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Among the most crucial functions for the family office is the chief investment officer (CIO). The position might be held by a family member or outsourced to an external professional. A minority of families hire a captive investment professional-a strategy considered by many to be among best practices for families with ten-figure wealth.

How does a family office serving the third and fourth generations differ from one that is serving generations seven and eight? How do the servicing needs change as the family expands and changes? What happens when the cost of services delivered by the office exceeds the perceived value? How can costs be controlled? What back office systems are requ...

Just as family businesses have boards and family foundations have boards, family investment offices should have boards, too. And the best family boards include several independent, outside directors. Boards provide oversight and accountability. Family organizations benefit from such oversight, and independent, outside directors on boards provide fr...

One of the greatest challenges facing family offices is how best to demonstrate and communicate the value that the office provides to the family. At the FOX Fall Forum session “Setting Expectations and Measuring Success,” representatives from two family offices described how working in tandem with family clients to set goals and objecti...

Developing an effective family office can be a formidable challenge. Keeping it headed in the right direction is a constant process of assessment and adjustment. The rapid pace of change in virtually every aspect of the world around us necessitates this monitoring and redirecting process to ensure and maximize the effectiveness of the family office...

Portfolio volatility needs to be considered in making asset allocations at a given level of risk, and that volatility can take on extreme values that depend on the volatility of volatility, or vovo. This paper from the National Association of Active Investment Managers explores vovo-related concepts and offers insights on tactical asset allocation.

The Wall Street Reform and Consumer Protection Act, signed by President Obama, includes a number of provisions that will have a significant impact on domestic and non-U.S. fund managers and investment advisers.

Due to new money market regulations and other structural changes in the cash markets, institutional and retail investors are reviewing their short-term investment options and liquidity needs. This paper provides an overview of money market funds, the recent changes in 2a-7 money market regulations, and our view of the impact on money markets.

Families who employ private staff are wise to conduct periodic audits and adjustments of their hiring processes, says a new paper from Mahler Private Staffing. A close examination of hiring protocols may reveal gaps that should be closed to protect employers and employees as well as to optimize the search process.

After 17 years of declining or fairly constant tax rates, investors face a changing environment of much higher tax rates on investment income starting in 2013. This brief from BNY Mellon Wealth Management details the coming changes in taxation and offers strategies for greater tax efficiency for business owners, investors and corporate executives.

Globalization has increased growth opportunities not only for companies but also for those in the business of kidnapping for ransom. The key is to prepare for dangers both at home and abroad and to assess readiness for a complex resolution process if a kidnapping should occur.

It is increasingly common for estate planning attorneys to reduce estate taxes on tangible property by transferring ownership of that property from an individual to a trustee of a trust. However, this strategy can expose an entire estate to some serious potential uninsured claims.

Social media is fun. It can create communities and even revenue streams for businesses. However, risks abound. Understanding one's personal responsibility and liability is essential to remain safe in online interactions.

This paper highlights the concentration risk embedded in traditional portfolios, describes a simple risk parity strategy and demonstrates its out-performance over nearly four decades, and then delves into the more advanced portfolio construction and risk management techniques used to implement risk parity portfolios.

Be sure that your heirs have the information they need to access your online accounts.