are you then saying “No” to?

When you say ”Yes” to completing a case file by the end of the day, you are saying ‘No’ to finishing work on time.

When you say ”Yes” to taking on more work, what is the impact on your existing workload and working hours?

What stops you from saying “No”? What do you get by saying ”Yes”? What’s the pay-off for you to say ”Yes”. Recognition, respect, affirmation, a bigger bonus, career progression? What’s the real cost in terms of stress, longer hours, less time for family and friends?

The more you say “Yes” the more people will ask you to do. Is it part of your job role – can or should someone else do it? Can you negotiate with the person to suit your time-frame and workload.

“I can’t do that today but I could do it tomorrow or next week.”
“I don’t have time to talk to you now but can I call you later today … tomorrow … next week”

Deal with people, emails and phone calls in the same way. You don’t have to say “Yes” to dealing with them right now. Do you actually know what you’re agreeing to? We all know how something that “won’t take up much of your time” can have the opposite effect.

You might not feel comfortable saying “No”, especially if you’re not used to saying it. You could say, “I need time to think about this – I’ll let you know …” instead? This gives you a chance to decide if this is something you can or want to take on or it’s something you want to do. Remember, it’s your time, it’s up to you how you use it.

“No, I’m afraid I’m too busy to do that right now.”

“No, I don’t have my diary with me. Can I get back to you later?”

“No, I’m not interested, thank you!”

“No, I can’t do that but perhaps … might be able to help you with that.”

Try it for the next month. How many times can you say ‘No’ in a day? Make it fun. Don’t say ”Yes” until you’ve at least had a chance to think about what it involves and what it means to you. You can still say “Yes”. I just want you to actually say “No” first not just a knee jerk reactive “Yes”.

You don’t need to make excuses. Far better to be open, upfront and honest with people. They won’t think less of you for saying “No” and you’re less likely to let people down if you say ”’Yes”’ too quickly and then have to say “No” at a later date.

Practice with a friend or colleague so you become comfortable saying “No”.

Get used to being clear, direct and in control.

Try it and let me know what difference it makes.

If you want to find easier ways for you to say ‘no’ in your day-to-day life.