Episodi
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It is my pleasure today to speak with Kim Ledger, Senior Vice President of Complex Assets for Ren, Inc., North America’s largest independent philanthropic solutions provider. Kim advises donors on the charitable opportunities presented by non-cash assets such as business interests, IPO stock, private equity, hedge funds, real estate, and artwork. Kim launched the firm’s complex asset practice in 2018 and has since worked with donors seeking to distribute nearly $3 billion in assets. Kim is also the host of Ren’s Philanthropic Insights video podcast.
Everyone in our industry is talking about the “Great Wealth Transfer” that is upon us, with an estimated $84T of assets expected to pass down from members of the Silent and Baby Boomer generation to Gen-X and Millennial inheritors. Kim shares her views on the role of philanthropy in this impending Great Wealth Transfer and explains how ready families can best utilize philanthropic vehicles to achieve their goals and cement their legacy.
At the same time, Donor Advised Funds (DAFs) and private foundations have emerged as powerful and popular vehicles to help families put their philanthropic capital to work. Kim offers an overview of the benefits of DAFs and a primer on how they can help families fulfill their purpose and vision and support the communities and causes that are important to them.
Kim then delves in to unpack one very practical and increasingly common philanthropic vehicle among enterprise families – the business interest gift, whereby families donate a portion (or the entirety) of their operating business or a portfolio company to a DAF as part of their philanthropic strategy. She provides valuable tips on how business interest gifts work and how families can make the most of this giving tool.
Another unique opportunity available to families pertain to so-called “passion assets” – including art, classic cars, and other collections. Kim offers her advice on the best ways families can leverage these passion assets in their philanthropic giving strategies.
Don’t miss this highly practical and insightful conversation with one of the foremost experts on philanthropic solutions for UHNW families.
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Today, I have the pleasure of speaking with Diana Chambers, founder of the Chambers Group, and a highly respected Family Wealth Mentor and Philanthropic Advisor. A G3 member of a former UK-based business family herself, Diana is a confidante and advisor to many enterprise families, helping them own, spend, and allocate their wealth wisely. Known for championing the human side of wealth, Diana is a sought-after speaker and the author of “True Wealth: Letters on Money, Life, and Love” and her influential essay “Money Wisdom Unlocked: Understanding Trauma as a Key to Your Financial Behavior”.
In her work with families, Diana emphasizes the importance of “financial EQ” or “the heart of money” as she calls it. She talks about what she means by “financial emotional intelligence” and why it is important for families, family office executives, and family wealth advisors to understand and practice financial EQ.
Money and wealth can be a blessing, but more often than not, it can also be a burden. Diana introduces the connection between money and trauma, and how families can stay educated on the topic and prepare themselves and their individual members to face and overcome the potential psychological challenges that come with wealth.
Diane offers her tips and suggestions for our audience on how to anticipate and be prepared for difficult or awkward conversations involving money and wealth. She offers useful examples of difficult or tricky topics members of wealthy families can encounter and provides some guidance on how they should best navigate them.
Enjoy this inspiring conversation with a world-renowned thought leader and practitioner in the family wealth and well-being.
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Episodi mancanti?
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Today, I’m excited to speak with Tim Daum, co-founder of Veltracon Lifestyle, a Swiss lifestyle management company offering tailor-made solutions for UHNW clients. Veltracon caters to a broad range of lifestyle needs, ranging from luxury and collectible autos, exclusive events, private education, luxury goods, art, luxury travel, private security, and medical concierge. Tim has been active in the lifestyle management industry for nearly 10 years, and prior to Veltracon, he founded Swiss Private Education Network and at Swiss Private Clinic Network.
Tim provides an overview of the lifestyle and concierge space serving UHNW individuals and multigenerational families, covering the full scope of needs and services that are commonly in demand by UHNW clients. He also describes how the lifestyle and concierge industry has evolved in the past couple of decades and outlines the major trends shaping the space and how they differ among UHNW families from different countries and cultures across the globe.
Tim and his firm assist their clients with a broad set of unique needs and highly bespoke services, and he shares some of the tips he has for UHNW families who are considering or using private lifestyle services and solutions.
Nowadays, health and wellbeing are quickly becoming the most in-demand segment of the lifestyle concierge space. Tim and Veltracon have created a special subsidiary of focused on medical concierge and emergency preparedness solutions. Tim offers his advice for families of wealth about how they should approach bespoke medical care and holistic health and well-being risk management solutions.
Please enjoy this informative and practical conversation with a highly specialized and knowledgeable provider of niche and bespoke solutions in the UHNW lifestyle space.
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Today, I am delighted to speak with Kent Lawson, FOX’s own CTO and the leader of the FOX Technology Partners Program. Kent brings 25 years of experience as a professional in the wealth management industry, with a deep focus in technology for the family office. Prior to joining FOX, Kent spent a decade as an executive at a single-family office, and in that capacity, he was an active FOX member and a strong contributor to the FOX community. He also served as a business analyst and consultant for Advent Software, as COO of a trust company, and other technology solution vendors.
Kent is one of very few people in the world who have had a front-row seat throughout the evolution of the family office as an operational unit and the emergence of the ecosystem of technologies that are focused on supporting and automating family offices. He provides a brief overview of the last 10 years of how family offices, and the specialized technology solutions that serve them, have evolved. Given this historical context, he then delves into what it all means for family offices today, going over what they need to know and what key capabilities they need to develop or acquire.
As we see in our daily interactions with families and family offices at FOX, pretty much every family office faces two major challenges on their digital transformation path – technology selection and technology implementation. Kent offers his practical advice for family offices and advisor firms who are looking to select and implement FO-specialized technology solutions, highlighting the common pitfalls, and offering practical tips and shortcuts to success.
Keeping up with all the new and existing providers of technology solutions for the FO space is another significant challenge. Kent provides valuable suggestions for how family office professionals and leaders can stay educated on all the vendors and their platforms, on all the trends and developments in the FO technology space, and on the best practices related to digitizing the family office and the ever-broader set of family wealth management services.
Do not miss this deeply insightful conversation with the world’s leading technology expert in the family office and family wealth space.
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Today, I have the pleasure of speaking with Richard Wolkowitz, Founder of Xylogenesis Family Office Advisory. Rich serves as a family advisor with 25+ years of first-hand, inner-working experience of multiple family offices. His background is in law, business, management, operations, financial services, independent board service, and professional service firm leadership with a focus on serving multigenerational families and their full business and life continuum of needs.
Throughout his career, Rich has served many multigenerational families and one thing he has witnessed often how families would get stuck as they try to build, transition, or manage their enterprise. He shares his observations on how and why families tend to get stuck in the course of their complex journeys. The obvious question then is: How can families get “unstuck”? Rich talks about the mindsets, strategies, and activities that can help families overcome the main challenges that get them stuck.
Rich offers some practical pointers and suggestions for family leaders and family members who find themselves stuck and want to “right the ship” as they steer the family enterprise forward. He also shares his advice to family advisors and service providers who support the family, and provides some tips on how family wealth advisors, expert vendors, and service providers across different vertical disciplines can help the families they serve get unstuck.
Enjoy this insightful conversation with a prominent practitioner in the family wealth and family office space.
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Today, I have the pleasure of speaking with Lou Sokolovskiy, CEO and Founder of Opus Connect, a leading networking and deal-making community for private equity and M&A professionals. Lou is a serial entrepreneur with extensive private equity transaction experience. He founded multiple entrepreneurial ventures in the technology arena and has unique expertise in operations management, strategic partnerships, and new business development. He is a former consultant who has advised many companies in the healthcare management, finance, and technology industries on improving operations and corporate strategy.
Lou founded Opus Connect to provide a platform for PE and M&A professionals to connect, collaborate, and succeed in their work. He talks about the opportunity – or gap – he saw in the private investing marketplace, why he created this community, and how it is creating value for different players in the private deal-making ecosystem.
UHNW families and their family offices are increasingly active and sought-after participants in the private direct investing space – they are seen as patient, long-term, values-driven investors. At the same time, they often lack capabilities or create obstacles for themselves that prevent them from partaking in the most attractive deals. Lou explains why that happens and what families and family office executives can do to overcome these weaknesses and ensure they are seeing the best deals.
One tip Lou has for family offices who want to be active private investors is to formalize their investment thesis and decide what they are looking for and what deals they want to see. He shares with our listeners why this is important and how family office investors should go about it.
Another practical suggestion Lou offers for family office investors is to develop a strong network and functioning mechanisms to connect with external PE firms, deal sponsors, and other sources of quality deal flow in the marketplace. He explains why this is an important strategy and how do you advise family offices should best implement it.
Enjoy this informative conversation with one of the leading players and community organizers in the private investing ecosystem.
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Today, it is my pleasure to speak with Kathy Parker & Seth Webber of BerryDunn, a leading national professional services firm providing assurance, tax, and consulting services to businesses, nonprofits, and government agencies throughout the US. Kathy is a Principal and the Practice Group Leader of the Outsourced Accounting Practice Group at BerryDunn Boston and Seth is the Head of the Valuation Services Practice Group at BerryDunn. Kathy and Seth, and their firm BerryDunn, are a valued resource partner of the FOX community, and we are proud to offer their expertise and thought leadership to our members.
In their work, Kathy and Seth advise many multigenerational families and, among the many challenges and needs they assist them with, succession planning is both the most common and most important priority they are working on. Kathy and Seth talk about what you they see among enterprising families who are planning or working on succession planning and identify the common themes and the key challenges and opportunities they are facing.
Each family is, of course, unique, but there are common patterns and archetypes, especially correlated with how advanced the family is in its multigenerational journey. Kathy and Seth share their observation of how succession planning and the key priorities and activities associated with family transitions vary based on where the family is in its enterprise journey.
From a practical standpoint, Kathy and Seth offer some of their tips and suggestions for families that are embarking on their succession journey, including how they should get ready for the process and prepare to engage the many advisors they will inevitably rely on.
Kathy and Seth also provide some practical ideas for families to utilize once they are fully engaged in the intergenerational succession and wealth transfer process. These include how they should work with the different expert advisors to create the many technical structures and documents that will govern the journey and its outcomes.
You would not want to miss this expert conversation with these two distinguished expert in the family wealth management and intergenerational transitions space.
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Today, I am truly pleased to welcome Dave Donnelly, Managing Director, at SpiderRock Advisors, which was recently acquired by BlackRock and is now part of the firm’s US Wealth Advisory business. Dave is responsible for the client-facing business at SpiderRock and, prior to the acquisition, led SpiderRock’s sales organization and national accounts efforts across wealth and institutional client segments. Dave and SpiderRock are Specialist Advisor members of FOX and we are grateful for the unique and valuable expertise they bring to our membership community.
This conversation focuses our attention on options as a powerful tool in the toolbox of actively investing family members and family office CIOs. Dave provides and overview of how options overlay strategies can create value and unlock attractive possibilities for enterprise family portfolios.
We are in a very dynamic and constantly shifting geopolitical, microeconomic, and financial markets environment, and family offices are tasked with balancing a number of, often competing, investment objectives, such as returns, risk, liquidity, and taxes, to name just a few. Dave shares some of the most notable opportunities in the current macro context that options strategies can afford to enterprise families and their family offices.
Dave goes on to suggest several attractive practical tools that family offices can deploy utilizing options strategies, such as a portfolio mapping exercise to manage or swap away various risks or maximizing the tax-deductibility of their borrowing (e.g., margin or LOCs). He describes these strategies in detail and points our listeners to how UHNW investors can activate them.
Dave also offers his insights into the best resources for family members who are active investors and for family office CIOs to get educated and equipped with the right tools to activate these advanced options strategies and take advantage of the great benefits they offer.
Do not miss this technical and educational conversation with one of the market leaders and foremost innovators in the options overlay strategy advisory space.
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This week, I am delighted to welcome Matt Wesley, Principal at the Lovins Group. Matt is an internationally recognized practitioner, thought leader, and speaker on the issues facing financially successful families. With a career that spans 34 years as an estate planning attorney, family advisor, facilitator, and consultant, he helps families address the complex issues of family enterprises, legacy wealth, and collective philanthropy. As a Principal at the Lovins Group, Matt works with some of the most prominent families in the world as they seek to realize the full promise of intergenerational wealth in their individual and collective lives.
In the family wealth space, some advisors approach their clients’ needs from the standpoint of the technical expertise and quantitative, structured solutions that can benefit the family. Others approach their advisory work from the perspective of the qualitative sciences that deal with human behavior, family psychology, and interpersonal dynamics. Matt is a believer in the fundamental importance of culture – or what he has labeled “groupness” – which is not often the point of departure for family advisors. He shares his philosophy and describes how it is different from other approaches and how it creates incremental value for families.
In his work, Matt emphasizes the concept of “forgiveness” as a fundamental prerequisite and event driver of family culture and the collective personality of the family. He explains why forgiveness is important and how it plays into the process of developing and solidifying the family “groupness” or culture.
One powerful culture-building tool Matt recommends for families is stories and storytelling. He talks about why and how stories are important and suggests some practical ways families can put stories to work in their work of planning, preparing, and navigating the family’s multigenerational journey.
Another tool for family unity and togetherness Matt advocates for is family rituals. He shares his views on why rituals and elaborates on what they are and what their function is in the process of building a healthy, vibrant family culture and enduring unity among family members.
This is a must-hear conversation with one of the leading thinkers and practitioners in the family wealth advisory profession who is both technically sophisticated and keenly focused on the family’s long-term purpose and well-being.
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Today, I have the pleasure of speaking with Stephen Goldbart and Joan DiFuria, co-founders of Money, Meaning, & Choices Institute (MMCI), a group of professional facilitators and advisors who work with wealth holders and their professional advisors to address the psychological issues and challenges of wealth. Joan is a globally recognized speaker and consultant for families of wealth, family businesses, family offices, and enterprises, and a licensed psychotherapist who has been in private practice for over 30 years. Stephen is a licensed clinical psychologist, professor, author, public speaker, and organizational consultant who has consulted with individuals, families, family offices, and organizations to help them develop the fulfilling and sustainable balance of personal, professional, and philanthropic goals.
Both Joan and Stephen have dedicated their lives’ work to helping families be successful by removing the obstacles that often stand in their way to long-term success. They uncover some of the key success factors – the “magic ingredients” – they discovered through their work that position families, and their advisors, to achieve their long-term strategic goals and to flourish across generations.
Joan and Stephen uncovered and formulated a specific set of competencies that family members need to develop throughout their life journey – what they call the “10x10 Learning Roadmap” in their recently published book. They elaborate on the design, structure, and applications of this innovative framework and explain how it can help families and their individual members.
Joan and Stephen then offer some practical tips for how families can apply the 10x10 Learning Roadmap, and how both family leaders and individual family members can make use of it in real life. Finally, they share how the 10x10 framework can also be successfully utilized by the trusted advisors who support multigenerational families and how they can lean on this comprehensive and practical tool to best serve their family clients.
You would not want to miss this highly insightful conversation with two of the most respected practitioners in the family wealth and well-being field.
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This week, I am delighted to welcome Scott Saslow, Founder and CEO of Palo Alto, CA-based ONE WORLD Investments Inc., which provides investment capital and advisory services to help organizations scale social impact. Over his career, Scott has been a founder or founding team member of seven start-up businesses. Prior to ONE WORLD, Scott was the Founder & CEO of The Institute of Executive Development, supporting executives in Global 2000 organizations including American Express, Blackrock, Intel, Time Warner, and the US Navy, and earlier in his career, he worked at Siebel Systems and Microsoft Corporation in leadership roles. Scott has authored over twenty-five articles for publications such as Forbes and Directorship and has been interviewed by and quoted in Harvard Business Review, Bloomberg and BusinessWeek.
Scott expounds on the concept of “sustainability” as it pertains to a family office, and he provides his definition of a sustainable family office and explains why sustainability is important in this context. Having emphasized how important this objective is for the family, Scott then talks about how families and family offices pursue sustainability and how they prepare for it and how they achieve it. He outlines the many dimensions and ways to make a family office sustainable.
Scott is just about to release his new book Building a Sustainable Family Office, which is an excellent, and to some extent, autobiographical, compendium of everything families need to know or consider as they create or take over a family office. The book is organized around and culminates in the definition of what Scott refers to as “the five key elements of success.” Scott gives us a sneak peek into what the five elements are and how each of them contributes to the long-term success of the family and its family office.
Sustainability is also often referred to as an investment philosophy and a values system. Scott shares his views about how families can connect their aspiration for sustainable investing with their effort to build and operate a sustainable family office.
Don’t miss this insights-packed conversation with a rising-gen owner of a family enterprise, a successful entrepreneur and wealth creator, and a proponent of family sustainability and positive impact.
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Today, it is my pleasure and honor to speak with Prof. Maarten de Groot, Endowed Chair of Resilient Family Businesses & Enterprise Families at VU Amsterdam School of Business and Economics. Prior to completing his PhD at VU Amsterdam in 2021, Maarten had a long and distinguished career in wealth management. He co-founded and ran one of Europe’s largest and most innovative multi-family offices, VermogensGroep, which was acquired by UBS in 2008, and later he was Executive Chairman of a single-family office.
Maarten was knighted by the King of the Netherlands for his contributions to society, and is the recipient of multiple prestigious awards, including the 2022 Sustainable Investments Award, the 2023 Business Impact Award, and the 2023 VU Crowds Award. He is the founder and director of the VU Center for Enterprise Family Research and is the program director of the Responsible Ownership for Enterprise Families (ROEF) executive education program at VU Amsterdam, which was created and run in partnership with FOX.
Maarten has studied and worked with multigenerational families for decades and has identified many of the key topics and priorities that successful families focus on. He shares some of the most important factors and themes that define and propel families’ journeys through time and across generations.
Possibly the most universal topic that is relevant to all families across the globe and throughout time is preparing the next generation for the future stages of the family journey. Maarten talks about how he sees the importance and centrality of engaging and preparing the rising gen to play a meaningful role in their family enterprise.
One important practical suggestion Maarten has for families, and especially for the younger members of the rising gen, is to understand and develop their relationship with wealth. He highlights some of the key challenges rising gen members face and what they can do to overcome them in order to see their role as wealth owners in a positive and healthy way.
Maarten spearheaded the development of the ROEF Academy (Responsible Ownership for Enterprise Families) program – an innovative, world-class educational program, designed jointly by VU Amsterdam and FOX. We just successfully concluded our first year and graduated the first cohort of young next-gen family members. Maarten offers an overview of the ROEF program, its mission and design, and how it helps rising gen owners identify and prepare for their role in the family enterprise.
Do not miss this deeply insightful conversation with one of the most distinguished thought leaders in the multigenerational family wealth space. Maarten is a celebrated academic researcher and educator, a successful entrepreneur and family office executive, and a globally recognized practitioner and advisor to many enterprise families across the globe.
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Today, I am pleased to welcome Michael Whelchel, Founder and CEO of Big Path Capital, a boutique investment bank working with positive impact companies and funds and pursuing a mission to challenge the status quo and raise the expectations of capitalism. Prior to founding Big Path, Micheal had 15-year career in private equity holding leadership positions at several firms, including Morris Capital Management and Stony Point Group.
We start by discussing the big idea behind Michael’s work – what he calls “leveraging capitalism”. Michael explains what that means, elaborating on the challenges and the opportunities he sees with how capitalism operates today and how it could or should operate.
Michael founded Big Path Capital to advance this vision for the future of capitalism. He talks about how his firm differs from other investment intermediaries, how he sees his purpose and mission in the marketplace, and what he is doing to advance this mission and achieve his vision for capitalism.
For families, family offices, and other private capital investors in the marketplace who are interested in embracing impact investing as a superior way of deploying capital, Michael offers a number of practical tips to get them started on the right path. He also describes how families can get engaged in this mission by attending the annual Impact Capitalism Summit he and his firm host in Nantucket each year. Michael shares an overview of this unique event and provides suggestions for how family members and family offices who are active investors can get involved, contribute to, and benefit from this gathering.
Enjoy this informative conversation with one of the most active and innovative champions of impact capitalism in the private capital space.
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Today, I’m excited to welcome Amjed Saffarini, co-founder and CEO of Trove, a fast-growing, innovative firm which provides a broad array of family office services, including operations outsourcing, lifestyle management, business and tax advisory. Prior to Trove, Amjed was President at Kaplan, the leading global educational services company, and co-founder and CEO of CyberVista, a cybersecurity education company that was spun out of Kaplan and was acquired by N2K Networks. Amjed is also a Board Leadership Fellow at the National Association of Corporate Directors.
There is a popular (and controversial) adage in our industry that goes: “If you’ve seen one family office, you’ve seen one family office.” Amjed is in the camp of people who believe this adage is an unhelpful fallacy. He explains why and shares his views on the “common DNA” that family offices share.
But even with 95%+ shared DNA, all families are unique, which means they face the conundrum to either allow complexity to grow exponentially as they try to customize their family office to their needs or settle for standardized, off-the-shelf, or outsourced solutions that might not be perfectly tailored to the family but are good enough to get the job done. Amjed advises how families should think about this conundrum and how they can decide on the design to build and resource their family office.
Amjed then delves into the practical suggestions he has for families, starting with the areas of the family enterprise and the family office where he believes families should not “reinvent the wheel” but rather would be advised to explore standardized or outsourced services. Conversely, he talks about when it is appropriate to invest in internalizing the complexity and to bring a family office service or functional department in house.
This is an illuminating and thought-provoking conversation with one of the most innovative thinkers and entrepreneurs reshaping the family office space.
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Today, I am pleased to welcome Matt Tobin, President and Chief Operating Officer for South Dakota Trust Company (SDTC) and President of SDTC Services. SDTC Services provides consulting and corporate services to the non-depository trust company industry, and as President, Matt is primarily responsible for managing the Company’s Private and Public Trust Company client relationships. He serves as a board director and committee member for several private and public trust companies, is member of the Board of Managers for SDTC, and Board of Directors member for the South Dakota Trust Association.
Matt is the author of many influential publications on Private Trust Companies and has delivered numerous speeches and presentations on the topic, including at the Purposeful Planning Symposium, the Heckerling Institute on Estate Planning, Georgetown Law Center, and the Jackson Hole Financial Professionals’ Symposium, to mention just a few. He is also a frequent speaker at FOX forums, webcasts, and workshops, and is guest faculty at the highly popular FOX Private Trust Company Workshop.
The focus of today’s conversation is on Private Trust Companies (PTCs) as a legal construct to organize and administer multigenerational family assets and professionalize the governance of complex enterprise families. Matt covers basics, including what is a PTC; why were PTCs created; and how they function? He then describes how enterprise families are using PTCs today and explains why they are becoming more and more popular. He goes over the use cases and challenges PTCs can help address for multigenerational families.
For families who are exploring the topic and thinking about utilizing a PTC, Matt offers some valuable practical tips and suggestions that can help them avoid common pitfalls and make the process of researching or establishing a PTC a smooth one. He also provides many pointers and tips for families who already have a PTC to help them ensure they are making the most of this investment and the structures and tools it provides.
Do not miss this rich and informative conversation with one of the foremost experts on Private Trust Companies in our industry.
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I am delighted to welcome Buddy Thomas, Founder and President of Superior Planning | Family Office, a Southern California firm serving HNW and UHNW families since 1982. Buddy has created more than 50 individual virtual family offices, providing family fiduciaries, family members, and their most trusted advisors with what they need to collaborate and make decisions together. He is the author of four books, over fifty published articles, and the producer of more than 200 videos including, the “Fifty-Five Second Family Fiduciary” and “Secrets of a Family Fiduciary” series.
In his work with enterprising families, Buddy team developed a concept he calls “the three essential elements”. He describes this concept and how he puts it to work when he advises wealthy families. As with any creative conceptual framework, the key question and the real test is how it gets applied in real-life situations. Buddy paints a detailed picture of how he and his team do wealth planning with families that encompasses all three essential elements and talks about the planning process they have created that achieves the appropriate balance between left- and right-brain topics and priorities.
Buddy and his firm are known for at least one practical tool they apply successfully with families – a tool that they even named their firm after, the Superplan. Buddy defines what the Superplan is and outlines how it works and how families can benefit from it. Taking his methodology to the next level, Buddy and his firm have now developed a Family Wealth Game as a modern tool to help families engage in the planning process together and are even building this game into a software application. He shares the vision and workings of this game, describes what it adds to the wealth advisory process, and illustrates the experience it delivers to enterprising families.
Please enjoy this insightful conversation with a thoughtful and creative veteran of the family wealth advisory profession and a member of a multigenerational enterprising family.
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Today, I have the pleasure of speaking with Jamie McLaughlin, Founder and CEO of J. H. McLaughlin & Co., a management consulting firm focused on strategy and practice management for wealth management and investment advisory firms, private banks, trust companies, single- and multi-family offices. Previously, he was CEO of Geller Family Office Services, a partner at Convergent Wealth Advisors where he built the firm’s New York office, the regional president of Mellon Private Wealth Management’s New York region, and a financial advisor at Sanford C. Bernstein & Co. Jamie is a Co-Founder of the UHNW Institute, an independent “think tank” serving firms that serve the ultra-high-net-worth client segment and their advisors.
Jamie has enjoyed a long and decorated career in the wealth management and family office space, and being a history major, he has also written many excellent works on the history of the family wealth and family office industry. He tells the story, as he witnessed it, of how we the industry evolved over the past 30-40 years and paints an elaborate picture of our current industry landscape.
The family office field is enjoying unprecedented growth, and with that growth come different business and service models and a variety of advisory frameworks and practices. Jamie describes the different types of firms that exist today in the UHNW wealth management and family office space, comparing their origins and unique characteristics and analyzing the pros and cons of each model.
Given the spectrum of wealth management models that have emerged in the UHNW segment of our industry, Jamie offers his advice for firms who are looking to establish their place in the space or to solidify their position and ensure the long-term sustainability and profitability of their wealth management and family office business. He also provides valuable practical tips for UHNW clients and enterprise families looking to make sense of the fast-evolving wealth management landscape that serves them and to choose among the different kinds of wealth advisors and family office service providers out there.
Don’t miss this in-depth conversation with one of the most experienced and respected thought leaders in the UHNW wealth management field.
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Today, I am delighted to welcome Joe Reilly, CEO and Founder of Circulus Group. Joe is the host of two popular and influential podcasts in the family office and family wealth space: the Private Capital Podcast and the Inheritance Podcast. He is a longtime strategy consultant and family office expert, specializing in advising asset and wealth managers on their allocations, technology, and operations. Joe was the co-founder and founding president of the Family Office Association, and he is currently a director of The Inheritance Project, a non-profit that shares stories of inheritors.
As one of the leaders of The Inheritance Project, which is dedicated to telling the stories of wealth inheritors and exploring the emotional and social impact of wealth, Joe talks about the purpose and motivations behind this undertaking. Based on conversations with inheritors and his work with families of wealth, he provides a glimpse into the most dominant themes he encounters – the top issues, challenges, or opportunities that emerge from speaking with these wealth owners.
Joe offers a set of practical suggestions and advice for wealth owners and family members extracted from the different family stories he has encountered over the years, listing some useful tools and frameworks he has seen being successfully utilized by family leaders and family members. He also delves into the role of the advisors serving the family and shares some of the success stories and highly effective methods, tools, and tactics best-in-class family wealth advisors apply in their work with multigenerational families and wealth inheritors.
Please enjoy this highly informative conversation with one of the long-time thought leaders and practitioners in the private capital and family wealth space.
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Today, it is my pleasure to speak with Ryan Harding and Jennifer Allen. Ryan is the President of Garden Trust Company and the Managing Director of the IFO Group, the family office of the Ilitch family of Detroit, MI, founders of Little Caesar’s Pizza, one of the world's largest pizza chains. Jennifer is the Director of Insurance & Risk Solutions for the IFO and is responsible for Tenda, a captive insurance company established by the Ilitch Family Office.
The insurance industry is experiencing significant disruptions and undergoing a fundamental transformation, and Ryan and Jennifer share their observations on the current insurance landscape and how the industry and the solutions it provides have evolved in recent years.
Most family enterprises are complex systems of people and entities that have unique, and often esoteric, risk management and insurance needs. Ryan and Jennifer shed light on the unique needs of enterprise families and their family offices and offer their views on how well the insurance industry is currently able to cater to these needs.
For the unique needs of their family, the IFO Group concluded that establishing a captive insurance company is the right solution that best serves the family and its enterprise and provides the best protection and benefits to the family members and other constituents within the enterprise. As a result, they created Tenda, their insurance captive, that provides a range of insurance products, including best-in-class, accessible, and affordable health insurance to family members and family office employees.
Ryan and Jennifer provide a quick “Insurance Captives 101,” covering some of the basics, such as what are captives, how do they work, and why are they an attractive option for family enterprises. They also describe how other enterprise families or family offices can take advantage of the unique solutions provided by Tenda or pursue other similar offerings in the marketplace.
Do not miss this highly relevant and in-depth conversation with two of the most sophisticated risk management thought leaders and practitioners in the family enterprise and family office space.
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Today, I am delighted to welcome Raul Serebrenik, Founder of Family Enterprise Consulting International Group. Raul is an adviser, researcher, speaker, and author with extensive expertise in family businesses, entrepreneurial family dynasties, family legacy, continuity, and wealth. Raul is also a good friend and collaborator of FOX, and he is a team member of the FOX Caricol Local Chapter serving families in Colombia and the Caribbean.
Raul’s work with families often involves the topic of longevity of the family enterprise, focusing on the learnings from and characteristics of families that last and flourish for generations, and sometimes centuries. He shares his observations of what it means – and what it takes – to achieve longevity of the family, the family business, and the family’s broader enterprise activities.
Raul then defines the role of the family office in this journey (assuming the family has one) and shares his views on how families should leverage their family office and other enterprise resources in their journey to success and longevity.
On the practical side, Raul offers some of the tools (such as diagnostics and roadmaps) families can utilize to chart their course to achieving long-term success and longevity as a family enterprise. Finally, he emphasizes the importance of implementation – there is no long-term success without implementation, even if there is a compelling shared vision. Raul provides some useful tips and suggestions for families on how to successfully implement their multigenerational enterprise vision and plan.
This is a must-hear conversation with one of the most decorated and recognized international experts in the field of family wealth, family business, and family enterprise continuity and sustainability.
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