FOX Insights

State of the Art Wealth Management: Asking How Before Asking Why

Apr 15 2014 - Family Office Exchange

Recently key figures from leading advisors in the private wealth management industry gathered with executives from several sophisticated family offices for our annual FOX Thought Leaders Council Summit. The attendees met to discuss what constituted state of the art wealth management. What they determined was that service offerings varied little from one advisor to another and what truly differentiated the state of the art from the state of the industry was service delivery. The attendees identified... Read more »

 

Six Common Problems with Using Business Employees to Manage Personal Financial Matters

Apr 11 2014 - Family Office Exchange

Assigning a business executive to manage or coordinate personal financial or administrative affairs can be problematic for several reasons:   Lack of alignment of interests between the business and the family – The personal goals and appetite for risk-taking of some owners may not align with the interests of the business. Heavy reliance on the same resource for both business and personal matters – Using a trusted business executive as a personal financial advisor leaves both the business and the family... Read more »

 

Developing a Family Enterprise Governance Model

Apr 11 2014 - Family Office Exchange

As the family grows, decision-making moves from the dining table to the board room and family members are often reluctant to formalize their decision-making process. Each branch of the family wants to broaden their options rather than to narrow their options. Written ground rules for decision making makes some family members feel confined by the formality. Only gradually do stakeholders come to trust the ground rules for group decision-making, as these rules prove themselves valuable over time when... Read more »

 

Dr. Gustavo Grodnitzky on Working with Millenials

Apr 01 2014 - Todd Luchik

Employers in the wealth management industry face two distinct talent challenges, one long-term and the other immediate. According to a recent Accenture report titled “The ‘Greater’ Wealth Transfer: Capitalizing on the Intergenerational Shift in Wealth,” Baby Boomers stand to pass on an estimated $30 trillion in wealth to their Generation X and Millenial heirs. Looking ahead, wealth advisors are scrambling to find that next generation of talent to help preserve and provide service to this younger and... Read more »

 

Three Standards of Wealth Preservation for Business-Owning Families

Mar 30 2014 - Family Office Exchange

Business owning families face the simultaneous challenges of running a business while planning for the future of the family and the management of family capital. While successful businesses benefit from disciplined operations and strategic planning, the management of family wealth is often eclipsed by the needs of the business and delegated to trusted business executives. Knowing when to separate these functions and how to make a smooth transition can increase the chances of long-term financial success and... Read more »

 

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