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

 

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

Domestic Employee Relocation Costs

We are considering hiring two domestic employees, one housekeeper and one house manager, from different areas and relocating them here, and we're trying to decide whether to provide a relocation allowance, temporary housing for some period of time, or both. Has anyone had experience with relocating domestic staff and how, if at all, relocation expenses were handled? (Source: FOPeer)

  • I can't comment on offering relocation/housing for domestic staff. I can comment on how we have handled relocation expenses. We offer a budget number of a reimbursement up to $X with the employee providing receipts. If they are not in a position to pay for the cost up front, then we'll use our credit card or account for the bigger items on the budget i.e. moving truck. Note that it has become very expensive. $5,000 to $7,500 used to be a decent average but now cross-country moves have cost even more than $10k. We have offered temp housing up to 3 months or simply just help provide them resources so they can have a better gauge on what housing will cost. Hope this is helpful.
  • I have experience with relocation costs but not via the family office where I work. My spouse was relocated from Chicago 600 miles south and we were given two options:
    1. The company paid for our move (including packing), shipping our cars, and two visits to house hunt.
      OR
    2. $13,000 upon completion of move, no receipts required.
    I considered this generous for a mid-size engineering firm for a mid-level employee. This move was in 2018.

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Electronic Federal Tax Payment System (EFTPS) Batch Reporting

Anyone using EFTPS batch reporting to make payments know how to export any information to be able to verify a specific payment from a master account? (Source: FOPeer)

  • Launch the EFTPS program; go to Payments; Payment Inquiry; do a search for your payment. Once you find it, highlight the payment and click View. This will give you the information needed. It doesn't allow you to export but you can screenshot it.

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Family Legacy Project Ideas

We are putting together a family cookbook with family members' favorite recipes, photos, and the stories behind the recipes. I would love to hear any other ideas on legacy or keepsake projects that can involve the whole family. (Source: FLN)

  • We did this same cookbook idea a couple of years ago and it was super fun. Each contributor added stories about why they chose that recipe.
     
    We're doing one now where we're asking family members to pick a picture that tells a family story and to write up that story. I'm hoping it'll turn into our own coffee table book of sorts to capture stories before they get lost about the prior generation.
  • I love that idea! It aligns beautifully with something we often see, families opening a donor-advised fund and involving each member in the charitable giving process. Each family member nominates their favorite charity and explains why it deserves support. Then, the whole family votes on the winning charity (or charities).
     
    This practice not only fosters philanthropy but also allows family members to learn more about each other's values and passions on a deeper level. It's a wonderful way to strengthen family bonds while making a positive impact.

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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 employees take home from the office (Source: FOPeer)
  • We use Paychex for payroll, and they have a template that we used as a start. Check with your payroll provider, maybe they have something.
  • I recommend checking with your labor attorney as different states may have different rules that apply.

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Inventory and Asset Management Platform

We are looking for a platform that can support inventorying and managing household assets. Assets are primarily physical in nature and include things like artwork, decorative objects, etc. Some key requirements are:

  • Ability to categorize, describe, and inventory assets including the ability to capture some metadata like pictures or a short description.
  • Ability to track value, current owner of asset, and any future estate planning wishes.
  • Ability to limit visibility for assets based on specific roles or criteria (e.g., a property manager can only access the assets for the property they manage or a role that can't see asset values).

Does anyone have any platforms to recommend in this domain? (Source: TODS)

  • There are several different systems with this kind of functionality. You might look at:
    • Nines - Estate and Household Management Software and Services for HNW Families and Family Offices
    • EstateSpace
    • Another obvious platform for this is leafplanner. Check this site out. They are a long-time contributor to the community.

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Qualified Small Employer Health Reimbursement Account (QSEHRA) and Individual Coverage Health Reimbursement Account (ICHRA) Benefits

We are considering adding a health insurance benefit for employees of our small family office in the Chicago area. A stipend does make sense for us considering our size, but I would appreciate learning about anyone's experience with a QSEHRA or ICHRA account benefit for employees. It seems these accounts would save on employment taxes for the company and the employees. We do have an employment/benefits attorney assisting as needed. What vendor did you use? Any recommendations on the vendor or? (Source: FOPeer & HCAP)

  • We are a small office in Lake Forest. We have a traditional employee health plan. We did not look at QSEHRA or ICHRA. We wanted to offer quality benefits to compete with large employers like our operating business. Part of the process was research covering K-1 and 1099 team members. We have used two different brokers in the last 5 years. I am happy to chat and share our experience. Feel free to reach out.
  • Our office offers a high-deductible health plan (HDHP) and health savings account (HAS) through our insurance broker. We find that it is a very important benefit to current and prospective staff when hiring and retaining staff members. We do have self-funded optical and dental benefits.
  • We offer a traditional health plan for our family office employees but have used Take Command Health to establish ICHRA accounts for household employees. We've had great success with them. Happy to share my experience if you'd like to hear more.
  • We have had a QSEHRA since 2017 for our four-employee office. We do not use an outside administrator but have used a vendor for the documents. Feel free to contact me.

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RAMP Cards

We have been considering looking at RAMP cards to help in our expense and bill pay management as well as some accounting and bookkeeping efficiencies. Does anyone have any experience with RAMP that you would be willing to share? (Source: FOPeer & TODS)

  • I'm happy to provide some context on Ramp. Feel free to drop me a note.
  • We have used the RAMP cards for our health and wellness program. We have also used it to pay expenses and issue different cards for different purposes. It has worked well for us. It is fairly simple - although we haven't used the interface with QB's yet.
  • We have used Ramp for about a year, and they've had over $400mm of funding, which has helped steer their development. Pros/cons:
    • Expense management/credit card/virtual cards-all pros. Cards come quickly and virtual cards are easy to set up and use across companies of all sizes. Virtual cards can be set up for specific needs, i.e. spend management for employees/travel or for vendor management spends, with limits. Flags inconsistencies in non-approved expenses.
    • Solid app and easy to use. Can send photos via app and email + include systematic automations.
    • Employee reimbursements are easy (app or web).
    • Integration with QB easy—just need to set up the QB category; tracks historical data in Ramp, QB customer, job, location, memo, merchant data, etc.
    • Automates workflow and approvers for vendor payments.
    • Tracks vendor procurement process, but still could use some work here. Great for beginning process.
    • Could use additional custom fields.
    • Overall, happy with their development and implementation team and ability to move fast.
  • We are users in our outsourced FO group. The top three reasons to like Ramp are: 1. Integration with Sage Intacct; 2. Flexibility; and 3. Security.
    • Integration
      1. Integrates seamlessly to Sage Intacct providing significant time savings when uploading journal entries related to employee credit card use.
      2. Allows rules to be created so that you avoid having to categorize the same transaction by the same cardholder each time.
      3. Sync issues are also avoided because Ramp includes all the dimensions used in Intacct.
    • Flexibility
      1. Real-time updates
        1. Transactions
        2. Credit limits
        3. Locking credit cards
      2. An employee can be provided a virtual card instantly for use while their physical card is mailed to them.
      3. A card can be set up for a one-time use if the client or client employee needs to use it for a one-off special occasion.
    • Security
      1. Controls to help mitigate fraud. Examples: An employee card can be set to limit what items/merchant categories it can be used for.
        • If you hire a chef, you can set them up with a card that only works at grocery stores.
        • If you hire a nanny, you can limit what the card is used for. You can block certain vendors, like Amazon, Walmart, Target, etc.
    It's important to note that the customer service was great, and the RAMP team also allowed us to streamline the underwriting process. Let me know if you have additional questions.

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Recruiters for Senior HR Role

Looking for suggestions on recruiters for a director (or Head) of HR. Role is based in the Miami area. Relocation provided. (Source: HCAP)

  • Agreus is a Resourcing and Recruitment Firm working Exclusively with Family Offices across the USA. We have successfully recruited a number of HR roles across various levels for Family Offices. You can visit our company details through the FOX website below. Happy to have a follow-up call to discuss further.

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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.

AU Pair/Nanny

One of our families is interested exploring au pair/nanny services to assist with their three daughters (ages 4-11). Does anyone have an agency or company they recommend we reach out to? We are located in Pennsylvania. (Source: FOPeer)

  • What sort of au pair are you looking for? I can refer you to a French agency I know.

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Comprehensive Relocation Services

We have an UHNW client looking to move to either Maui, Lake Tahoe, or Southeast Florida and would like to find a specialized relocation company that can assist with finding a realtor and offer considerations on each market. Any recommendations would be greatly appreciated. (Source: ADVPeer)

  • I highly recommend Bond and Des Voeux, www.bondanddesvoeux.com. You/your clients will be in good hands with Eve and Heidi in evaluating the three options and having logistics covered with the highest standards.

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Concierge Doctor Services

We have a client in the mid-Atlantic region that is looking for doctor concierge services. Referrals would be appreciated. (Source: ADVPeer)

  • I suggest looking at Head of State Global Concierge Medical Practice, crafted exclusively for select ultra-high net worth clients to complement our Global Protection Solutions offering.
     
    This global concierge service serves as an extension of the family's current medical care, providing additional support when their healthcare needs exceed the expertise of their primary physician. It ensures each member has immediate access to medical attention anytime, anywhere, and offers rapid guidance from, as well as visits with, world-class specialists-not just those limited to their existing local physician network.
     
    At the helm of this unparalleled program is Dr. William Lang, the esteemed former White House Medical Director and renowned family physician.
     
    The owner of the company is Stefan Cretier, who owns Garda, the largest private security company in the world. I am happy to make introductions to Stefan.

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Concierge Medicine in Milwaukee or Chicago

Seeking recommendations for a client in need of concierge medicine in the Milwaukee or Chicago area. Any referrals would be greatly appreciated! (Source: ADVPeer)

  • Several of our clients have reported great experiences with PinnacleCare concierge health services. Would be happy to make a warm introduction to our contact there - feel free to reach out to me directly.

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Family Member Personal Assistant

Looking for a professional assistant to work with one of our family members in the Austin area. Perhaps 3-4 days a week and 3-4 hours each day. Likely help needed: cleaning, paying bills, minor technology help, interacting with family office, running errands. Either individuals or corporate services with contact information is appreciated. (Source: FOPeer & HCAP)

  • My daughter lives in Austin and would be interested in this opportunity. She is 28 years old and recently married. Was previously a schoolteacher in the Teach for America program. Has experience interacting with our family office. Contact me if you want to talk with her.
  • Thank you for your reply. I will be in touch if this is an avenue we would like to explore.

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Health Insurance Broker in Massachusetts

I am looking for a reputable health insurance broker in Massachusetts. A client of ours is interested in creating a group PPO plan and would like to receive some options with quotes. Does anyone have any recommendations? (Source: ADVPeer)

  • We have had good success with Dan @ Hotaling Insurance Services around the country.
    • Dan Dilella
      Chief Growth Officer & Managing Partner
      Phone: 800.987.1811
      Email: dtd@hgfin.net

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House Manager Recommendations

Our clients are seeking to hire a house manager in the San Francisco area and would appreciate recommendations that prioritize the protection of their privacy. If you have highly regarded recommendations for a specific company or agency that can provide an ideal match, please let us know!(Source: ADVPeer)

  • We [Armanino] are not house managers, but we regularly set up and administer privacy structures for clients’ homes. Typically, one of our partners will serve as the trustee and manager in a blind trust which is a member of the LLC which owns the home. We pay all the house related bills via a bank account in the name of the LLC. We use our SF office to receive mail on behalf of the client so that mail does not become a path for the discovery of the owner. If there is a mortgage on the home, we work with the mortgage company to make sure that the LLC is the borrower recorded on title and the client’s name does not show up on any of the recorded documents. Let me know if you need help.
  • We reached out to some of our top bankers in San Francisco and received a couple of recommended contacts back from their network. The focus on privacy protection is harder to speak to with confidence here, as I'm sure all would represent themselves in this way, but we don't have direct experience with them ourselves in order to vouch for this.
     
    I have a couple of other inquiries out, so if more recommendations come in, happy to share. Feel free to reach out to me directly if you have questions.
    • Olive Timmons, Principal
      Phone: 415.256.1825
      Email: olive@timmonspersonnel.com
      Website: timmonspersonnel.com

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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)

  • We are currently looking for the same information for one of our 2nd gen families. Did you have any success, and if so, recommendations?

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Real Estate Foreclosure Attorney in California

I'm looking for a CA lawyer with strong experience advising lenders in complicated real estate foreclosure matters. Any referrals/suggestions would be much appreciated. (Source: FOPeer)

  • This may be in the wheelhouse for the Shoreline law firm in Santa Monica. Raad Shawaf and Drew Pauley there do this type of work. Raad's contact information is as follows:
    • Raad K. Shawaf
      Shoreline, A Law Corporation
      Phone : 310.656.7223
      Email: rshawaf@shoreline-law.com
      Website: www.shoreline-law.com

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Real Estate Broker in DC/Georgetown

Clients are looking to sell and buy real estate in the Washington D.C. and Georgetown area. Does anyone know any good RE brokers in the area? (Source: FOPeer)

  • We have a great number of contacts, but it depends on the type of real estate (residential, commercial, land, etc.). Please feel free to e-mail me and I'm happy to send you some contacts.

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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.)

Coworking Space in NYC

Any recommendations for a high-end coworking space in NYC? We have already checked out Regus. (Source: FOPeer)

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Director of Technology

We are considering hiring a Director of Technology for our office to oversee all IT infrastructure and information security. If you have a similar position in your office, would you be willing to answer/share the following:

A job description, including duties and qualifications

  • Compensation information.
  • How did you find this person? We have mostly hired investment professionals and accounting professionals, so this is a bit outside of our usual network.
  • Did you consider outsourcing this person versus having someone in-house? I am not talking about outsourcing IT technical support, but more strategic IT oversight.
  • Any other helpful suggestions. (Source: FOPeer)

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General Contractor Builder in Bozeman, MT

Looking for suggestions for a GC/Builder in Bozeman, MT. Scope is a brand new large-scale/complex residence. (Source: FOPeer)

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Greenwich, CT Family Office Property

Here at FOX, we have been asked by one of our members to share this within the family office network. The client owns an "architecturally stunning office property in the heart of Greenwich, CT that was occupied by a family office for the past 30 years and is available now for lease or sale." For more information, please email bsanders@familyoffice.com. (Source: ADVPeer)

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Rising Gen Internship Program

We are looking to implement an internship program for rising gen. We are actively engaged in operating businesses and need a way to get the next gen involved in various aspects so we can train appropriately. Has anyone prepared any high-level outlines/presentations relating to what these internship programs should look like/what departments are most valuable for interns to spend time in/length of the program/etc.? We want to ensure that we have a worthwhile program and not one where the next gen spends a couple weeks at an operator without real learning happening. (Source: FLN)

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Special Education Educator Resources

Our clients have a school-aged daughter with a chromosomal disorder and delayed speech and cognitive abilities. We would like to find a special needs educator to work with her on a one-to-one basis and to liaise with her parents, school, and therapists. Any resources you have for finding this type of private educator would be most welcome! (Source: ADVPeer)

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Short Term Disability

Do you offer short term disability? (Above state requirements, if any.) What is the benefit amount for your employees? Do they contribute to the premium? Are they stepped benefits e.g., 80% of salary for the first 8 weeks and 70% for the next… (Source: HCAP)

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Standish Fund Admin

Has anyone worked with Standish for Fund Admin? If so, are you happy? They use Arc or Allvue as their platform. Anyone hear of these? (Source: FOPeer)

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Vault Installer in Chicago

We are looking to install a built-in vault for valuables in a family office managed home. Any recommendations on reputable providers? We are located in the Chicago Area. (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.

ORCA

We are researching a family portal platform and would love an introduction to ORCA as well as any positive/negative comments regarding the product. We are in the very initial stages of working with SEI/Archway, so comments regarding compatibility would be helpful. (Source: FOPeer)

  • I am always happy to have a conversation with you about the platforms, compatibility, etc. In the meantime, here is the contact that you should connect with.
    • Charmaine Tang
      President, ORCA AG
      Phone: 646.621.0555
      Email: charmaine@withorca.com
      Website: www.withorca.com

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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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