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In family philanthropy we have the choice in how we define "family." In the case of the Quixote Foundation, family is defined as the people who are at the table because they care about each other and the issues—not because they share a biological connection. Hear about the family bonds that are created when working together for good."The more that we believe that we're in this together as a family, the greater impact we will have." -June Wilson, Executive Director Emeritus, Quixote Foundation

For private wealth clients, the consideration of tax liabilities adds another wrinkle to already complex investment decisions. It is vital for high-net-worth individuals and families to weigh the tax implications of any changes to their portfolio as taxes can erode gains, hindering their investments’ ability to meet their financial objectives. Although the burden of taxes creates a higher hurdle for private clients than most institutional investors, it is not insurmountable.

History shows that the families who address human capital issues, in addition to the financial issues, are the ones that prosper for multiple generations. Understanding the three human dimensions of family wealth—the individual, the interpersonal, and the institutional—provides families with a better way to think about the challenges of succession planning and wealth management. It’s part of the wealth momentum mindset that believes in the positive interplay between both family and financial dynamics that leads to sustained wealth progress.

For investors with private allocations, how one incorporates them into the policy benchmark will materially impact the portfolio’s relative performance, making the choice key to informed decision making.

The “Recession 2020” talk is omnipresent in the financial press, but productivity developments—which are no longer a manufacturing phenomenon—may extend the party. After years of stagnation, the stage is set for a cyclical upturn in productivity that would restrain labor costs, limit inflation, and allow profit margins to remain elevated.

Benchmarking is a critical component of a successful investment program; however, measuring private investment performance vexes even the most sophisticated investors.

Today, a quarter of 65-year-olds will live past age 90, and one in 10 will live past age 95. Living longer has considerable benefits for individuals and their families, but living longer is also creating new challenges. Traditionally, managing wealth in preparation for the later stages of life is centered on estate planning and tax efficiency. As people live longer, this narrow focus is inadequate.

While trade finance is among the oldest forms of institutionalized credit, it has only recently become an accessible market for most institutional investors. Providing high liquidity, good return premiums over cash, and a predictable risk profile, it can play a valuable role in portfolio strategy. However, as a fairly new option for most investors, its characteristics are not well-known. In this report, we explain the nuances of trade finance, including its evolution, basic mechanics, typical features, available strategies, and portfolio allocation implications.

Many institutional investors have long sought to promote social equity through grant making and other philanthropic endeavors. With the field of impact investing maturing, these institutions are now increasingly seeking investment solutions to accomplish the same goal. Yet this effort raises important questions: What is social equity investing? What does it look like in practice? And how do social equity investments fit in a portfolio?

The 2018 U.S. Trust Insights on Wealth and Worth® study asked nearly one thousand high-net-worth individuals about their approach to building wealth and the extent to which they are using it to achieve their goals and support the causes they care about most. The study found that while wealth provides the freedom to do more, it also brings increased obligations, expectations and demands.