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      "text": "To find out more about the other phases of the EY methodology for setting up a family office, beyond the ones aimed at building a business plan, please contact us directly at familyoffice.services@de.ey.com or visit our website ey.com/familyoffice.",
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      "text": "Step 2: Design. Development of a detailed business plan, including the most suitable jurisdiction, services provided (i.e., wealth management, estate planning, philanthropic, personal services, etc.), employee skills required, space needed, anticipated capital, operating costs, measurable benchmarks and funding.",
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      "text": "Step 1: Scoping. What are the family's vision and expectations? Who are the beneficiaries of the family office? What does the family want to do with its wealth, family business, philanthropy, talents and children? Which part of the family wealth shall be allocated to the family office? Which services are needed and for whom?",
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      "text": "Key priority functions of the family office to be considered: Investment strategy, Confidentiality, Develop investment regulations, Consider dividend levels, Controlling function, Administration of wealth, Strategic and tactical asset allocation, Governance issues, Tax at individual family member level, Holistic accounting, Acquisition and management of private assets, Philanthropic issues and family education.",
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