We have all heard the daunting forecasts about how many families are expected to change advisors as wealth transfers from one generation to the next. While no advisor wants to become a statistic, many are not clear as to the right strategies or tactics for effectively connecting with and meeting the expectations of the next generation of decision makers. In this session, we will examine ways of servicing the entire family and building a confidential, personal relationship with each individual to avoid being seen as just the “parent’s advisor”.
Wealth Management
Resource Search
Strengthening Your Advisor Ecosystem
Publish Date
Every family office works with a variety of external advisors. In this 2011 FOX Fall Forum presentation, a multi-family office CEO and a single-family office CEO shared their perspectives on managing a family’s advisor ecosystem.
Aligning Compensation Structures and Family Goals
Publish Date
The speakers in this 2011 FOX Fall Forum session examine different approaches for compensating key staff members, with an emphasis on long-term, deferred structures.
Increased use of modern networking technologies, including social media, is creating new forms of participation, shifting power from producer to citizen and building customer sovereignty. For corporations and organizations, entry into the digital society rests on new economic principles, rules of play, and collaborative business models.
Shaping the Future with Technology
Publish Date
Get a glimpse of the family office of the future and the technology employed in securing, managing and distributing data. This 2011 FOX Financial Executives Forum session also looks at how to make the most of existing technology. Conduct periodic assessments of your technology to ensure it aligns with your business goals. Even incremental changes can yield big benefits. Focus on timely, integrated information delivery to the end user as well as operational and client service tools. Spreadsheets are here to stay.
The complex needs of families stretch sales timelines and require a high degree of customization and cost. During the presentation given at the 2011 Wealth Advisor Forum, two FOX executives examined the business development and sales practices that meet these challenges and help turn prospects into long-term clients.
Assessing the Client Complexity Factor Early On
Publish Date
A method for determining the complexity level of a prospective client and evaluating if they are a good fit for the firm's services.
Retaining Talented Employees to Enhance Productivity
Publish Date
The key to any successfully operated wealth management organization depends on having the right talent in the right role. This 2010 FOX Fall Forum session includes a discussion of findings from recent FOX research that focuses on critical talent issues, such as recruiting, compensation and team structure. In addition, a family office executive will present findings from her own employee satisfaction survey and discuss how the information has been helpful in identifying what motivates her employees.
Conflicts of Interest
Publish Date
Even with the recently enacted financial industry reform legislation, prudent investors should evaluate whether their advisors are truly acting in their best interest by examining nine areas in which a conflict of interest could exist.
When a family needs to add to their domestic staff, they often call upon their family office for assistance in overseeing the process. This paper from Mahler Private Staffing provides an overview of the steps involved in hiring domestic staff, as well as questions to ask when assessing search firms.