What can I do to raise productive, responsible, generous and prepared inheritors or owners? How do I get the rising generation to get involved and engaged in learning so they are ready for their future roles and responsibilities? How do we create programs and a curriculum that everyone will find valuable taking into consideration their different ages, interests and aptitudes? While there is not a silver bullet solution or a guarantee of success, this session will provide insights and examples to help parents, family office professionals, and wealth advisors address these common questions.
Family Office Best Practices
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Families often ask what the best technology platform for a family office is – making the assumption that there are just one or two types of technology solutions. However, most family offices require a combination of accounting, investment and reporting tools, as well as various supporting tools. The specific tools vary based on the types of investments, activities performed within the office and by service providers, and the needs and desires of the family and its staff.
While most indicators predict a healthy economy in the near future, the inevitable downturn lurks ominously on the horizon. In addition, tension with Russia and China, as well as the threat of renewed violence in the Middle East creates warranted anxiety among investors. Certainly the landscape of risks investors and family offices face continues to evolve and some risks may play out slowly over years or decades, but even those discussed daily in the media could play out in different ways.
Since the Tax Cuts and Jobs Act was released at the end of 2017, family office and multi-family office professionals have been struggling to understand what all this means for their clients’ situations and circumstances.
The biggest asset of any family office is the staff that supports the family clients. Hear from two family office human resource executives about the elements and process to consider in building an effective team that delivers the best client experience for the family. The executives will discuss leadership and team building strategies and offer practical examples to build the best team to support the family. The basic tenets of building an effective family office team will include leadership, assessing talent, and building a team and culture.
Needs and goals of the family inform the attributes of any good family office. How the family office supports the family in that regard is a big question. Increasingly, certain families are considering transforming into a virtual family office, in part at least, as they think about the family client of the future. But what are the considerations that should be addressed as part of such a change? This session will explore the impact of such a transformation of a family office on oversight, cost, technology, team and advisor ecosystem, as well as insourcing vs.
Breakout Session C: Protecting Your Wealth Through an Enterprise Risk Management Approach
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Enterprise Risk Management offers a robust approach to managing risk for families, developing a cost effective, comprehensive plan taking into consideration the rapidly evolving nature of our clients’ needs. It takes a holistic approach to identifying, defining, quantifying, analyzing and providing solutions to all the identifiable exposures facing family offices. This session will review the 5 Steps of Risk Management, Loss Control, Loss Mitigation and Transfer of Risk.
The 2017 Tax Act presents planning opportunities around the choice of entity. Existing clients with pass through entities like S-Corporations and LLCs need to consider if maintaining this status is prudent given the changes in the tax law. In the past C-Corporations considered elections to become pass through entities to avoid two tiers of tax. What is best for a particular client situation will challenge past convention on choice of entity as optimization is dependent on facts and circumstances.
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.
Under the new ASC 606 revenue recognition standard, contracts are the basis of how organizations must recognize revenue. This places significant pressure on your accounting system and financial reporting. In addition to handling contract-related data, it must support revenue recognition and allocation, revenue reallocation, and expense amortization.