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.
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Massive data breaches, constant collection of personal data—it may seem like privacy is dead in the digital age. But privacy, security, and trust are increasingly vital and intertwined in a data-driven society. For CEOs and boards, the existential question is less about the future of privacy and more about the future of their own organization, including if their company can muster the will and imagination needed to jolt stalled privacy risk management into action and become a trusted brand for responsible innovation and data usage.
How can risk executives embrace innovation while preparing for unknown risks such as a self-driving car commandeered by hackers, data analytics software that unintentionally reflects biases, or autonomous weapons that cause accidental casualties? This challenge was explored in the Risk in Review Study of more than 1,500 senior risk executives globally. Adapters—those with programs that tackle innovation-related risks somewhat or very effectively—practice five actions that set them apart. And their programs exert much more influence over decisions about innovation.
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.
It’s not news that revenue is the key indicator of a company’s financial performance and health. What is news is the accounting rules around the recognition and reporting on that revenue is about to change under ASC 606, particularly if you have a subscription-based business that derives revenue from contracts with customers. What’s the big deal? For starters, the impact of the change extends beyond a mere tweak to your accounting methods.
Today’s risk environment is more complex than ever before, and successful individuals, families, and family enterprises are facing a convergence of personal, commercial, strategic, and financial risks. This latest Family Office Benchmarking Study provides a deep examination of concerns, trends, and personal insurance data and programs that are specific to the family office segment.
This is the report of findings of the 2018 FOX Multi-Family Office and Wealth Advisor Study.The full report is only available to firms that participated in the study. If your firm participated, please contact your FOX Relationship Manager to obtain a copy of the report. The study represents FOX’s best and most current thinking on the direction of Ultra High Net Worth (UHNW) business. The report is presented in three sections, with key takeaways identified for each as follows:
Families of wealth and business-owning families face security risks in their everyday lives, where personal and business risks are often blended and are typically managed by different people and processes. This creates a gap in identifying risks and solutions that can be addressed through a holistic and collaborative risk management approach.
As Artificial Intelligence (AI) gets more sophisticated and weaves further into the fabric of human existence, what are the implications for work and society? How will AI, its evolution, and some of its potential future mind-bending possibilities impact investors? While the answers are beyond the reach of a single article, having a better understanding of the AI phenomenon is important for investors hoping to participate in an emerging trend that will shape the future for years to come.
Much of the work we do at Family Office Exchange focuses on identifying the trends and issues having an immediate or imminent impact on families of wealth. In this session, we’ll explore what’s on the minds of members, including issues related to tax reform and how families are responding to the recent changes, the evolving role of a fiduciary, longevity and our responsibilities as advisors, the importance of trust in financial services, and how advisors are successfully responding to a shifting talent and culture paradigm.