How Can the Office Set Performance Goals for Its First Employees?

Set performance goals by linking each employee's work to the family office's stated purpose and defining successful execution. Employees cannot be held accountable for goals the family has not agreed on or responsibilities they do not control.

Begin With Agreed Priorities

Write down the office's objectives before assigning individual targets. Families may need the office to improve reporting, coordinate advisers, support investment oversight, or manage administrative work. Decide which outcomes matter most and confirm that family members who direct the office share that understanding. A mission statement helps the team distinguish core work from requests outside the office's scope. The family compass can help document goals and values, while the fundamentals of creating a single family office addresses the broader setup.

Give Each Person Specific Ownership

For each employee, identify the responsibilities they own, the decisions they can make, and work that depends on family approval or outside providers. Turn those responsibilities into a short list of observable outcomes. For an operations role, that might mean maintaining organized records or completing agreed reporting cycles. For an investment role, it could include clear analysis and timely escalation of decisions within the employee's remit. Avoid goals that measure results outside the employee's control.

Make sure goals do not conflict across roles. If one employee depends on another's work, specify who handles each handoff and what information must be shared. Employees need the authority and tools to meet their objectives, along with access to the information required for their work. If responsibilities are still shifting, set interim goals and revisit them once the work is better understood.

Review Progress and Give Useful Feedback

Choose a review rhythm that fits the work. Check operational tasks often enough to spot delays, and schedule broader conversations to assess progress and shifts in priorities. Keep a record of agreed goals and decisions. Review evidence such as completed work, timeliness, accuracy, or communication, instead of relying only on impressions.

Goals should support coaching and accountability. Ask what is blocking progress, whether the employee needs training or a decision from the family, and whether the original target still matches the office's needs. The executive's job description should align with the measures used to assess performance. The operational processes page can help identify recurring work that may be assigned clear ownership.

Keep the System Fair and Usable

Use consistent standards for family and non-family employees doing comparable work. Explain how goals are set, who reviews performance, and what happens when an employee misses a target. For goals tied to compensation, document the method and clarify which factors the employee can control. Talk with your attorney or CPA about employment or tax details. A simple, documented process gives employees a fair basis for understanding expectations and lets the family revise goals when the office's priorities change.

You cannot hold a team accountable if you don't have a clear mission statement and do not know what objectives you would like them to accomplish.

Sources: How to Start a Family Office, The Single Family Office. Informational only, not financial, legal or tax advice.