FOXCloud: What’s on the Mind of FOX Members – April 2023
The following were the most talked about topics within our networks on FOXChat in April 2023:
Brink's Armored Transportation Services
Has anyone in the NYC area used Brink's armored transportation services in the past, or any other armored transportation that they would recommend? We are transporting some precious metals for sale and it is a requirement to use such a service so looking for suggestions. (Source: FOPeer)
- Yes, I used Brinks in NYC a little more than 3 years ago to transport gold from one bank branch to another. The bank managers helped coordinate and all went smoothly.
Crime Insurance for Trusts
We are reviewing the crime insurance policies in place across our organization and are curious how other offices approach crime insurance to cover theft from trusts. Do you carry individual policies for each trust? Do you have a policy that covers an operating entity(ies) with trusts as additional insureds? Do you have guidelines for assets/entities that you will or will not comingle on a single policy? What type of broker do you use, and what type of policy/application is used when applying for coverage? (Source: FOPeer)
- We have a single Chubb policy for Crime that provides coverage for employee theft, burglary, robbery, forgery, computer fraud, employee dishonesty and other crimes. Our trusts fall under this coverage.
- Examples of our limits: $5,000,000 Employee Theft, Premises, In Transit, Forgery, Computer Fraud, Funds Transfer Fraud, Money Orders, Credit Card Fraud and Client Coverage
$250,000 Expense
$250,000 Social Engineering Fraud (without official authorization)
$1,000,000 Social Engineering Fraud (with official authorization)
Family Bank
We are establishing a "family bank" to allow family members to borrow from a trust for specified purposes. If you have experience and can share best practices, pitfalls and recommendations, I'd be grateful. We'd like to develop policies and procedures and address conflicts of interest, among other things. (Source: FOPeer)
- Two pieces that may be helpful to you:
Turn Your Family Office into a Family Bank by Bank of America, 2023
Excellent Opportunity: The Modern Dynasty Trust/Family Bank by South Dakota Trust Company, 2020
Operations Reporting Software
Looking for advice on software applications that you use to create and present Operations Reporting to the Family. We have a tool already selected for financial reporting, so we are looking for technology that can help create other operational reports such as status of departmental initiatives and deliverables, and performance against project plans or timelines, as examples. (Source: TODS)
- One tool we typically look to for custom dashboards is https://freeboard.io/ It’s pretty flexible when displaying different metrics, so maybe worth a look?
Sports Ticket Broker
We are looking for a ticket broker that might be able to help us with group tickets for an upcoming sporting event. (Source: FOPeer)
- Brokers can do a lot to gather tickets from multiple sources. Local brokers can have an edge but that whole industry is electronic these days. Don't hesitate to reach out to the team directly. Teams often have "sponsor" tickets in blocks that they are willing to sell to premium groups. The team also may get you access to banquet facilities onsite no one ever knew about. These are not always available, but I have hosted groups and had the teams book us dinners in the stadium. Sometimes they are private, other times it is a larger room that is partially being used and they would welcome the extra numbers. I have hosted many sporting events in groups of all types.
Additional Topics of Interest Seeking Peer Recommendations, Feedback, or Insights
(Your comments can be submitted as a reply to the message on FOXChat or emailed to networks@familyoffice.com for FOX to post and share anonymously on your behalf.)
Background Checks Process
We are looking to build out a background check process for our consultants and 3rd party vendors. What attributions do you consider when trying to determine what level of background check to perform? Do you run different types of checks depending on the scope of work or proximity to family or confidential data? (Source: FOPeer)
Commercial Real Estate Broker
I am looking to connect with a commercial real estate broker who is familiar with the rental market for med tech commercial facilities in Southern Napa Valley / American Canyon. (Source: FOPeer)
Debt Ceiling
Appreciate any of your thoughts and insights on what Family Offices are thinking and putting in place to manage through the debt ceiling issues. (Source: FOPeer)
DEI Employee Learning Opportunities
In the past we have offered educational sessions and affinity/resource groups. We'd like to see if others have suggestions, best practices, or offerings that have been successful with their teams. (Source: HCAP)
FO Key Employee Co-Investment Policy
Would anyone be willing to share their policy regarding co-investing opportunities for key employees as it relates to the Family Office Exception? Specifically looking for what folks are doing as far as defining key employees, any conditions to allowing co-investing, procedures after key employee departure, requirements for required redemptions, etc. As it seems the rule provides a ceiling, we were just curious to see how others work within the construct. (Source: FOPeer)
Hawaii Property Management
I have a client who is interested in upgrading their home management company for their vacation homes located in Maui. Does anyone have any recommendations they would be willing to share? The homes are exclusively used for personal use and not rented out. (Source: ADVPeer)
Insurance Consolidation RFP
Would anyone have a sample RFP for consolidating / rationalizing P&C insurance policies/vendors/solutions that they would be willing to share? (Source: FOPeer)
Mentors for Family Members
I'm looking to see if anyone uses mentors as part of their family learning/human capital development program and, if so, whether you have term limits on those mentor relationships. (Source: HCAP)
Mineral Collection
Does anyone have a recommendation for an appraiser of a privately owned mineral collection? Any/all feedback would be greatly appreciated. (Source: FOPeer)
Non-U.S. Short-Term Health Insurance
I have a client living in Massachusetts with elderly parents who are Indian citizens. The parents will be traveling to the states for a period of a few months to a year. Are there any recommendations on how to best provide health insurance coverage for them while they're here? (Source: ADVPeer)
Oregon CPA
I am looking for recommendations for a CPA in the state of Oregon for one of our UHNW clients. Can anyone recommend anyone? (Source: FOPeer)
Private Foundation Financial Statement Audit
We are a Family Office with a handful of private foundations. We are looking to request a proposal for a financial statement audit of one of the Foundations. The foundation is located in the Midwest and we would like to use a firm that is highly qualified, and to obtain an objective proposal outside of the current provider used. Would you be willing to provide the name and contact information of firms that you would recommend? We would greatly appreciate the feedback. (Source: FOPeer)
PTC Formation
Our family office is currently considering PTC formation and a lift-out from an operating company. We would be grateful to connect with anyone who has gone through a similar experience. We're also interested in hearing about experiences with external consultants regarding this process. (Source: FOPeer)
Retirement Relocation Strategy
Our clients are looking for an expert to guide them in evaluating and narrowing locations that could meet their retirement needs. Does anyone know of someone who specializes in this area? (Source: ADVPeer)
Member Referrals Requested
This section includes service providers that members have recommended and/or are looking to hear about other members’ experiences.
- Estate Attorney/Antheil Maslow & MacMinn, LLP (Source: FOPeer)
- Long-Term Retention Plan Consulting/Botoff Consulting (Source: FOPeer)
- Seattle Family Retreat Location/Alderbrook Resort & Spa (Source: FOPeer)
- Sports Ticket Broker/Warren Schreiber (Source: FOPeer)
Software Reviews/Experiences
This section contains software platforms that members have recommended and/or are looking to hear about other members’ experiences.
Nines (Household Management Software)
Our office had a demo of the NINES household management software. We are considering using it to manage our family office portfolio of residences and vacation properties. Does anyone use this platform and, if so, would you be able to share your experience with it? Do you recommend it? (Source: FOPeer)
Quicken
A client of ours is seeking an individual that is proficient in aspects of Quicken. Changes that have taken place within Quicken as well as between Quicken and the banking community, have created a range of complications for our client. We are assisting the client in finding a Quicken expert who can troubleshoot issues. The client resides in Maryland. (Source: ADVPeer)
SEI Archway
We have a member who is searching for anyone that would be considered an extensive or sophisticated user of the SEI Archway platform, specifically around the handling of data inputs and integrations. If you feel you qualify and are willing to share, please reach out so we can put you together. (Source: TODS)
Yardi
Would someone be willing to share their contact at Yardi? (Source: TODS)
Key to Network Acronyms
- ADVPeer: Advisor Peer Community
- FOPeer: Family Office Peer Community
- DIN: Direct Investing Network
- FLN: Family Learning Network
- HCAP: Human Capital Network
- LCN: Legal Counsel Network
- PTC: Private Trust Company Network
- RGN: Rising Gen Network
- TODS: Technology Operations & Data Security Network