FOX Insights Blog

Know Your Strengths: How to Develop a Family Wealth Strategy

Aug 28 2015 - Linda Shepro

Many FOX members have asked about what considerations should go into developing a family wealth strategy after an operating company is sold. To them, I’ll often tell the story of Thorndale Farm CEO Oakleigh Thorne and his 20 year plan. After Oakleigh completed his MBA in 1986, he went to work at Commerce Clearing House, Inc.—a company his family started in 1892. Oakleigh helped refocus the company’s energies, transforming it from a publishing company into a modern information technology company. He was... Read more »

 

Socially Responsible Investing: What Every Trustee Should Know

Aug 21 2015 - Mark Harder, Partner, Warner Norcross & Judd LLP

Earlier this year, one of my clients came to me with a question about her family’s trust portfolio. She was worried that, despite it going against her own personal social values, she (along with the rest of her family) was investing in cigarette companies. “Do we really have to invest this money in cigarette companies?” she asked me. “I mean, there have got to be more socially responsible investments than that.” The question raised some important issues that trustees might face when it comes to the trend... Read more »

 

What Ultra High Net Worth Family Clients Should Expect of Their Bankers

Aug 13 2015 - Paul Ferguson, regional managing director and Chris Peary, associate director of banking, Ascent Private Capital Management

Families of significant wealth rightfully expect their attorneys, investment professionals and CPAs to be creative, effective advisors. It's time they expect the same from their banker. Banking is one aspect of wealth management that affects the family every single day. Yet, despite the increasingly complex needs of families with significant wealth, they and their family office professionals often view banking as a tactical, commodity service. The banker is merely an order-taker, opening and closing... Read more »

 

Is it Time to Move Family Office IT to the Cloud?

Aug 06 2015 - Steven Draper

In the not too distant past, if you were in IT and had virtualization skills, you probably thought your future as an IT admin was secure. Today, that is no longer the case. In "The Big Switch" by Nicholas Carr, the author explains how the use of electricity in larger businesses shifted from on-premises systems (companies had electricity departments, complete with electrical architects and managers) to third-party electrical grids that businesses simply tapped into. Electricity went from an item on which... Read more »

 

Re-Energize with Enterprise

Jul 07 2015 - Scott Winget, senior managing director of the Center for Wealth Impact, Ascent Private Capital Management of U.S. Bank

Family wealth is notoriously difficult to maintain across generations. Without a powerful strategic vision, statistics show that family wealth is bound to dissipate. One useful strategy for nurturing a legacy is to foster an entrepreneurial culture within the family. Most families of wealth began their stories generations ago with an entrepreneur—a risk-taker with vision, tenacity and optimism—who magically created something of value, seemingly from thin air. Later generations, who benefit from the wealth... Read more »

 

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