FOXCloud: What’s on the Minds of FOX Members – August 2023

The following were the most talked about topics within the networks on FOXChat in August 2023:

 

Climatetech, Sustainability, and Energy Transition Investing

Does anyone have experience investing in the renewable, climatetech, sustainability, and energy transition space, either directly into companies or projects or through funds? Are others exploring/considering how they might enter this sector without compromising returns? I'd love to learn more about strategies, approaches, sub-asset classes, additional resources, and managers that are compelling. (Source: DIN/FOPeer)

  • Yes, we have reviewed several alternative energy funds, but found it difficult to get comfortable with advertised upside scenarios. That said, we have made entry into multiple funds focused on the nuclear energy sector. The fundamentals of the sector are easier to understand, and a simple case can be made for achieving desired returns.
  • I have worked in renewable energy and have invested a lot in cleantech/sustainability. Happy to share more and have been associated with a bunch of incredible managers/funds working in this space. Happy to connect.
  • We have a fund that is managed by our team, and I would be happy to ask the team who's done direct investing to chat with you about it and answer questions. Please reach out to me to let me know if you wish to move ahead and I will coordinate.

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Cybersecurity Consultant

A family member just got her phone stolen and it was unlocked. They got into all of her accounts. We managed to change bank info and recover the Google email after some time, but are concerned about her information and we need help from experts on cyber security and the Dark Web. (Source: FOPeer/TODS)

  • I would think your first line of defense after the stolen data would be to sign up with a credit monitoring company. Some of these companies monitor dark web activity.
  • We use LibertyID (libertyid.com) which focuses on identity theft restoration, in contrast to many services that just focus on prevention.

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Dating Apps/Matchmaking Services for UNHW Clients

A young member in a UHNW family wants to be on dating apps, but the family is concerned about privacy. Are there any dating apps known or thought to be better than others for privacy considerations unique to UHNW families? As an alternative, are there any matchmaking services that we could recommend to them? This would be for the New York, Los Angeles, and/or Miami areas. (Source: ADVPeer)

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Depositing Foreign Currency Checks

Does anyone have a solution on how to get a client's foreign currency checks deposited, when their preferred banks do not offer this service? (Source: ADVPeer)

  • Are there consistent or primary currencies your client is working in/concerned about? Bank of America Private Bank (BofA) does offer capabilities in this area and would be happy to advise, but there is some variation by currency/country.
  • Our client is primarily concerned with pesos currency (Mexico). If our client does not have an established account with BofA, does BofA offer any deposit capabilities for such one-off situations?
  • Bank of America Private Bank does have extensive capabilities as it relates to MXN, but, unfortunately, I'm not aware of any resources that would be available without a depository relationship of some kind (either existing or new).

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LifeLock vs. Identity Guard/Aura

We are a Single-Family Office seeking to manage the principal family's credit locks and related activity on behalf of the family members. If you have experience with LifeLock, Identity Guard, or Aura, your feedback would be appreciated. We would like to find an all-inclusive service with a quick response time and willing to work with appointed staff at the office. (Source: FOPeer)

  • I've only used LifeLock so I can only comment on them. My sense over the years is that the service itself is fine, and I'll continue to pay for it for our family members. It does what it's supposed to do, or at least seems to. However, their customer service and my experience with them as a company could not be worse.

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New York City (NYC) Apartment Lease Application Advice

A young adult is trying to lease an apartment. in NYC. We are having a hard time since she just moved there, doesn't have a job, and her mom who will be the guarantor lives out of state. We'd appreciate any advice and/or sample attest letters. (Source: FOPeer)

  • I have a couple of real estate agents in NYC that deal exclusively with leases and can assist. Please feel free to reach out to me so I may refer the most appropriate one for you.
  • I have used the same agent for a few of the younger G3s in the family I work for and would be happy to share a few versions of attestation letters. Please feel free to reach out.
  • It can be a challenge. For certain reasons my boss asked me to be the guarantor for his child on her lease in NYC. The building wanted my tax returns, bank statements, bank letter of reference, etc. It was actually more than what I provided for my own mortgage. She did get the place and I wasn't even a family member nor did I live in the state.
  • First, a short story. A number of years ago, I worked in New York City for about 8 years. Then back to Texas. When a friend's daughter was moving to NYC and wanted to lease, she had an agent who was helping her and the agent told her to get letters from people who had previously lived in NYC, etc. Interestingly, the agent then rewrote the letters somewhat and asked people to redo them. The daughter was accepted into the building.
     
    Second, suggestions that occur to me that may or may not work: If the landlord is concerned about being paid (i.e., that daughter might not pay and just move and then landlord would have to find a way to get mother who lives out of state to pay), then consider ways to insure that there are monies inside New York that landlord could access if needed. I do not know what might work, but the landlord's attorney may have some ideas. Consider the following if OK under the NYC Landlord-Tenant laws:
    1. Increasing Rent to Include Rent Guarantee Insurance. Here's a link to Investopedia's take on this. investopedia.com/terms/r/rent-guarantee-insurance.asp

    2. Having a greater deposit—not just the first and last month's rent, but maybe 6 months (if NYC will allow that).

    3. Maybe a friend could co-sign on the lease and then appoint a resident agent in New York to receive service of process on the friend's behalf—that way, theoretically, the landlord could get a judgment against the friend if the daughter did not pay the rent; however, this idea does not solve the collectability on that judgment.

    4. If landlord will accept a third-party guarantor in the business of guaranteeing rent, then consider this:

    Finally, here's an online handbook geared (so it says) to NYC: propertyclub.nyc/article/what-is-a-guarantor-and-when-do-you-need-one-in-nyc
     
    Perhaps the professional guarantor will be more willing to accept the parent as a guarantor to it that it will be paid. Hope this helps.

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Private Foundation Training/Conference

Looking for a private foundation training/conference. Anyone have any recommendations they could share?

A little background – our family office handles the accounting and tax preparation for some private foundations. We'd like to learn more, including preparation of 990-PF, but there doesn't seem to be much available. I am aware of (and have attended) the Rocky Mountain Tax Seminar for Private Foundations. (Source: FOPeer)

  • I recommend contacting Tom Blaney or Chris Petermann at PKF O'Connor Davies in NYC. pkfod.com/people/

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Selling Mountain Bikes

Looking for suggestions/recommendations on how to sell high-value mountain bikes. (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.)

Assisted Living/Memory Care Recommendations

Looking for recommendations for assisted living/memory care in the Marshfield, Wisconsin or central Wisconsin region. Any recommendations or referrals would be greatly appreciated. (Source: ADVPeer)

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Canadian Employer of Record

We are with a PEO (Insperity) for U.S. family office employees. We are considering a hire in Canada and are looking for recommendations for an Employer of Record. Insperity suggested either Globalization Partners or Safeguard. Any others, or experiences with either firm? (Source: FOPeer)

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Columbus, Ohio Real Estate Attorney

We are looking for an attorney near Columbus, Ohio to help with an LLC for residential real estate sales and purchases. (Source: FOPeer)

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Corporate Transparency Act Communications

What communication are other family offices providing to family members and other required reporters under the Corporate Transparency Act? We have been waiting on additional guidance and forms to be available to confirm the process, particularly with respect to the FinCEN identifiers, but we plan to proceed soon since that guidance has not been released and the deadline is getting closer. (Source: FOPeer)

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Digital File Management

Can anyone recommend a consulting service to help with digital file management? (Source: FOPeer)

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File Structure

I need a recommendation for someone who can assist with structuring our files in BOX as we transition from Server which had files disorganized and needs a proper structure. (Source: FOPeer)

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Greater Milwaukee, Wisconsin Antiques Appraiser

Seeking recommendations for an antique appraiser in the greater Milwaukee, WI area to look at an antique chest and a few other furniture pieces for a client. (Source: ADVPeer)

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Hiring Employees and Entity Structure

We have a non-operating private foundation that was incorporated in Nevada and is established as an Ohio Corporation. We currently have three full-time W2 employees. We are creating new "operating foundations" under the private foundation, based on our giving impact areas. With that structure, we are looking to hire within each of the newly formed entities. Currently, we hire via the primary foundation. We are hoping to speak to someone who is knowledgeable on Ohio Corporate Law (as it relates to hiring, benefits, control groups, etc.). Furthermore, we are exploring the use of an LLC to funnel all hiring, payroll, and benefits through. Any advice, contacts, or general direction would be very helpful. (Source: FOPeer)

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In-Home Help

I am looking for a firm that specializes in recruiting and placing part-time help in UHNW households. In the past, we have used Theia Senior Solutions, but they are not taking on any new clients at this time. The need is for basic daily living tasks (not expert nursing care). (Source: ADVPeer)

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Insurance Broker Recommendations

We are preparing to go through an RFP process for insurance coverage on our personal lines, including a boat. What recommendations do other family offices have for brokers to include in this process? (Source: FOPeer)

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Maryland Senior Caregiver

We are looking for a caregiver for our Gen 1's father who has been diagnosed with dementia. Twice a week, 3-4 hours each day. Tasks include run errands, go to doctor appointments, light personal training, take walks, do puzzles. We would rather not go through an agency and pay the person directly. Does anyone know anyone in the area who may be up to this? (Source: FOPeer)

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Nanny Employment Agencies

We are seeking a reputable employment agency for nannies. The residence is in the Northeast. Recommendations are appreciated. (Source: FOPeer)

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Nonprofit Public Board Member Posting Template

I'm wondering if anyone has a nonprofit board member "job" posting template that you wouldn't mind sharing? This board is looking to formalize its processes and starting from ground zero here. (Source: FOPeer)

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Nonprofit Public Board Member Posting Template

I'm wondering if anyone has a nonprofit board member "job" posting template that you wouldn't mind sharing? This board is looking to formalize its processes and starting from ground zero here. (Source: FOPeer)

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Orlando and Winter Park, Florida Property Manager

I am in need of a referral for a residential property manager for an estate in the Orlando/Winter Park, Florida area. (Source: ADVPeer)

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Political Donation Privacy

Is there any way to protect a family's home addresses from political donation inquiries and other online sites? My understanding is that there is nothing to be done about voter registration and political donations from being available online, but I am interested if others have found a way to protect their privacy. (Source: FOPeer)

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Saint Tropez Brokers

Does anyone know of any great brokers in the Saint Tropez, France area that has a portfolio of properties that is in the 50M+ euro price range? (Source: ADVPeer/FOPeer)

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Silverbills

Looking for someone who has used Silverbills for managing client bills and payments. If you have used this tool, would you please share your experience, pros, cons, etc.? (Source: ADVPeer)

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Surrogacy Agency Recommendations

We have a client wanting to become a parent through this method as a young, single man living in Colorado. Happy to receive any bits of helpful information and experience outside of recommendations as well. (Source: ADVPeer)

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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.

International Tax Specialist (Brazil/U.S.)

One of our clients recently married a woman from Brazil who holds substantial assets there. The couple is trying to figure out how to move those assets to the U.S. in a tax-compliant way. Does anyone have a contact for an international tax accountant or attorney who could help advise them? (Source: ADVPeer)

  • Art Giacosa is an expert in this area. He can be reached at art.giacosa@rsmus.com.
  • Ian Halligan (Ian.Halligan@bakertilly.com) heads Baker Tilley’s International Tax Practice and is supported by Kelly Young (Kelly.Young@bakertilly.com).
  • You can reach out to Inna Merzheritsky (imerzheritsky@bpm.com) in BPM’s Global Tax Strategy Consulting Group. She deals with many situations like your client's.
  • We had a question in a similar category recently, and I asked a colleague in our Chicago office at Bank of America Private Bank for recommendations. He recommended the following attorneys:

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Florida Divorce Attorney

Can anyone recommend a good divorce attorney who practices in the State of Florida? (Source: ADVPeer)

  • I recommend Peter Gladstone in Boca Raton. He is excellent, and we have worked with many clients together.
  • I have worked with and highly recommend Jeff Weissman and Tova Verchow from Gladstone & Weissman, P.A. gwpa.com

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Illinois Estate Tax Attorney

Seeking recommendations for an Illinois estate tax attorney who can assist with a dual citizen client that owns property in both the United States and Switzerland. (Source: ADVPeer)

  • I would recommend Thomas (Tom) Handler @ Handler Thayer. Tom is a CPA and Trust & Estate Attorney with experience in domestic and international exposures. thandler@handlerthayer.com
  • A colleague from Bank of America Private Bank’s Chicago office recommends the following three attorneys:

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Miami Divorce Attorney

One of our family members is getting divorced. Does anyone have an exceptional divorce attorney in Miami, Florida, they can recommend? (Source: FOPeer)

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Northern California Estate Planning Attorney

Our client's G2 in Northern California needs their own local estate planning attorney representation for assistance with trustee and personal estate planning decisions. Must be able to dive into complex trust documents set up by G1 and work with modern family goals. Referrals appreciated. (Source: ADVPeer/FOPeer)

  • I recommend Read Moore at McDermott, Will & Emery in San Francisco.
  • I would be happy to connect directly and provide some names that could be a good fit. Frank, Rimerman + Co, LLP has multiple offices across Northern California.
  • Our team in Northern California offered the following three recommendations of estate planning attorneys we have worked with in the past:
    • Steven M Goldberg
      Friedemann, Goldberg, Wargo, Hess LLP
      400 Aviation Blvd, Suite 200, Santa Rosa, CA 95403
      707.543.4900 | sgoldberg@frigolaw.com
    • Kim Marois
      Clement, Fitzpatrick & Kenworthy, Incorporated
      3333 Mendocino Avenue, Suite 200, Santa Rosa, CA 95403
      707.523.1181 x117 | kmarois@cfk.com
    • Spaulding McCullough & Tansil LLP
      Spaulding McCullough & Tansil LLP
      90 South E St, Ste 200, Santa Rosa, CA 95404
      707.524.1900 | miller@smlaw.com

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NYC Driver/Car Service

What are your recommendations for a good car service for airport pickup and transport in NYC? Does anyone have a driver they recommend? (Source: FOPeer)

  • We use Empire CLS for all our transportation needs. You can book online.
  • David Benmen, CEO of Bold Luxury Concierge, always takes great care of us. rideboldluxury.com
  • Madison Limo owned by Elaine Kurz. I've used her drivers for 32 years. (800) 539-8919

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P&C (Property/Casualty Insurance Broker)

Can anyone recommend a professional and responsive P&C Insurance Broker to handle multiple lines for various owners' homes, autos, recreational vehicles, collections, excess liability, and real property insurance needs? (Source: FOPeer)

  • I would recommend Marsh out of New York.

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Professional Development Coach

Can anyone recommend a professional development/management coach. We are looking to provide our Estate Managers with some additional support, sensitivity and conflict resolution training. (Source: FOPeer)

  • For all our employees, we rolled out a coaching benefit through a company called Boon. Two 30-minute sessions per month for each employee is included in our plan. We have had FABULOUS feedback, and it is very affordable for our 30-employee office (approx. $70/session, think there was a $5K/year minimum).
     
    Boon - Where Mental Well-Being Meets Professional Development (boon-health.com)

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San Antonio Property Manager

We are looking for a property manager for a 6000 SF second residence in Alamo Heights//San Antonio. Duties would include weekly inspections of interior and exterior of property and overseeing work of service companies such as pool, landscaper, etc. We have contacted several property management companies, but their services are more geared toward the management of rentals. Does anyone have a recommendation/contact? (Source: FOPeer)

  • I cannot recommend her personally but a name that was recommended to me that does things like this in the Alamo Heights area is Gwyn Giese. Her phone number is (210) 421-9237.
  • I have not used them (cannot personally recommend), but a high-end real estate agent/friend in San Antonio referred this name to me.
    • Paula O'Neal
      Windrose Property Mgmt
      210-560-4576

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Tax Attorney Captive Insurance

We have a family office looking for a tax attorney with experience in captive insurance. Do you have any recommendations? (Source: ADVPeer)

  • We recommend Joshua Smeltzer from Gray Reed in Dallas. He has strong experience in this area. We are happy to make an introduction to you or you can reach out directly. His digital bio: grayreed.com/Our-People/Joshua-D-Smeltzer
  • We have worked with Spring Consulting Group with our captive clients. springgroup.com/

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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.

Accounting Software

Our family office needs to convert from QuickBooks to a more robust accounting/reporting software. In addition to Sage Intacct, what are viable alternatives? Or have you found Sage Intacct to be the best option? (Source: FOPeer)

  • If your FO handles all types of transactions, including cash management and AP/AR, Sage Intacct is best. If you do not have responsibility for operational accounting, you could consider more wealth management-based platforms (Addepar, Archway).

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BOX

Anyone using BOX? If so, are you happy? How does it compare to Dropbox or SharePoint? (Source: FOPeer)

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BOX vs. SYNC

Considering using BOX but someone told us to check out SYNC.COM. Anyone hear of this or use it? (Source: FOPeer)

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Copia Wealth Studios Data Aggregation and Reporting

We would appreciate any insights/feedback from anyone who has evaluated or is currently utilizing Copia Wealth Studios for investment/tax data aggregation and reporting. Our clients have a large number of private/alternative investments and bank/custodial accounts, some of which we are able to currently access and report on automatically (but not all). In addition, we often experience broken links due to changes in 2-factor authentication or other end-user security protocol changes. Copia states their financial AI platform has solved these issues and can even pull in the K-1s for tax reporting. (Source: ADVPeer)

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Expense Management Software

We have been using Emburse Certify as our expense management software for a few years now and have been having serious issues with them recently. Wondering if anyone has recommendations for expense management solutions that work well with automatic expense uploading, integration with 3rd party sources (Uber, Lyft, Venmo, etc.), and otherwise just smooth functionality on the backend. (Source: FOPeer)

  • We like Expensify.
  • I've been part of several organizations that utilized Expensify, which frankly is very user friendly and easy to integrate directly with a GL platform. We used it with both QuickBooks and with Sage Intacct. Another product that our group currently uses is SAP Concur. It is not as simple as Expensify, but very configurable and integrates well.
  • We are in the process of transitioning from Nexonia to Ramp. Ramp is a charge card, not a credit card so you need to pay the monthly balance in full. It's free to use, cards are powered by the Visa network, and you earn 1.5% back on purchases. Ramp syncs directly to Sage Intacct, we can spin up virtual cards in seconds, assign specific g/l coding to cards so that when purchases are made, they are automatically coded by the system, receipts can be emailed or texted to Ramp and auto matched to transactions, and best of all, Ramp eliminates the need for users to submit monthly expense reports as approvals are done at a transaction level.
     
    Additionally, we pay Ramp 1x per month which has been a total win for our AP group. Our AP group used to send individual checks to AMEX for all our corporate cards, so that's like 50 less payments we are processing each month. I know Ramp has auto feeds from Amazon & Lyft, unsure about Uber and others.

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Legal Entity and Compliance Solution

Hello, has anyone used "Diligent Entities" to manage their legal entities documents and holding's structure? How is it compared to ORCA? Any feedback around both solutions will be welcomed. We are evaluating ORCA at the moment, but Diligent Entities was also brought to our attention. (Source: FOPeer)

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Mirador

For those of you using Mirador, do you have them do a general portfolio once a week/ month? And do you ask them to do any other specialized reports, and how often? How is the service? (Source: FOPeer)

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Sage

What is the learning curve like switching from Quickbooks to Sage Intacct? And if you made the switch, are you happy? Have you considered NetSuite? (Source: FOPeer)

  • Sage Intacct has a good rep, but I have personally never used it.
  • SAGE Intaact is great and probably the easiest GL I have ever used. I have worked with Net Suite, Oracle, JDEdwards, and on and on.

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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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