FOX Insights Blog

How the Cloud has Transformed Technology in the Family Office

Mar 20 2015 - Steven Draper

There has been a paradigm shift in family office technology. A decade ago, family offices had to custom build systems to meet their specific needs. It was expensive, cumbersome, and could quickly prove obsolete as the family’s needs grew and evolved. Even when cloud-based solutions first joined the conversation, many offices expressed concern about how trustworthy the systems truly were—particularly when it came to privacy and data security. Today, the cloud has completely transformed wealth management... Read more »

 

Benchmarking: Family Unity Through Philanthropy

Mar 06 2015 - Marv Pollack

An impressive 79% of families say they have at least one family foundation.  That's what we found in the 2014 FOX Family Office Benchmarking™ survey, our comprehensive biannual benchmarking study among single family offices. This 79% number is consistent with the 80% of families that reported having foundations back in 1996. First- and second-generation family offices (81%) are also just as likely later-generation family offices (77%) to have a foundation, as philanthropy is often the glue that binds... Read more »

 

Agile Advising: The Advisor I Want To Be

Mar 03 2015 - Greg McCann, McCann & Associates

Recently, a close friend of mine told me about a financial analysis on investing that a private wealth firm had sent her. She read most of it, but it all seemed very technical and disjointed to her, and after spending over an hour sifting through the material she found herself wondering, “So what does all this mean to me?” This feeling seems to be especially true among Millennials, yet I believe their sentiment merely epitomizes a trend impacting us all: exponential change, interdependency, greater... Read more »

 

How to Work with a Difficult Team Member

Feb 24 2015 - Amy Hart Clyne

To build a successful integrated wealth plan, advisors of different specialties need to collaborate and cooperate as a fine-tuned team. As such, a team member that has difficulty working with others could prove to be a detriment to the effort of the advisor team, and to the results the family receives. Should you find yourself working with a difficult team member—or realize that you are, in fact, that difficult team member—it may help to try and understand why this person is acting the way they are, so... Read more »

 

Single-Family Offices Can Now Serve Former In-Laws

Feb 17 2015 - Marv Pollack

The SEC has expanded the definition of “family” in single-family offices. The January 2015 ruling, which was an update to a previous SEC ruling we covered in the FOX Insights blog last year, affirmed that single-family offices not only have the right to also service family members’ in-laws and their relatives, but also former in-laws and relatives even after a divorce. The case at hand was addressing whether the single-family office established by former Treasury Secretary William E. Simon could continue... Read more »

 

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