The most successful family foundations are strategic about how money is given away, to whom it is given and for what purposes, and in evaluation of the programs funded and the role of the funder. This paper examines eight strategies that distinguish the most successful family foundations from the least successful ones.
Wealth advisors have a fiduciary responsibility to not only provide clients with unbiased, trusted advice but also to protect the information they deem most important. Clients’ privacy and, more importantly, peace of mind are at risk if advisors do not address and increase their security protocols and procedures.
With the looming December 31 expiration of the Bush tax cuts, the threat of sequestration, and the need to raise the debt ceiling in January, neither Democrats nor Republicans will want to face the consequences of inaction and/or no agreement. The nature of these issues and the convergence of interests and deadlines lead us to predict a deal that f...
Grant-making used to require the manual distribution of information, but now grant program administrators can receive, organize, manage, and distribute applications online. The author highlights the benefits of application management systems and provides guidance in selecting the right system for your organization.
The European Central Bank’s new policy direction has helped reduce volatility to more normal levels for this phase of the business cycle. Lower volatility could eventually reduce equity risk premiums and allow for higher stock prices. In fact, it already has. Strong U.S. economic data, record corporate profits, and falling unemployment should help ...
Fox interview with the Donahue family and Harry Sichi in Pittsburgh at Harry's office.
Harris Associates LP was founded in 1976 by six investment professionals (Joe Braucher, Roger Brown, Peter Foreman, Victor Morgenstern, Myron Szold, and Ralph Wanger) who believed that delivering successful investment results for clients required a consistent investment philosophy, a commitment to superior investment research and a high level of cl...
Fox interview with Matthew Davidson (Kaplan family) and David Patterson (Choate family), from their of offices in New York City.
A profile of the Whittier Trust Company.
Julius Rosenwald, the organizational and merchandising genius responsible for the extraordinary growth of Sears, Roebuck & Co., had five children, the youngest of whom was William. When Julius passed away in 1932, he left a single organization which was responsible for the oversight and management of his children's affairs and assets. In 1946 Willi...
According to early results of the 1999 Family Office Exchange Compensation and Benefits Practices survey, a tight labor market in which the most talented professionals are not changing jobs or are being recruited quickly is boosting salaries and increasing benefits. Family offices still have the edge but face increased competition from internationa...
Building and sustaining a team of responsive, compatible employees is one of the keys to a successful family office. In the sports world, professional team managers use a variety of diagnostic tools to enhance their team-building techniques. In the family office, managers can use similar diagnostic tools to gain valuable insights into how groups of...
Family offices, by definition, are professional-staff intensive and allocate as much as 70 percent of total operating expenses to compensation costs-a significant portion of the budget. (See page 3 for information on FOX studies of wealth management costs and family office compensation.) In light of the current market environment, with markets cont...
Regardless of the size of your family office staff, annual employee performance reviews are an integral part of keeping talented people. Performance reviews document an employee's job performance, outline strengths and weaknesses, and align the employee's career goals with the family office goals.
Enumerating the tasks family office employees must fulfill is only part of the goal-setting process. The decisions and actions of every employee impact a family office's success in serving its clients, so it is critical for employees to understand the mission of the office and how their roles, targeted goals, and "behavioral competencies&q...