FOXCloud: What’s on the Minds of FOX Members – June 2023
The following were the most talked about topics within the networks on FOXChat in June 2023:
Audio-Visual Company Chicago Area
We are looking for an Audio-Visual company in the Chicago area to set up a system in our single-family office conference room. Any recommendations? (Source: TODS)
- I would suggest Cinetec in Chicago. They have proven to be very capable for us.
- We are looking at the following for our conference room AV: AVI Systems.
- We've used Root Integrated Systems for our audio/video needs at both of our office locations with amazing results. I would highly recommend contacting them, they operate all over the world not just in Cleveland and Pittsburgh. My main contact is Kevin Wenderoth but I've worked with others - https://www.rootintegration.com/
Education Tuition Assistance Policy
I am hoping to benchmark what other family offices offer employees for tuition assistance reimbursement per calendar year. Also, does the amount you will reimburse increase/decrease depending on the grade obtained by the employee for the course? Our company offers reimbursement upon successful completion of a course for a "C" or better grade to a maximum amount of $2500 per calendar year. If an "A" average is maintained for the year, the employee is eligible for an additional 10% reimbursement to a maximum of $2750 per calendar year. I've read that average calendar year maximums are $5250 for undergraduate programs and $10,500 for graduate programs. (Source: HCAP)
- We reimburse 100% for tuition, books and fees upon successful completion of the pre- approved job-related course(s). (Restricted to 2 courses per term not to exceed the IRS tuition reimbursement limit per calendar year). Employee must pass with a "C" or better. We do not increase/decrease by grade obtained.
Family Newsletter
Our family office is in the process of creating a newsletter for the family. Our intention is to create something that will be informative, yet fun and engaging. Does anyone have ideas, templates or software they use to help us get started with our first newsletter? (Source: FOPeer)
- We use Canva to put together a monthly newsletter complete with photos and a calendar. It is pretty easy to use.
- Looking for recommendations on software/tools to create an internal digital newsletter. MSFT Publisher is very limited in functionality, not so user-friendly, and doesn't carry analytics (open rates, read time, etc.). ESPs like Mail Chimp, Constant Contact, and others are great but we do not need that sort of marketing approach since we are not trying to build our subscriber list. Curious if anyone has found a good tool for these sorts of internal newsletters.
Job Skills Aptitude Tests
Seeking recommendations for job skill aptitude tests. Ultimately, plan on using it as part of our candidate screening process. I am familiar with HR Direct; however I do not have any experience using the product. Appreciate any thoughts or feedback. (Source: HCAP)
- We use TTI Assessments for all our hires - TTI Success Insights.
- I've used The Achiever test from Saterfiel & Associates for 15+ years (https://www.employment-testing.com/). It looks at mental aptitudes & personality dimensions. It has been incredibly accurate in showing me the strengths & weaknesses of everyone I've hired, and I know it saved me from hiring many people that would not have worked out.
Non-Working Family Member Health Insurance
We are trying to attain health insurance coverage for certain family members that are currently non-working, are older than age 26 and are not otherwise eligible for COBRA. We don't think we can get them on the health insurance plans of the operating companies or the family office as they are clearly not employees. We were thinking of using the healthcare insurance marketplace, but we want to provide “gold standard” service and are not sure if that will be possible via that approach. How do others approach this problem? (Source: FOPeer)
- The simple answer is to employ them all as consultants.
- You may want to consider getting a lower-level plan from the marketplace, and adding a concierge medical plan like MDVIP (mdvip.com) that will add "gold standard" service, including extensive annual physicals, and access to many of the highest quality medical clinics and institutions in the states.
Opportunity Zone Fund Investments
Has anyone had positive experiences with Managers of Diversified Opportunity Zone Funds? I'm looking at Bridge Investment Group's OZ Fund VI but am also interested in exploring other managers' funds. (Source: FOPeer)
- Cresset has a fund (Cresset Diversified QOZ Fund II) that is mainly geared toward residential investments but does have some exposure to retail and office. Mainly in southeast/south/west. Strong underlying sponsors of deals. I believe they are raising a new fund now.
Philanthropic Charters
We have a client interested in establishing a NextGen philanthropic fund to start helping with decision-making and engagement. We would like to share with them some examples of a philanthropic charter and what categories go into creating one. Does anyone have a charter example they would be willing to share (redacted to protect the client) or other resources that you feel would be beneficial? (Source: ADVPeer & FLN)
- Please feel free to reach out directly and depending on specific details needed, we'd be open to sending some structure or samples for what we do for our Family Office clients for philanthropy and NextGen support. Delighted to hear that you have someone thinking strategically and methodically for NextGen philanthropic engagement.
Private Trust Company Director Fees
We are looking for data on amounts paid annually to non-employee, non-family member directors of private trust companies. I appreciate circumstances may matter -- regulated v. unregulated, number of trusts, number of beneficiaries, asset value, number of meetings/year, etc. -- but am wondering if there is a general "market" without getting into those specifics. Thanks for any information you can share. (Source: FOPeer)
- Ask the board member to nominate a charity and deliver to the nominee (charity) say $10,000 each year.
- An informal survey of trust companies about two years ago revealed that fees went anywhere from $10,000 a year to $75,000 a year for a single-family trust company.
Private Trust Company Liability Coverage
How do other families get board and committee members to be comfortable with serving on boards and committees of their trust companies? Do they use insurance policies alone? Are indemnities ever granted from the main operating company to the boards and the committee members of the private trust company? Is there another way to recruit non-family board members that we are not thinking of? (Source: FOPeer)
- We have had similar issues. Don't have any good answers but would love good ideas as well!
- When we quoted D & O insurance, we were told, if our PTC was the named insured (standard practice), then the assets of the trust precede the D &O insurance. We passed on obtaining the insurance. Since the assets of the trust greatly exceed the coverage, we saw no need for it. I know we miss out on the cost of defense, but we were willing to forego that.
- I do not attempt to buy high coverage as there should be, in my opinion, little chance of the board members being sued and if so, little chance of a claim, and even less chance of the claim being more than the entity would have to pay.
- We provide a layer of liability coverage for the general entity functions and an indemnity agreement for each board member that kicks in to cover a large layer of liability over the amount covered by insurance.
- My view is that claims would tend to be directed to the operating company and not to the ownership entity - the Trust.
Younger Generation Icebreaker
Does anyone have an icebreaker idea for session/day with all younger generation attendees? I have seen a lot for multi gen ideas but don't have a lot with all younger generation attendees. (Source: FLN)
- Do an escape room.
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.)
Advisor for Registering Vehicles/Assets
Does anyone have a contact who can help us understand the nuances of registering vehicles and similar assets in one state if they are purchased and/or owned by an LLC in a separate state? (Source: FOPeer)
Boston Area Bill pay
We are interested to know if there are any service offerings in the Boston area for bill pay services (in a vacuum). We are not interested in other offerings that may be available but for bill pay. (Source: FOPeer)
Cap Table Software
Started using portfolio insights in Carta for Cap tables. While Carta is great for investor management (cap calls, financial reports etc) I find the cap table process is not as good. Any suggestions or any other software that is better? (Source: FOPeer)
Charter Flight Services
We have a client who wants to charter a one-way flight from Phoenix to Charlotte in July. Would be for 2-4 passengers. Looking for a few recommendations as to which providers would currently be a good fit for consideration. (Source: ADVPeer)
Chief Investment Officer (CIO) Job Description
I am looking for a Chief Investment Officer (CIO) position description. If you have one and wouldn't mind sharing, that would be greatly appreciated. (Source: FOPeer)
Legacy, Wishes & Philanthropic Intent Questions
We are going to record a video series of our family principal and wealth creator, discussing the following:
- His Philanthropic Intentions (Sunsetting, Mission Drift, Areas of Focus)
- His Wishes and Vision for his Children
- Operations of the family office after his death
- Life story, etc.
Was wondering if anyone out there has done something like this and would be willing to share thought-provoking questions an interviewer could ask the wealth creator. Any examples would be fabulous! (Source: FOPeer)
Private Boat Charter Clubs
Does anyone utilize an exclusive worldwide boat charter service for their family? Would appreciate any information, feedback or contacts while exploring our options. (Source: FOPeer)
Property Maintenance Checklist
We have recently added a property manager to the family office team. Wondering if anyone has a document to share noting daily, quarterly and annual responsibilities we can use as a baseline for our properties. (Source: FOPeer)
Protective Intelligence
We are seeking suggestions for intelligence agencies that offer a comprehensive range of services, including continuous monitoring of potential threats around the clock, timely and insightful security intelligence reports, travel threat intelligence, and thorough background checks. We would appreciate any recommendations in this regard. (Source: FOPeer)
Small Business Consultant
We have a family member in the San Fransisco area who is looking to buy a small retail business (approx. $3 mil in annual revenue). We are looking for a consultant to help access and price the business and to assist in assembling a business plan. Ideally, this consultant would be local. Any assistance would be greatly appreciated. (Source: FOPeer)
Triple-Net Leases
What Triple-Net Lease sponsors do FOX members recommend for tax shelters? (Source: ADVPeer)
Member Referrals Requested
This section includes service providers that members have recommended and/or are looking to hear about other members’ experiences.
Boston Interior Design
A client of mine is seeking an interior designer in the Boston area who can pay tribute to the history of the city in the design of the home. Any recommendations would be appreciated. (Source: ADVPeer)
- I would highly recommend Phoebe Lovejoy of Lovejoy Interior Design (www.lovejoyinteriors.com). Her business is based in Belmont, MA, and she grew up between Boston, Concord and Gloucester, Massachusetts. She specializes in home projects from concept through completion, and often incorporates New England and Boston-specific themes in her aesthetic. If you would like a personal introduction, please reach out to me directly and I'm happy to put you two in touch.
- Our Boston team and clients suggest the following three firms:
- Gerald Pomeroy, www.geraldpomeroyinteriors.com
- Anthony Catalfano, www.anthonycatalfanointeriors.com
- Dee Elms, www.elmsid.com
- Highly recommend Nina Seed who has done incredible work in the Boston area. Website and email are below and I'm happy to make the introduction.
- Website: www.ninaseedinteriors.com
- Email: nina@ninaseedinteriors.com
- I highly recommend Craig Tevolitz, Principal of Platemark Design. Craig lives in the Back Bay and is often involved in modernized traditional work. craigt@platemark.com
Outsourced Accounting
Does anyone have a recommendation for an outsourced accounting service? We're thinking either a CPA firm that has a bookkeeping service or a specialized service that is familiar with family offices. (Source: FOPeer)
- Our Family Office owns and operates a company in our portfolio that serves as an outsourcing solution for bookkeeping and accounting. It is a specialized firm that serves family offices, family-owned businesses, high net worth individuals as well as operating companies. It also partners closely with our CPA firm who uses this company to outsource bookkeeping and accounting for their own clients. Happy to speak more via email or telephone at your convenience.
Software Reviews/Experiences
This section contains software platforms that members have recommended and/or are looking to hear about other members’ experiences.
Masttro and Sage Intaact
Has anyone worked with Sage Intacct and Masttro together? We’re curious as to how well the programs are able to integrate. (Source: FOPeer)
Mirador/Addepar
Anyone know if Mirador is worth engaging to do portfolio reports or is it better to get your own instance of Addepar in house? (Source: FOPeer)
- We are just now finishing our implementation of Addepar (in-house). We have found it to be very powerful, with a huge range of options (most of which we found we do not need) but is messy and time-consuming to onboard. It has a pretty steep learning curve and has been quite hard to conform to our internal reporting needs, but we're getting there. We have also found that if your investments are primarily in publicly traded securities, it works much better, whereas we are heavily invested in alternatives and private equity, all of which works best in Addepar if updated manually from quarterly reports (this includes alternative investments managed by your custodians).
That means you have to have the staff to maintain those types of investments and keep the data updated. Addepar works best for investment only reporting, and not necessarily to produce an FMV balance sheet. It does NOT think like accounting software and is difficult to balance. As for Mirador, they have been helping us with our implementation, but we have not used them for reporting. If you use them, it will be helpful to be extremely specific about what you need from your reporting and why, so they can set you up properly.
NINES 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? I would appreciate it if any current/past users would DM me. (Source: FOPeer)
- We did a demo last month as well and liked what we saw so far too. Pricing is a bit higher than some of the competition so we are trying to factor in efficiencies gained vs manual labor costs, etc. to justify. Anyone else have experience with Nines?
- We just subscribed last month. We are currently working on building out the platform with our properties, so we don't have a lot of experience with the product yet. I spoke with a reference user that Nines connected me with before we subscribed.
Orca
- Does anyone use Orca to create portfolio reports from Addepar? Not understanding if Orca acts the same way that Mirador does or is this just a sync to Addepar? (Source: FOPeer)
- Orca sits on top of another system. So in this case it would sit on top of Addepar using the data within Addepar, but generates views, reports on assets, holdings, partnership accounting, and document management.
- We are currently evaluating if we acquire Orca for the management of the entire legal and tax structure of the office. We wanted to know if anyone would like to share their experience with Orca and if other family offices recommend it. (Source: FOPeer)
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