An essential step when establishing a family office that’s mandate is to manage family wealth is to define its investment philosophy and a customized long-term strategic asset allocation as a family. Professionally-run family offices capture these decisions in an investment policy statement. These are necessary to align the family with respect to their investment goals, prevent family conflict over the long term and properly instruct the family office investment team. In previous editions of the Family Office Handbook, we covered some of the key steps around setting up a family office. In this edition, we will focus on key considerations for crafting an investment strategy.