This workshop is one of the very few places trustees and beneficiaries get the high-quality, objective, and non-commercial training they need to fulfill their roles in an informed and confident way.
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REFUND POLICY: For event registrations, refunds of payment or forum allotments will be offered if the cancellation is made in writing to Family Office Exchange at email@example.com five (5) or more business days prior to the start of the event. For more information regarding administrative policies please contact FOX office at: 312.327.1200.
Field of Study: Finance - Up to 12 CPE credits can be earned by attending this event. CPE credits are accepted at the option of state certifying boards. Requirements, compliance procedures and acceptance may vary by state. Learning Objectives: Upon completion of this program, participants will gain clarity on the duties and powers of a trustee, investment considerations related to the trust, distribution strategies and policies, a better understanding the role of the beneficiary, how to communicate more effectively between the trustee and beneficiary to name just a few of the program objectives.
Program Level: Overview | No prerequisites are required for any of the sessions. | Delivery Method: Group Live Program
Family Office Exchange is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.
Tuesday, June 20
|7:45 am||Registration and Continental Breakfast|
Welcome and Program Introduction
The Foundation of Wise Trusteeship
A trustee’s success is highly dependent upon how he or she approaches the job. There are five foundational principles that underlie the noble profession of trusteeship that go beyond traditional duties such as investing, distributions, and administration. Keith Whitaker and Susan Massenzio of Wise Counsel Research will introduce us to the five qualities, including “Do No Harm,” “Fidelity,” “Regency,” “Discernment,” and “Courage.”
Duties and Powers of the Trustee
A trustee is the legal owner of all of a trust’s property and has a fiduciary duty to the beneficiaries. In this session, Bill Sanderson and Christine Quigley will address the many duties and powers required of a trustee. They will lay out the complex canon of trustees’ legal responsibilities in a simple, approachable way that will enable trustees to knowledgeably approach their duties.
Investing Trust Assets
Michael J. Flynn, a former family office CIO, and Bill Sanderson, trustee of numerous trusts, will delve into the practical issues that need to be addressed if trust assets are going to be invested prudently, taking into consideration a range of assets, trust agreement provisions and expressions of grantor intent. Topics covered in this session will include: concentration, diversification and over-diversification; relevant risks; active vs. passive strategies; hedge funds; direct and co-investments; and interests in operating companies.
Panel – Trustee and Beneficiaries – How Does It Really Work?
Two FOX families will share their experiences as both trustees and beneficiaries. They will discuss their trust structures (including a private trust company), the decision making process that led to those structures, and the responsibilities of the various roles required for success. In addition, both families' trustees will offer how best to work with their beneficiaries and vice versa. The panel will then take questions about the realities of being a trustee and beneficiary and the unique nature of that relationship.
Distribution Provisions: Understanding the Issues and Options
Two leading trust attorneys, Bill Sanderson and Christine Quigley, will discuss the key issues related to trust distributions, including discretionary versus required distributions, the unitrust concept, and problems arising from exhausting trust assets. This session will also cover the many factors that trustees should consider when faced with requests for discretionary distributions.
Managing Fiduciary Risk
Using real cases, David C. Blickenstaff and Tera Rica Murdock, two leading fiduciary litigators, will discuss how fiduciaries can get into trouble. They will share the lessons they’ve learned from their cases so you can avoid litigation, and they’ll provide a checklist of best practices to mitigate the risk of litigation.
|6:30 pm||Group Cocktails and Dinner|
Wednesday, June 21
|8:30 am||Continental Breakfast|
Building Positive Long-Term Relationships Between the Trustee and Beneficiary
In this session, Pamela Lucina and John Welsh will explore how the trustee can build a positive long-term relationship with the beneficiary, which can significantly impact a family’s long-term wealth preservation plan. The discussion will develop the concept that trusts are relationships dependent on care and feeding, communication, and expectation management by both the trustee and beneficiary.
Selecting the Right Trustee: Know Your Options
One of the most important decisions the grantor of a trust will make is picking the person or institution that will be in-charge of managing the trust’s assets and executing the fiduciary duties it requires. Building on the prior sessions, Mark Harder will review various trustee options, note the pros and cons of each option, and identify how to select the most qualified trustee for your family’s circumstances. Family patriarch, Pat Thompson, will share how his trustee role has evolved and how his activity as trustee has been supported by his relationship with Mark as his fiduciary advisor.
|11:30 am||Peer Discussion|
Showing and Celebrating your Real Colors in Trustee/Beneficiary Relationships
Good communication and mutual understanding between trustees and beneficiaries is critical for the smooth and positive operation of a trust. Rather than have a series of misunderstandings and assumptions mar this relationship, open and effective communication can pave the way for this relationship to a special one in both individuals' lives. Amy M. Zehnder and Kristen Armstrong will present a tool that can help trustees and beneficiaries communicate more effectively and with increased ease by augmenting their understanding of behavioral and thinking style differences. Participants will have the opportunity to work with this tool in current trustee/beneficiary relationships.
Bringing it All Together – The Case Studies
Tera Rica Murdock will bring the FOX Trustees and Beneficiaries Workshop’s lessons to life by demonstrating their application through several intriguing case examples. This will be an interactive session with speakers and attendees addressing how they would respond to real-life situations and comparing their approaches to the real-world outcomes.
Kristen Armstrong, Ph.D.
Strategic Wealth Coach, Ascent Private Capital Management of U.S. Bank
Kristen Armstrong, Ph.D., has applied her acumen in executive coaching and leadership development to family systems and enterprises for the past two decades. She assists families in developing the knowledge and skills necessary to flourish in business together and to pass on familial wealth that includes values, commitments, philanthropy and other legacies.
Having lived in three distinct global cultures as a child and young adult, Kristen became fascinated with the challenges of navigating different points of view while identifying common threads that connect individuals and families worldwide. In her role as strategic wealth coach, Kristen finds ample opportunities to employ these skills, bridging divergent viewpoints within complex systems and finding commonalities upon which strong structures can be built and sustained.
Kristen holds a master’s degree in theology and a doctorate in psychology. She is a certified executive coach and holds an advanced certificate in family business advising from the Family Firm Institute. She is a member of the American Psychological Association and the Society for Consulting Psychologists and is a fellow of the Family Firm Institute.
David C. Blickenstaff
Partner, Schiff Hardin LLP
David C. Blickenstaff is a partner in the Chicago office of Schiff Hardin LLP and the leader of the firm’s national trust and estate litigation practice. He is a trial lawyer who represents corporate and individual fiduciaries as well as beneficiaries in trust, estate, and guardianship litigation and related matters.
Mr. Blickenstaff has handled scores of fiduciary disputes in courtrooms across the country, including extensive appellate work. He is also a regular lecturer and panelist on topics relating to fiduciary litigation and managing fiduciary risk.
Mr. Blickenstaff graduated magna cum laude from Northwestern University School of Law in 1994 after serving as the Coordinating Note and Comment Editor of the Northwestern University Law Review. He earned his bachelor’s degree in 1990 from Princeton University, where he studied political philosophy and played intercollegiate water polo. He is a Fellow of the American College of Trust and Estate Counsel.
John Dziminski, President & Chief Executive Officer, The Rosewood Corporation
Michael J. Flynn, CFA, CIO, NewCo
Robert (Bob) L. Hammett, Vice President, Chifam LLC
Denise Hammett Bieker, Realtor, Coldwell Banker Residential Real Estate
Mark K. Harder, Partner, Warner Norcross & Judd LLP, Private Client & Family Office Group
Mark K. Harder is a partner with the law firm of Warner Norcross & Judd LLP and serves as Chair of the firm’s Private Client & Family Office Practice. He concentrates his practice in estate planning and administration for high net worth individuals and in the representation of family owned businesses and their owners.
Mr. Harder is a Fellow in the American College of Trust & Estate Counsel and is listed in Best Lawyers in America and Michigan Superlawyers. He was named 2010 and 2017 Lawyer of the Year for Trusts and Estates in Grand Rapids, Michigan by Best Lawyers in America. In 2016 he was named by Michigan Superlawyers as one of Michigan’s Top 100 Lawyers.
He served as Chair of the State Bar of Michigan’s Probate and Estate Planning Section and was the Chairman and Reporter for the Michigan Trust Code Committee. He is prolific speaker and author for the Institute of Continuing Legal Education and other professional organizations.
Advisor, LSH Advisory Board
Managing Director, BNY Mellon Wealth Management
Pamela Lucina is a managing director for BNY Mellon Wealth Management. In this role, she leads a team of wealth strategists, advice and analytics globally. The Global Wealth Strategist group consists of partner level experts in tax, trusts, estates and international transactions. They work to develop innovative strategies in wealth transfer in philanthropy, cross-border planning, analytics and ownership structures to maximize our global clients' wealth after taxes and across generations.
Pamela has 20 years of experience providing comprehensive wealth planning advice to individuals and families. Most recently, she was with JPMorgan, where her key responsibilities included providing wealth and estate planning services to the firm’s largest and most complex clients, and advising families on governance issues and philanthropic matters.
Prior to JPMorgan, Pamela spent 10 years in private practice, working for Arthur Andersen and Mayer Brown. She is a Fellow of the American College of Trust and Estate Counsel (ACTEC), is well published, and is a frequent speaker at industry conferences and events.
Susan Massenzio, Ph.D.
Co-President, Wise Counsel Research
Susan Massenzio, Ph.D., is President of Wise Counsel Research Associates. She is a psychologist with extensive experience consulting to senior executives and leadership teams of Fortune 500 financial services firms. She helps firms design effective organizations, develop high potential executives, plan leadership succession, and integrate key leaders into new roles. Firms leverage her knowledge of psychology and organizational dynamics to optimize performance. As an executive consultant, she enables leaders to gain greater insight into their leadership and management styles and to maximize their influence and impact.
Susan has also consulted extensively with family businesses. She helps families make a positive impact through enhanced communication, decision making, cultivation of next generation leaders, and philanthropy. Susan is co-author of The Cycle of the Gift and The Voice of the Rising Generation, both published by Bloomberg Press.
Susan served as the Senior Psychologist for John Hancock Financial Services, Senior Vice President for Wells Fargo Bank, and Professor and Program Director at Northeastern University. Susan holds a Ph.D. in Psychology from Northwestern University and a BA in Sociology and Education from Simmons College. She is a member of the Collaboration for Family Flourishing.
Tera Rica Murdock
Partner, Waller Lansden Dortch & Davis, LLP
Tera Rica Murdock is a skillful litigator and an effective advocate in complex business, trust, and employment disputes. Tera Rica has extensive trial experience. She has been an advocate in jury trials and bench trials in both state and federal court as well as in private arbitrations. She has both defended and prosecuted claims of breach of fiduciary duty and breach of trust, representing corporate trustees, family offices, and beneficiaries. Clients count on Tera Rica to craft strategies for resolution which preserve relationships while keeping in accordance with the terms of the trust instrument.
Tera Rica has prosecuted and defended claims of breach of contract in the financial services, manufacturing, and healthcare industries. Whether enforcing a contract on its terms, recovering damages, or defending against these claims, Tera Rica has the experience needed to advocate for businesses while respecting their organizational objectives. Additionally, she is experienced in the representation of management in the manufacturing industry in all aspects of employment law. She has litigated complex multi-plaintiff claims involving the Equal Employment Opportunity Commission, assisted companies in enforcing non-compete agreements, and defended businesses against alleged violations of federal and state employment law.
Partner, Schiff Hardin LLP
Christine Quigley is a partner in the Private Clients, Trusts and Estates group of Schiff Hardin LLP. Christine advises affluent individuals and families in wealth transfer planning, tax planning, estate and trust administration, and business succession planning. Her clients include principals of private equity, hedge fund, and venture capital firms; owners of closely-held businesses; and executives of public corporations. Christine’s practice focuses on the complex estate and personal planning needs of her clients. She regularly represents entrepreneurial clients who have built significant wealth from the ground up.
Christine is a Fellow of the American College of Trust and Estate Counsel. In addition, she is a vice chair of the Business Investment Entities, Partnerships, LLCs and Corporations Committee of the American Bar Association’s Real Property, Trust and Estate Law Section, is on the Bloomberg BNA Estates, Gifts and Trusts Advisory Board, and is active in the Chicago Estate Planning Council. She has been quoted in multiple publications and has written and lectured on a variety of topics that impact her clients, including carried interest planning, family partnerships, tax traps involved in closely held business transactions and business succession issues. Christine received her BA from Dartmouth College and her JD from Loyola University Chicago School of Law, summa cum laude.
Partner, McGuireWoods LLP
Bill Sanderson is a member of the McGuireWoods fiduciary advisory services and private wealth services practice groups. He represents both high-net worth individuals and families on a variety of sensitive and complex estate and business planning matters. His practice focuses on the areas of estate planning and estate and trust administration.
A frequent speaker, Bill has also taught Federal Taxation Practice and Procedure at Virginia Commonwealth University School of Business.
Prior to completing his law degree at the University of Virginia School of Law, Bill completed coursework at the University of South Carolina School of Law. While attending the University of Virginia, Bill was a member of the Raven Society and the Jefferson Literary and Debating Society.
Julia Sands, Executive Director, The Rosewood Corporation
Pat Thompson, Founder & Chairman of the Board, Trans-Matic Mfg. Co.
Pat Thompson is the founder and Chairman of the Board of Trans-Matic Mfg. Co. Trans-Matic is a privately owned, family owned, multi-national manufacturing company that produces deep drawn metal components for major OEMs.
Pat received his Bachelor’s Degree from Bellarmine University and his Master’s Degree from the University of Michigan.
He is retired from operating duties of his company and restricts his participation at the company to board work and coaching members of his executive team. Through gifting and grantor retained annuity trusts, he and his wife have transferred 80% of his company stock to this three children.
He spends some of his time in retirement managing personal investments, playing golf, fishing and traveling. Pat and his wife live six months of the year in Holland, Michigan and six months in Naples, Florida.
Vice President, Wealth Strategy, BNY Mellon Wealth Management
John Welsh is a Wealth Strategist with BNY Mellon Wealth Management. As a Wealth Strategist, John provides comprehensive wealth and estate planning advice to address the unique financial and governance needs of wealthy individuals, families and private business owners. This includes, developing innovative strategies in wealth transfer in philanthropy, cross-border planning, analytics and ownership structures to maximize clients' global wealth after taxes and across generations. He has over 10 years of wealth and tax planning experience.
Most recently, he was with a large international law firm, where he was a part of the private client group providing wealth and estate planning services to ultra-high net worth individuals, families, family offices and foundations. Prior to that, John spent 5 years as a tax consultant with a Big Five accounting firm and a consulting firm in Chicago.
John has a Bachelor’s degree from the University of Notre Dame and a JD from Northwestern University School of Law.
Keith Whitaker, Ph.D.
Co-President, Wise Counsel Research
Keith Whitaker, Ph.D., is President of Wise Counsel Research. He has consulted for many years with leaders of enterprising families, helping them plan succession, develop next generation talent, and communicate around estate planning. With a background in education and philanthropy, he enables family leaders to better understand their values and goals as well as to have a positive impact on the world around them. Family Wealth Report named Keith the 2015 "outstanding contributor to wealth management thought-leadership."
Keith has served as a Managing Director at Wells Fargo Family Wealth, an adjunct professor of management at Vanderbilt University, an adjunct assistant professor of philosophy at Boston College, and a director of a private foundation. He was also a special assistant to the President of Boston University.
Keith’s writings and commentary have appeared in The Wall Street Journal, The New York Times, The Financial Times, Claremont Review of Books, and Philanthropy Magazine. His Wealth and the Will of God appeared in 2010 from Indiana University Press and he is co-author of The Cycle of the Gift: Family Wealth & Wisdom, The Voice of the Rising Generation, and Family Trusts: a Guide for Beneficiaries, Trustees, Trust Protectors, and Trust Creators, all published by Bloomberg Press.
Keith holds a Ph.D. in Social Thought from the University of Chicago and a BA and MA in Classics and Philosophy from Boston University. He serves on the board of directors of the National Association of Scholars.
Amy M. Zehnder, Ph.D.
Strategic Wealth Coach, Ascent Private Capital Management of U.S. Bank
Amy M. Zehnder, Ph.D., applies her strong background in organizational psychology, executive coaching and leadership development to help clients create lasting legacies and family continuity. Through proven exercises and techniques, Amy encourages families to make a positive impact with their wealth. Specifically, she works with families to articulate and follow their vision and values, communicate and work together more effectively and develop the next generation of leaders.
Amy is the co-author of Coaching for Commitment, (Third Edition) and certified in a variety of development programs ranging from leadership and motivation to trust and communication. She is also qualified in a number of assessment tools, including Real Colors®, Clifton StrengthsFinder, Extraordinary Leader and Preparing Heirs.
Amy earned a Ph.D. in industrial and organizational psychology from Alliant International University and is a professional certified executive coach. She has worked with hundreds of business leaders, team members and families to achieve exceptional results by improving their leadership and communication effectiveness.
Family Office Exchange Speakers
Amy Hart Clyne, Executive Director, Knowledge Center
Amy Hart Clyne is Executive Director of the Knowledge Center for Family Office Exchange (FOX), supporting the firm’s extensive global community of ultra-wealthy families and advisors. Her effort is concentrated on knowledge acquisition, development, management and distribution. Focused on transforming creative, best practice and innovative ideas into practical solutions, Amy collaborates with all of the teams within FOX to ensure that the firm’s collective learning is used to enhance existing member relationships, attract new members, and support the work of the consulting practice. Amy is also responsible for program design & development at FOX, including all forums, events and webinars. She is actively engaged in FOX strategic planning, relationship management, marketing and research planning, sales and training meetings, member events and workshops, and new product launch.
Leveraging over 25 years of extensive experience in private wealth management, Amy joined Family Office Exchange in 2012. Over the prior dozen years, she has worked as a consultant to some of the country’s leading private wealth management firms and private family foundations. Previously, Amy was appointed Global Marketing Director of The Chase Manhattan Private Bank for seven years. Prior to joining Chase, Amy worked in Marketing and Training at Bankers Trust Private Bank and previously served as a Portfolio Manager for Lehman Management Company, a subsidiary of Lehman Bros. Kuhn Loeb, for six years, in the ultra-wealthy individual area.
Mariann Mihailidis, Managing Director, Councils
Feedback from attendees of last year's FOX Trustees and Beneficiaries Workshop:
"This is a fantastic starting point for new trustees or beneficiaries - capturing the nuts/bolts plus much more."
"An excellent overview of the subject with thorough practical content as well as emphasis on the all-important inter-personal aspects."
"You'll learn a lot about being a trustee & get to meet others who are trustees & beneficiaries."
"A good opportunity to get people on the same page with common understanding, language and information."
"Great environment - no judgments - great information. Attracts good people, which makes for good networking."
"It will help greatly... GO! & bring as many trustees, beneficiaries & grantors as possible."
Workshop Location and Accommodations
Georgia Tech Hotel and Conference Center
800 Spring St. NW
Atlanta, GA 30308
Phone - 1.800.706.2899
Please contact reservations directly at 1.800.706.2899 or visit www.gatechhotel.com/contact-us-en.html to reserve your hotel room.
Workshop attendees are responsible for making their own accommodation arrangements.