FOXCloud: What’s on the Minds of FOX Members – March 2025

 

The following were the most talked about topics within the networks on FOXChat in February 2025:

Gold Storage Recommendations

We have a client that is in need of storage for their gold collection, valued around $5M. Seeking insights or recommendations for their storage options. (Source: ADVPeer)

  • I spent the early part of my career in the wholesale jewelry business with my family. If you're storing gold bars, they don't take up much space, making a bank safe deposit box a convenient and relatively low-risk option, despite not being insured. While alternatives like allocated storage exist, they can be more cumbersome to manage.
  • Following up on what was mentioned, if the gold collection is gold bars or a large jewelry collection, a bank safety deposit box could be a convenient option for storage. I know that some of our clients have used systems like https://collectorsystems.com to help manage their large collections of jewelry, art, etc. They are a collection management platform for individuals and family offices and offer a 24-hour support team that may be able to give storage solutions or suggestions depending on what the collection is as well for your client.

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Kaufman Rossin Alternative Investment Services

We are exploring outsourcing the accounting and reporting for 18 of our internal PE/VC funds. After talking with about 10 Fund Administrators, we have narrowed it down to two of the more "boutique" providers - Kaufman Rossin (out of FL) and Standish Management.  

Kaufman Rossin is our top runner right now, but I'd like to confidentially connect with anyone who has used Kaufman in any capacity to hear your thoughts about this vendor. It is feeling like an important relationship that we want to get right! (Source: FOPeer)

  • I have used Kaufman for over 10 years. They provide a variety of services and do a good job overall. Happy to provide feedback. You can email me or call me.
  • Could anyone share how the pricing works for a fund administrator?
  • We looked at Standish (was very impressed) but currently using Carta.

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Lockton

Does anyone work with Lockton for employee benefits or any other insurance lines? The website refers to family offices. Any feedback is appreciated. (Source: FOPeer)

  • We have worked with them for many years on both the business and more personal family side. The business side is definitely more buttoned up and well run. We stayed with them because of this. We have not been impressed with what they call their family office side. There is some turnover going on, so we are waiting to see how things level out.
  • We recently transitioned to working with Lockton, after going through an extensive RFP process. Overall, we've had a positive experience with the transition. The team has been highly communicative, responsive, and knowledgeable when working through different scenarios. 

    There was some turnover early on, which wasn't ideal, but the team we have in place now has been great to work with. We are still in the process of transitioning all our policies and haven't gone through a renewal cycle yet. Overall, our experience has been positive.
  • We used to work with Lockton on the personal insurance lines as well as on the business side. We had issues on both sides, but I personally experienced the issues with the personal insurance side working with the family office group. Unfortunately, there was a lot of turnover, lack of follow-through, missed deadlines, lack of responsiveness, and no creativeness in alternative solutions. After several years of working with them, we switched brokers.
  • We recently began working with Lockton. They are very responsive and have a high level of service. Before we moved our plans to them, they helped source a global insurance program and that experience was positive. Our Payroll and Benefits Manager has worked with them previously at another company and had a very good experience and so far we have as well. Happy to connect with you if you'd like.

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Resources for Lottery Winner

We have a new client that won a $50M lottery today that is overwhelmed on all fronts. Does anyone have prior experience on best resources and action items to assist him with this lifechanging event? (Source: ADVPeer)

  • We have assisted previous lottery winners with risk management and helped in putting together a task team to protect sudden wealth increase, exposure to known and unknown risks and wealth preservation. Happy to assist, please feel free to reach out.
  • I have represented more than 10 lottery winners. I am happy to help. 
  • At Rehmann, we have specialization in working with these individuals through our Private Client Advisory. Through this, we can help this individual with investments, taxes, planning, estate, etc. 

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Member Referrals Requested:

This section includes service providers that members have recommended and/or are looking to hear about other members’ experiences.

Chef in Washington DC

We are searching for an exceptional chef in the DC area for the next several months to meal prep and drop-off for one person and also be available for occasional dinner parties. The home location is in the Georgetown area. Any leads would be appreciated. (Source: FOPeer & HCAP)

  • We used Locke Domestic Agency, Southeast's Leading Domestic Placement Agency to find a chef. 

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Idaho Estate Planning Attorney

Seeking Idaho estate planning attorney recommendations for a client. Any referrals or recommendations would be greatly appreciated! (Source: FOPeer)

  • The Grupp Law Firm LLC, has an estate planning attorney with offices in Post Falls, ID and Jackson, WY. 

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Investment Advisor

We have clients that engage an investment advisor to review their portfolio and make recommendations for asset allocation, passive and active management, etc. They are disappointed with the manager's lack of action to find management outside of their normal referral list. 

This particular client is located in WA and prefers managers and funds with a sustainable impact or thematic impact approach. (They feel responsible impact doesn't do enough with simple negative screens.) We appreciate investment advisor referrals; the locality doesn't necessarily matter. (Source: FOPeer)

  • I hope you are doing well. We have a group of financial advisors that are very knowledgeable. We don't do much impact investing, but I know they have other clients that do. The company is called CV Advisors and although based in North Miami, they have clients from all over the USA and other parts of the world. Here is their website if you want to check it out. I would be happy to make an introduction for you, if you need it.
  • Summit Trail Advisors is active in sustainable investing. See A Summit Trail Perspective on Sustainable Investing | Summit Trail Advisors for the Chief Portfolio Strategist and head of Sustainable Investing. My husband is a Principal and Chief Fiduciary Counsel at Summit Trail, and I am happy to make an introduction.

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Los Angeles/Palm Springs Estate Planning Attorney

Seeking recommendations for an estate planning attorney in LA or Palm Springs. (Source: ADVPeer)

  • We recommend and have experience with Berman and Todderud.
  • Berman and Todderud LLP, energy lawyers, Seattle
  • An additional resource is Jeffer Mangels Butler & Mitchell in Century City. There is an exceptional attorney on the West Coast. 
  • California Business Lawyers Jeffer Mangels Butler & Mitchell LLP - Los Angeles Litigation Attorneys - San Francisco Real Estate Lawyers 

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Nevada Divorce Attorney

Seeking referrals for a divorce attorney in Nevada. The client lives in the Reno area, and the situation is not healthy/friendly. (Source: FOPeer)

  • We have a contact at Viloria, Oliphant, Oster & Aman LLP. 

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Prenup Attorney

I'm wondering if anyone has any attorney recommendations for a family member needing a prenup. She lives in the LA/Santa Monica area and would prefer a lawyer nearby. She is also thinking an estate planning lawyer instead of family law to hopefully reduce some of the headache and back and forth we've seen from using family law attorneys. (Source: FOPeer)

  • The Feinberg Mindel Brandt & Klein law firm in Santa Monica has good family law attorneys. Feel free to use my name as a referral.  

    I would recommend against using an estate planning attorney for this for the same reason that you don't go an ENT doctor for a heart condition. Completely different specialties. 
  • Meyer, Olson, Lowy & Meyers is also great! You can use my name if you reach out to them. 

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Additional Topics of Interest Seeking Peer Recommendations, Feedback, or Insights

(Your comments can be submitted as a reply to the message on FOXChat or emailed to networks@familyoffice.com for FOX to post and share anonymously on your behalf.)

Dr. Jordan Shlain

Does anyone have Dr. Jordan Shlain's contact information? (Source: FOPeer)

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Family Split From Office

One of the families our office serves has decided to separate from the office. We have a Lender structure and will need to disentangle partnership agreements and also shift away bill pay, record keeping, tax work, etc. I would like to talk with other offices who have managed this process to learn from your experiences. FOX has my permission to give you my contact information. (Source: FOPeer)

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Lease of Trust Owned Property

We currently provide primary residences to beneficiaries per the terms of our trust instruments. I am interested in layering on a lease to make certain functions easier for beneficiaries, while also assisting in compliance with charter state requirements. Does anyone have such a lease they wouldn't mind sharing? (Source: FOPeer & PTC)

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Outlier Jets

Does anyone have experience using Outlier Jets that they are willing to share? (Source: FOPeer)

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Sample RFP for audit services

I have a family office client who is looking for sample RFPs for audit services. Does anyone have one that they are comfortable sharing? Many thanks for your help. (Source: ADVPeer)

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Short-Term Rental Business

We have a family member looking for resources to assist with new business venture in short-term rentals. They live in Orange County, FL and we are looking for a local real estate attorney and accountant. Our office is located in the Midwest and we don't have trusted contacts in central Florida. (Source: FOPeer)

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Software Reviews/Experiences

This section contains software platforms that members have recommended and/or are looking to hear about other members’ experiences.

Black Diamond or Advyzon

Does anyone have experience with either Black Diamond Wealth Platform and/or Advyzon? We currently use Morningstar Office which is being discontinued, and these are two alternatives they mentioned. (Source: FOPeer)

  • I currently use Black Diamond, and I am not happy with the program. Please email me if you want to set up a call to discuss.
  • We currently use Black Diamond, and I think it has its pros and cons. It really depends on what you need it for as it tends to be less expensive than other options. Feel free to email me to set up a time to discuss. If you go this route, I am happy to give you my tips on success with their platform. Also happy to share my research on other platforms.

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Teamflect

Has anyone used or is using TeamFlect? I understand it has several features such as 360 reviews, recognition, engagement monitoring, surveys, and even serves as a hub for meetings and goal setting and I'm hoping someone will be able to give feedback on its effectiveness. (Source: FOPeer)

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Key to Network Acronyms

  • ADVPeer: Advisor Peer Community
  • FOPeer: Family Office Peer Community
  • DIN: Direct Investing Network
  • FLN: Family Learning Network
  • HCAP: Human Capital Network
  • LCN: Legal Counsel Network
  • PTC: Private Trust Company Network
  • RGN: Rising Gen Network
  • TODS: Technology Operations & Data Security Network

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