FOX Insights Blog

Is the Multi-Family Office Pricing Model Broken?

Jul 20 2016 - David Toth

Pricing at multi-family office firms is under pressure. That is one of the key findings in the 2016 FOX Wealth Advisor Benchmarking Study. Advisors are losing pricing power with their family client prospects, and have been for several years—there has been a 15% drop in the pricing of wealth management-related services for ultra-high net worth clients since 2012. The question now, of course, is why? To figure this out, we asked a number of leading advisors at both our annual FOX MFO Council meeting, and at... Read more »

 

Staff Retreats: How They Can Benefit Your Family Office

Jul 14 2016 - Karen Neal, CFO, CSC Family Partners

When I was heading up consulting for FOX, I had the pleasure of spending a morning with the staff of a large family office at their three-day retreat in the wilderness of northern Wisconsin. I was there to share some FOX wisdom and best practices, and found it invigorating to be with a group of engaged professionals. Not only did the family support the entire staff being away from the office for three days, but they invited them to use their family lodge for the experience. The family office leadership... Read more »

 

How to Prepare for the New Overtime Rules

Jun 29 2016 - Bruce Benesh, Partner-in-Charge, Compensation and Benefits Consulting; Global Mobility Services, Grant Thornton

On May 18, 2016, the Department of Labor (DOL) updated the Fair Labor Standards Act and expanded overtime eligibility for millions of American workers by increasing the minimum salary employers must pay workers to maintain their exempt status. The new minimum salary level outlined in the DOL's Final Rule equates to roughly $913 per week, or $47,476 per year—more than double the previous exemption threshold of $23,660. The new rules will take effect December 1, 2016. How will they impact your family office... Read more »

 

Guest Post: Why Family Businesses Need an Advocate in Washington

Jun 22 2016 - Patricia M. Soldano, Founder, Policy and Taxation Group

Family businesses in America generate 50% of the jobs, 64% of GDP and account for 61% of all privately owned businesses. While family businesses are very important to the economic growth of our country, they are not given proper consideration when new laws, regulations and restrictions are imposed by legislators and other government bodies. While most family businesses belong to an industry or trade association that advocates for that industry, the only organization that educates legislators and others... Read more »

 

Three Reasons to Bring Outsiders Into the Family Enterprise

Jun 02 2016 - Karen Neal, CFO, CSC Family Partners

The more I learn from working with families, the more I realize that the relationships they have with their advisors are just like dating. One of the most important commonalities is the need to build trust, and letting someone in on all your secrets and vulnerabilities is scary. But if you don’t, the relationship won’t last and you’ll possibly miss out on an opportunity to grow. New relationships are scary. They can be especially scary for wealthy families, where social media poses a threat to their... Read more »

 

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