Families are becoming more complex, but a shared family vision and strategy are becoming easier to define. Business-centric families are becoming enterprise-centric and risk assessment is more sophisticated. Having impact in the future will require new strategies and new ways of thinking. The Family Office of old will need to make substantial adjustments to stay relevant in the coming decades. To thrive in the future, families must prepare themselves for dramatic change. Here we look at the seven most significant changes taking place as families adapt to the modern times.
Wealth Management
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2020 FOX Foresight: The Future of Wealth Management
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As disruption in the wealth management industry accelerates, the industry is struggling to keep pace. While Family Offices may not feel the full pressure of this disruption today, it is indeed on its way. How exactly the future plays out is still anyone’s guess. What is certain is that the Family Office business model and value proposition will evolve, including the wealth manager’s role expanding to include building strong partner ecosystem to best meet the needs of family clients.
Overtime Rule: What You Need to Know
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In this webcast, learn about the new overtime rule that went into effect on January 1st, 2020. The training focuses on understanding what the new overtime rule is, its history, the implications to employers, and what you should do next.
Families spend a lifetime building a legacy and tragically, just one lawsuit can place that legacy in jeopardy. Without that critical layer of personal liability insurance, your are at risk. Personal excess liability coverage—commonly called an umbrella policy—protects individuals from a covered claim brought against them, personal injury, or property damage in excess of underlying policies.
Advisor Briefing: Serving as a Catalyst for Change
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Each business owner and business-owning family are unique, with distinct characteristics and interests. Our presenters will share insights from FOX proprietary research and their own experiences working with business owners to lead a discussion on how advisors can help families manage challenges, navigate transitions, and engage in difficult conversations more effectively. Based on insights and observations from the family stories shared throughout the day, advisors will discuss their own experiences and approaches in guiding families.
Designing with the Next Generation in Mind
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For multi-generational families, designing the right second home is often a series of "both/and" propositions. A home needs to be both a reflection of self, while also foreseeing the needs of generations to come. It needs to feel cozy and intimate for weekend getaways, while also welcoming large gatherings. Most of all, it needs to understand your needs today, while also anticipating your hopes for tomorrow. If your goals are both/and, it's important to have three specific strategies in place.
The HR Coaching Tree
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Many organizations are realizing that HR executives’ mandate extends beyond figuring out the firm’s health insurance and writing the employee handbook. They are key to creating a positive work culture and attracting (and keeping) talented employees—all essential to the success of any enterprise. In the world of human resources, Mike Feiner and Bill Conaty are known as the progenitors of two of the world’s greatest coaching trees.
5 Best Practices of High Performing Finance Leaders
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High performing CFOs in financial services organizations integrate data-driven decision-making activities across the entire company, changing the role of finance from back-room financial reporters into forward-thinking analysts and trusted advisors. This infographic shows how they do it and how you can too.
Organizations that want to develop or retain a competitive advantage should create a diverse and inclusive environment where all can thrive. This means addressing both the company-wide structural and behavioral issues that may be preventing people from achieving their full potential. It also means taking on an approach involving six choices and seeing how they can be applied effectively by underrepresented employees.
Go Slow to Go Far
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Traditionally, wealth advisors use a succession planning framework that involves working with the founders to look downstream to the next generation for an effective “passing of the baton” strategy. In contrast, a multi-generational approach encourages each person within the family system to contemplate and share with others where they’ve come from, what they’ve come with, what they wish to pass on, and what they wish to leave behind.