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

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

 

Project Primus Investment “Boot Camp”

Has anyone had any experience with Project Primus and their investing "boot camp"? We are considering reaching out to get more information from them as part of family learning but would love to hear if anyone has any experience with working with them. (Source: FLN/FOPeer)

  • I have had the Project Primus team reaching out to me too. I have had one meeting but will need more to vet them.

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Wells Fargo Contact

We're considering moving banking relationships to Wells. There's been some positive feedback here about them, and it seems like their commercial platform is strong. Does anyone have a contact there? Any other strong recommendations for day-to-day banking relationships are welcome. (Source: FOPeer)

  • Please contact me privately -- FOX can connect us.

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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.

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: ADVPeer/FOPeer)

  • Our local CT teams recommend Christine Whitehead who practices all areas of matrimonial law. Here's the link to the firm’s website: christinewhiteheadlaw.com

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Incentive Comp Consultants

We are looking to interview incentive comp consultants for a small business (located in Texas; 52 employees). Corp with 4 lines of businesses - the incentive comp would focus on the 4 managers. Recommendations appreciated. (Source: ADVPeer)

  • We [Agreus] provide Compensation Consulting for Family Offices across the USA. If this project is specifically related to the Family Office structure, we are happy to help out. I have attached a link to a Family Office Compensation Benchmark report we created in collaboration with KPMG. Hopefully, this will provide you with some useful information (this is in the FOX resource library). If you have any further questions, feel free to reach out. I hope this helps.

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Savings Bonds and Precious Metals Evaluation

We are looking for resources that can evaluate savings bonds and precious metals. Ideally in Dallas, TX, but open to other locations. (Source: ADVPeer)

  • You mentioned precious metals. Winston Art Group are jewelry and fine art specialists.
  • For savings, bonds or other short-term investments, Bank of America Private Bank can provide custom support at an efficient cost and access model.

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Washington, DC Estate Attorneys and CPAs

Seeking recommendations for Washington, DC-based estate attorneys and CPAs. Any referrals would be greatly appreciated! (Source: ADVPeer)

  • Sharon Berman, Principal and East Regional Practice Leader, Private Client Services at BDO/sberman@bdo.com.
  • Our CPA (RS&F) firm is based in the Mid-Atlantic and my colleagues are in DC quite frequently (our Columbia, MD office services Washington). We also have a team of tax attorneys who work for us in our tax advisory group. We're happy to chat further.
  • For T&E attorney in DC we recommend Leslie Bradenham and Laura Stone. Leslie is at a medium-sized firm primarily focused on tax, estate and business planning and Laura is with a small, boutique firm (<10 people) focused exclusively on estate planning.
     
    For CPAs, Ben Supowit in DC. Scott Reddersen is based in nearly Bethesda and works with many of our DC clients.

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Yacht Broker

We have an East coast client who is considering selling his yacht and are looking for brokers who can help facilitate a sale. The vessel is two years old with around 300 hours on the engine. (Source: ADVPeer)

  • We can connect you with several brokers. Would you please tell us a little more detail on the length and make/builder? Feel free to email us directly with the information! Happy to help.

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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.)

California Health Insurance for Family Members

I know that similar questions have been asked in the past, but I have a family office with non-W2 family members in California that is wondering how other families have found coverage for these family members and family office employees. It's a small group, and they are grateful for any guidance. How have you solved for this? What resources can you recommend? (Source: HCAP)

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Cash Review Recommendations

We are seeking recommendations for an outside firm to conduct a review of our cash functions and controls, including an omnibus master funding account. Has anyone recently engaged a firm that they would recommend for this review? (Source: FOPeer)

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Internal Newsletters

We are looking for industry best practices for internal (non-family) family office newsletters. Do you have any tips or tricks that have been successful for your family office? How often do you publish them? What are the primary content areas? Do you keep them light/fun or are they more business focused? (Source: FOPeer)

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Northern Jet

I am considering purchasing a Jet fraction with Northern Jet – a company based out of Grand Rapids, MI. Wondering if anyone has experience with this company, good or bad? I am looking for references if anyone is willing to have a quick conversation or provide feedback. (Source: FOPeer)

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Professional Employer Organization

Have any network members recently evaluated any PEOs or have experience working with them (Trinet, ADP, Rippling, G&A Partners, others)? We are an MFA with 100+ employees that has grown significantly over the last couple of years. I am seeking a service-oriented PEO, with multi-state tax abilities, a modern UI, and streamlined benefit onboarding/offboarding. (Source: HCAP)

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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.

QuickBooks Software Renewal

Could anyone share their experience dealing with QuickBooks software update using 2021 and facing 05/31/2024 service interruptions. Currently, the desktop version and the current online version do not have the same functionality. Seems like Intuit is eliminating the desktop version for an online costly subscription service. (Source: FOPeer)

  • I believe QuickBooks Enterprise is still an option. We are moving to Sage Intacct.
  • I heard the same. I think they are pushing folks onto QuickBooks online. You should check out Sage, Netsuite, and SumIt.
  • Our office also uses Quickbooks Enterprise hosted by Right Networks. We really like this current setup and have 40+ company files that are regularly accessed by five users without issue. I have no experience with Quickbooks Desktop but I know a lot of people struggle with Quickbooks Online's functionality, so this may be an good option. Our office has tried using Netsuite, Advent Geneva, FundCount, and Enfusion in the past 15 years and has ultimately landed with QB. It may be simple but paired with Excel it has proven to be much easier to use and maintain compared to the other programs.
  • We use Quickbooks Enterprise. It's hosted in the cloud through Right Networks, which makes it compatible with remote workers. It has even better functionality than the desktop version of Quickbooks, whereas Quickbooks Online is nowhere near as comprehensive. I just confirmed with Intuit that Enterprise is here to stay, and the conversion from Desktop to Enterprise is not difficult.

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SEI Archway Software

We are evaluating the Archway Platform and would appreciate connecting with anyone that has implemented it at their family office within the past 5 years. (Source: FOPeer)

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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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