FOX Insights Blog

10 Reasons to Start a Family Office

May 22 2015 - Alexandre Monnier

Last week, I presented on the topic of “When Do You Form a Family Office?” at the AICPA Tax Strategy for the High-Income Individual conference. I shared that the goals of the family drive the focus of the office and, therefore, every family office is different. However, having served over 1,000 families during the past 25 years, FOX has been able to identify 10 key reasons to start a family office: Education of Owners - One of the key roles of a family office is to be an educator and mentor, preparing... Read more »

 

How a "Day of Caring" Can Help Build Next Gen Engagement

May 20 2015 - Bryn Mars, Board Member, Foster Holdings

One of the hardest things for any family to accomplish, but especially a family of wealth, is to engage multiple generations in a meaningful way. I’m convinced that one of the best ways to do that is through shared philanthropy. In the summer of 1999 my cousins and I ranged in age from 12-27. At 19 years old, I fell somewhere in the middle. Those of us who were 16 and older had attended our first family retreat the prior year, and were introduced to the concept of our family office and all that it... Read more »

 

Have You Had Your Annual “Fiscal Physical?”

May 15 2015 - Dennis R. Wright, Wellspring Associates

A client of mine once characterized Wealth Integration as a “fiscal physical.” Initially, I wasn’t all that flattered by the comparison. However, the more I thought about it, the more I came to realize that this unfortunate-but-fair description accurately recognizes that, like a medical physical, a fiscal physical is something that one knows should be done,but may not look forward to doing. The entire estate planning, financial planning and accounting process may actually fall in this category—clearly,... Read more »

 

Cybersecurity Basics in the Family Office

May 07 2015 - Steven Draper

For many family offices—especially the smaller ones—the thought of spending tens of thousands of dollars on one key element of cybersecurity, penetration testing, is a daunting prospect. Though certainly helpful, penetration testing is often overkill for many offices. A better approach may be to start with a vulnerability scan. The terms “vulnerability scan” and “penetration testing” are frequently confused or incorrectly used interchangeably. While a vulnerability scan identifies and reports potential... Read more »

 

Why Profits are Soaring at Top Multi-Family Offices and Wealth Advisor Firms

Apr 24 2015 - David Toth

Multi-family offices and wealth advisors are enjoying growing profitability—and revenue. That’s what we learned while conducting the 2014 FOX Multi-Family Office and Wealth Advisor Benchmarking Study Report, FOX’s best and most current thinking on the direction of the Ultra High Net Worth (UHNW) advisory business. Overall, profit margins are growing at multi-family offices and wealth advisor firms, with median profit margins up by 5 percentage points (from 19% in 2012 to 24% in 2013). However, at the same... Read more »

 

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