FOXCloud: What’s on the Minds of FOX Members – April 2024

The following were the most talked about topics within the networks on FOXChat in April 2024:

 

Family Office Employee Handbook

We are currently writing an employee handbook for our 9-person SFO. Are any other family offices willing to share their employee handbook with me for reference? Sanitized/redacted versions are just fine.

Additionally, I would appreciate the opportunity to see any versions of these policies, if you're willing to share with me:

  • Continuing education agreement
  • Parental leave policy
  • Confidentiality policy/NDA for employees and employment candidates
  • No poaching agreement for employees and employment candidates
  • Policy for documents and equipment that employees take home from the office (Source: FOPeer)

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Rising Gen Meeting Topics

We are looking to enhance our individual meetings with our rising gen (high schoolers to late 20s). In addition to cash flow planning and immediate needs like buying a house or updating insurance, what topics do you like to cover? How do you use their individual meetings to advance any educational goals? Do you mix in non-financial topics to your meeting? (Source: FOPeer)

  • We cover all sorts of things in individual meetings with next gens, way too many topics to list here. We try to balance the topics between what they are interested in/want to know and what they need to know as shareholders and beneficiaries of family trusts. Some examples are, but not limited to taxes, how to read financial statements, prenuptial and cohab agreements, trust basics, how their family enterprise is structured, family history and legacy, etc. I'd be happy to chat with you if you'd like to discuss further.
  • You may want to listen to the FOX podcast Generating Engagement Among Teenage Family Members with Amber Slattery.
    • Podcast description: Amber offers her thoughts on the misconceptions or gaps of understanding among UHNW families about preparing and engaging their children to be good owners and family enterprise members. In her work in the realm of rising-gen learning and engagement, Amber often sees clients, especially parents, come to her and other advisors looking for "next-gen education" and not actually knowing what they need or even mean by that. Amber specializes in working with 14-20-year-old clients – an age group that many UHNW principals are not very focused on or don't know how to deal with. She shares her insights into the unique challenges and opportunities associated with engaging and educating teenage and college-age rising gen.
       
      Amber shares a practical framework she has developed working with 14-20-year-old rising-gen members she refers to as the "6 Key Findings" – a useful tool to inform and structure the work with younger family members in this age bracket. She also makes use of well-thought-out, thought-provoking questionnaires, both for the parents and for their children, to generate the right conversations, get on the same page about the process, and spur the right level of thinking, and ultimately, engagement. Amber offers a peek into her approach to orientation questionnaires and the "12 Key Questions" she asks to encourage engagement with teenage or emerging adult clients.

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Member Referrals Requested:

This section includes service providers that members have recommended and/or are looking to hear about other members’ experiences.

Australian Business Attorney

Seeking recommendations for business attorney in Australia or a U.S. attorney familiar with Australian law. (Source: ADVPeer)

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Aviation Attorney

Our aviation attorney is retiring. Does anyone have a recommendation for a good aviation attorney? Location doesn't matter other than being located in the United States. We are located in Minneapolis. (Source: FOPeer)

  • We've been happy with Barbera & Watkins, LLC for several years: Overland Park, Kansas, (913) 677-3800

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Bank Recommendation

Our multi-family office is looking for a national U.S. bank or regional bank operating in the Rocky Mountain West of the Unites States for some client cash accounts. The previous bank with which we enjoyed doing business recently was acquired. The resulting experience during the transition has not been ideal for us or our clients. Any recommendations are much appreciated. (Source: ADVPeer)

  • Our Family Office practice would be happy to speak about your/your client's needs and explore how we could be helpful! Sorry to hear the transition wasn't ideal for your clients. Bank of American Private Bank would love a seat at the table to discuss.

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Family Mission Statement Consultant

Our family is looking to create a family mission statement for the current generations (G5 and G6) and feel it is important to have for future generations. This is not a mandate to look at the overall family governing structure or family office structure, but a broad mandate to give the family something they can create to reflect why they want to continue to work together as a family and help with family culture. We are looking for a consultant to help us through this process. We are located in the Midwest. Any consultant recommendations would be appreciated. (Source: FOPeer)

  • Our office is currently in a similar process with Courtney Pullen. So far, the interactions have met expectations and all meetings have seemed fruitful to the family. It is still a few weeks until the process is complete, so I don't want to speak too highly, but Courtney seems to be a good fit for our family so far. https://pullenconsulting.com/
  • We've looked at Pullen Consulting as well. I would be very interested in knowing how you feel about the project after completion. Can you post a follow up at that time?
    • Yes - I will report back with a review once our process is completed with Pullen Consulting.
    •  
  • I know Courtney very well and he's terrific. Typically, he's so booked that he would turn you down, so if he hasn't turned you down, that's a great thing! One issue you'll have with many people who do this work is whether they will do a limited engagement like this (i.e., if all you're looking for is a mission statement). The second problem is you obviously need someone independent of any specific wealth advisory firm, so that takes out a few good people.
     
    If you need other names, you could consider Mindy Kalinowski Earley or others right at FOX. Also, Kristin Keffeler at Illumination360, though like Courtney, she's usually hard to get. Amy Castoro is great, at The Williams Group, but may not be willing to do a limited engagement like this. If age, location, background, etc., matter, I can probably give you a half dozen other names if you give me a little more information. Happy to make intros or help if you need more.
  • We are looking for some broader scope assistance in transitioning to the next generation. I've spoken to him, and he seems to have a team that could be a good match for this. We'll see.... It's a process, as you know.
  • Thanks for adding my name to the list. I would be happy to talk over your project goals, offer some guidance, and make other consultant recommendations.

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Ft. Worth-Based Probate Attorney

(Source: ADVPeer)

  • The first two are more expensive firms and have additional attorneys that focus on probate litigation (in addition to more simple/standard probate matters). The third is a small shop and should be more value-priced but might not have all the support required for a full-blown probate litigation matter.

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Incentive Compensation for Investment Roles

What metrics or milestones do offices use for their incentive compensation associated with investment roles (e.g., CIO)? We are building an internal investment practice and want to identify metrics that align with the interests of the family members. Thank you in advance for any feedback or guidance. (Source: FOPeer)

  • Is the implication behind the question: how did the portfolio management team do in comparison to its benchmark, do we measure them at the 1-, 3-, 5- and 10-year measurement points, do we measure at each measurement points but weight those points differently to favor short- or long-term performance? Or is the focus on absolute performance given the family/client's objectives for achieving some necessary level of performance...with an implied willingness to give away some of the upside.
     
    Ultimately the trick is incenting the team in a way that aligns with the portfolio owner’s investment objectives. Not always easy to get those interests to align.

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Organizational Psychologists/Behavioralists

We are interested in an organizational psychologist or someone who does skills aptitude testing for new hires. Appreciate any thoughts or feedback. (Source: FOPeer)

  • We have used CMA for years and years. They have been excellent to work with and do an amazing job. We tend to use them before someone even becomes a new hire so that we know if they are going to be a good fit for the role or not. cmaconsult.com

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Part-Time Household Staff Sourcing

I would appreciate any resources that this community can share related to sourcing part-time household staff in the San Francisco area. (Source: FOPeer)

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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.)

Connecticut Pre-Nuptial Agreement Attorney

We are looking for an attorney located in Connecticut to execute a pre-nuptial agreement. Any recommendations are appreciated. (Source: FOPeer)

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Corporate Services Firms

In your experience, do you find it typical for a law firm to set up a local branch with a captive corporate administrative services firm to which it directs clients (and with which it deals exclusively), particularly in Cayman? Has anyone had experience with the new Cayman firm Lantana Corporate Services? (Source: FOPeer)

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Costa Rica Property & Estate Management

We are a family office based in the U.S. and Costa Rica and are looking for property and estate management systems in Costa Rica. Any recommendations would be appreciated.(Source: FOPeer/TODS)

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CTA Filings

How is everyone handling CTA filings? Are you filing in house or using a 3rd party vendor? We (an MFO) are looking at a few vendors – does anyone have experience with them? (Source: TODS)

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Embedded to Unembedded Structure

As Managing Director of Core Membership, and a relationship manager for members, one of my newest members to the FOX community, is an embedded family office who are exploring formally unembedding from the operating company and creating a stand-alone family office entity or family limited partnership structure. With that as context, they would love to talk with two or three family office executives who have recently gone through such a transition.

In addition, they also wanted to see if anyone has experience with Withers Worldwide (Withers Bergman) and more specifically, Aaron Schumacher in family office structuring, tax planning, etc. If you can answer the first question but not the second, that is 100% ok! They still want to talk with you.

This member, located in the great State of Pennsylvania, is eager to begin to add data points to their survey before deciding the best path for their family. I'd like to provide a warm welcome to them by being able to make a few introductions to folks who can share their experience. (Source: FOPeer)

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Family office career exit opportunities

I had a conversation this morning with a college student who was interested in family office but leaning towards tax. One of the questions he asked was "what are the exit opportunities like if I start my career in family office?" I shared some of the paths I've seen taken by colleagues but would love to hear from you! What opportunities have you seen available for someone with experience in our field? (Source: ADVPeer)

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Helicopter Charters

We are a long-term HeliFlite customer, and we are looking to see if there are any other competitive companies that service the NY metropolitan area. Does anyone have any experience with any other than HeliFlite? We were also wondering if anyone had a helicopter charter broker they would recommend. (Source: FOPeer)

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Italian Citizenship Attorney

I am hoping someone can help with a recommendation for a lawyer in the Chicago area to assist a former Italian citizen (current U.S. citizen) regain their Italian citizenship. (Source: FOPeer)

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Luxembourg Bank Recommendations

Anyone with good experiences with any banks in Luxembourg by chance? (basic capabilities for collecting and sending rent/invoices) (Source: FOPeer)

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Overseas Tax Treaty Analysis

We would be interested in comparing notes with another office who has experienced a family member being overseas for an extended period of time. We are analyzing the relevant tax treaty in context of income tax and estate planning. Any thoughts would be appreciated. (Source: FOPeer)

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Pennsylvania Labor Law Attorney

Looking for a recommendation for a labor law attorney in Pennsylvania, for a review of HR docs, and employee handbook. Any feedback is very welcome.(Source: HCAP)

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Purchase Flat in France

We have a client looking to purchase a flat outside of Paris and are looking for guidance, referrals, or resources on purchasing property in this area. (Source: ADVPeer)

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Real Estate Donation Appraiser

Looking for any recommendations for a qualified appraiser for a donation of real property in Idaho. The structure, a single-family home, is being donated to a 501(c)(3) organization that plans to semi-deconstruct the structure and move it to a new lot to be rebuilt and sold. (Source: FOPeer)

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Vehicle & Pet Transportation

We have a family member interested in using this (or a similar) service to transport a vehicle and/or pet between homes: professionaldrivers.com/services/. Does anyone have experience with this organization, or a recommendation of a similar service you could share? (Source: FOPeer)

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Software Reviews/Experiences

This section contains software platforms that members have recommended and/or are looking to hear about other members’ experiences.

Financial Planning Software

We are looking for financial planning software with great visualizations to help us in individual conversations with family members. Does anyone have any recommendations for a cost-effective option? (Source: FOPeer/TODS)

  • You might check out Vanilla. While I haven't used it, I have reviewed it a few times and it is pretty impressive. Estate Planning Software for Financial Advisors and Planners (justvanilla.com)
  • If you are thinking about wealth management and cash forecasting you might consider Libretto. It really provides a full view of the wealth management process by household. If you are looking at estate planning, then Vanilla would be a good possibility.
  • Depending on the financial conversation you are having you may want to look at www.portfoliovisualizer.com. They have a free option which allows Monte Carlo simulation. I have used this for showing potential outcomes of existing portfolios which can be imported, and for spending/budgeting to show the effects on portfolio outcomes over time.
     
    There is a small learning curve, and you might have to be creative for non-public assets, but the program generates some decent graphs and charts to discuss potential outcomes. The paid options have more flexibility, export features, and the ability to save portfolios. Three-tiered pricing Free/$30/$55 month.

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Fund Admin

Anyone use Aduro or Juniper? Please share positive or negative experiences and compare to Carta. (Source: FOPeer)

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KnowLedger

Does anyone have experience implementing and using KnowLedger to automate the data transfer process of information from Addepar to Sage Intacct? Has it worked as you hoped? How much staff and consulting time is required to keep it working?

  • I am unsure what you are looking for tech wise, but you should look into Sumit as they are building/have built a direct integration with Addepar (so bypasses the need of KnowLedger) https://www.getsumit.com/

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Senscy

We have been looking to engage the cybersecurity group called Senscy. Has anyone had any experience with them? And if so, what are your thoughts about them? (Source: TODS)

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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

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