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Advising Family Office Clients on Recurring Legal, Tax and Business Issues

Navigating Investment Adviser Act, Employment, Executive Compensation, Tax and ERISA Issues

Note: CPE credit is not offered on this program

Recording of a 90-minute premium CLE webinar with Q&A

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Conducted on Thursday, February 20, 2020

Recorded event now available

or call 1-800-926-7926

This CLE course will discuss legal issues attendant with advising family offices established typically by high net worth individuals and families. The program will discuss the Investment Adviser Act as well as employment and executive compensation, and U.S. and foreign income tax issues.


Family offices are centralized entities focusing primarily on wealth management services for high net worth individuals and families, but also providing a variety of personalized services for the family, including tax, estate planning, investment, and charitable giving.

Depending on the nature of the family office (e.g., single-family vs. multiple-family family office), there is a range of compliance obligations relating to investment adviser regulation. Those obligations include possible SEC oversight, compliance programs, record retention, cybersecurity, and the plethora of other matters that SEC-regulated advisers must address.

However, the SEC exempts certain family offices from registering as an investment adviser or commodity pool operator, and from certain related compliance. Before the end of 2017, most family offices were not able to structure themselves in a particularly tax-efficient manner.

The family office has traditionally been structured as a limited partnership or limited liability company to provide investment management, tax, accounting, and concierge services to family members and various family entities. Tax reform disallowed deductions under Code Section 212 but reduced the corporate tax rate from 35% to 21%, allowing for new structures that provide opportunities for much greater tax efficiency.

Listen as our experienced panel of attorneys explains and offers best practices for crucial legal issues in advising family offices.



  1. Family offices: types and structures
  2. Regulatory compliance
    1. SEC Family Office Rule under the Investment Advisers Act of 1940 and its application
    2. CFTC registration
    3. Exchange Act reporting obligations
  3. Employment/executive compensation issues
  4. Establishing investment vehicles for club deals, sidecars, etc.
  5. U.S. and select overseas tax issues
    1. U.S. domestic: deployment of qualified capital (e.g., Keogh, IRA, pension plan, etc.) and related issues; the increased popularity of IDFs (insurance dedicated funds); related ERISA issues
    2. International: families with individuals in multiple jurisdictions; overseas holdings
  6. Basic special estate tax issues


The panel will review these and other key issues:

  • What are the regulatory compliance issues for counsel assisting in structuring family offices?
  • What is the scope of the SEC exemptions for family offices registering as an investment adviser?
  • What are some of the key domestic and overseas tax issues for family offices?


Avigdor, Efrat
Efrat Y. Avigdor

Managing Director

Ms. Avigdor has served as trusted advisor to families and family offices for nearly 20 years. Acting as a dedicated...  |  Read More

Fiore, Carl
Carl C. Fiore

Managing Director

Mr. Fiore has significant experience with tax and financial matters affecting high-net-worth individuals and families....  |  Read More

Gross, Philip
Philip S. Gross

Kleinberg Kaplan Wolff & Cohen

Mr. Gross is a partner and the chair of the Tax Department at Kleinberg, Kaplan, Wolff & Cohen, P.C. His practice...  |  Read More

Iskowitz, Joseph
Joseph Iskowitz

Kleinberg Kaplan Wolff & Cohen

Mr. Iskowitz forms and represents domestic and offshore investment funds, including private equity and hedge funds. He...  |  Read More

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