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

 

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

K-1 Software

We are hoping to find some type of software that will analyze and extract information on K-1s. We'd love for it to be able to read PDFs then translate them into Excel. It would also be nice if it would track which K-1s we have received for the year and which K-1s are still outstanding. Maybe it could even talk with our bookkeeping and tax software to import the data directly? I would love any recommendations from the other family offices to get us started in the right direction. (Source: HCAP)

  • If you are invested in alternatives, ARCH is a great tool that gathers data and documents including K-1's. If you are specifically looking only for K-1's, then you might look at K1X.

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Ranch Manager Job Description

Does anyone have a job description for a ranch manager they would be willing to share? We are likely looking for someone who will not live on-site but will handle the maintenance of the ranch (used as a vacation home). (Source: FOPeer & HCAP)

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SFO Employee Office Time Surveys

I had a family office friend ask me if I had surveys or data on how many SFO's are back in office full time. Are there any benchmark studies or surveys on the remote/hybrid/back in office policies or data that members of this group could share. I have solid relationships with 100 billionaire SFO's across the U.S. and the globe but of my top 25, most are fully back in the office but wanted to see if there were studies or surveys that members of this group may be able to share or point me to. (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.

Insurance Broker Referral

We assist multiple family members with insurance for their personal homes and assets, mostly located in Washington and Hawaii. We currently work with numerous insurance brokers, but I'm interested in finding a smart, proactive, hard-working broker to improve and possibly consolidate our program. Does anyone have a broker whom you like, and would you recommend? (Source: ADVPeer)

  • What brokers do you work with now?
  • Are you looking for personal lines or life insurance?
  • I'm happy to have a conversation about our experience. We are located in Seattle.
  • We are happy to provide you with family insurance reviews. Our team at Marsh stands ready to assist.
  • I recommend Concierge Insurance Solutions which is a boutique national property and casualty insurance brokerage that was created to focus on structuring and servicing high net worth clients' personal insurance portfolios. It services only high net worth clients and has been very successful in creating appropriate coverage, often for reduced costs. Their website is conciergeinsurancesolutions.com.
  • I would appreciate comments and advice on how to use life insurance within a 40-person, 4th generation family office. I would be interested in investing some capital in life insurance and in effect swap the double-digit return now realized for the security of the insurance coverage. Why could insurance not be one tool to ease some of the pain and frustration when divorces occur -- and they do -- and are often expensive.
  • We work with a number of families in Hawaii as well as on the mainland. P&C insurance in Hawaii is getting quite challenging at times, as the high-end carriers are often not willing to write new policies, obtaining wind/hurricane coverage is getting trickier, etc., so in addition to our broker, we use a local Honolulu-based agent to help us bind policies that we aren't able to access through our broker. Our broker at Marsh McClennan is absolutely terrific. I highly recommend her. marshmclennan.com
  • Our Hawaiian agent doesn't do the type of work our broker does (he's not proactive, we have to prompt him to increase the inflation on policy coverages, he doesn't provide insurance review meetings for our families, etc.), but he has always come through when we're in a pinch and has been able to find us the policies we need in Hawaii. Cavanah Associates (a division of USI Insurance Services) cavanah.com

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South Florida Property Valuation

We are looking for a high-end property valuation appraiser for the South Florida market. (Source: FOPeer)

  • Residential, correct? If in/around Miami, I might have a recommendation. Happy to help, if possible.

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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.)

Bookkeeper/Payroll Services

We are looking for a recommendation for an accounting firm that can handle bookkeeping and payroll services for a family office. (Source: FOPeer)

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Family Council Survey/Evaluation

We are thinking about doing a survey of the family to get feedback on the Family Council's performance and strategy/vision for the future. Does anyone have a survey/evaluation that you have used in the past? (Source: FOPeer)

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Financial Protective Team

At the recent FOX conference, a speaker spoke about the concept of financial protective teams. This approach intrigued me, and I am interested to know if anyone is utilizing this structure instead of relying on a single Power of Attorney (POA) with family members.

If you are using a financial protective team, I would greatly appreciate it if you could share your experiences and insights. I am particularly interested in understanding the benefits and challenges you have encountered with this setup. (Source: FOPeer)

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Florida Traffic Attorney

Our family member client was at fault in a car accident. We are seeking recommendations for a traffic/PI attorney in Tampa/St. Pete. (Source: FOPeer)

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Landscaping Architecture Excellence

Looking for guidance on how to measure and ensure excellence of landscaping ('business as usual') and landscape architecture design at residences. (Source: FOPeer)

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Montana Estate Planning Attorney

Looking for an estate planning attorney in western Montana or Spokane area if admitted in Montana for a client with a $20M net worth and basic needs. (Source: ADVPeer)

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Nevada Directed Trustee

For our California trust beneficiaries, we are looking at using a non-judicial settlement agreement to update a GST exempt irrevocable trust that currently has a Delaware Trustee. The update will use a Nevada-based directed trustee and update the investment authority of the trusts to be an unlicensed family trust company (LLC) created by the family and based in Nevada.

The goal is to avoid California fiduciary income taxes and move the investment authority to the (California based) family. Does anyone recommend a Nevada Directed Trustee, one that may have a presence in Reno? If you have executed this or something similar in Nevada, what were the pitfalls and points of pain for the family? What worked? The trust will be accumulating; we do not expect any discretionary payments for 10 to 15 years. (Source: ADVPeer & FOPeer)

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Owner’s Project Manager – South Florida

Looking for recommendations of owner's project manager (OPM) in the south Florida market for high-end residential project(s) with budgets greater than $100M.

The individual would be responsible for managing cost, schedule, and scope (the 'triple constraint') as well as managing the communications and expectations of the principal.

The number of projects will be determined by the OPM's experience. (Source: FOPeer)

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Reference Check

We are considering engaging with CFAR or Wealth Strategist Partners for a project related to Op.Co. governance and succession. Does anyone have experience working with either of these firms that they would be willing to share? I would welcome an opportunity to set up a call to discuss if appropriate. (Source: FOPeer)

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Reporting of Furnishings

I am reaching out to gather some insights on how different family office's handle large furnishing purchases. Specifically, I am interested in understanding the following:

  • General Ledger Tracking: Do you track large furnishing purchases as an asset in your general ledger? Or just expense in year of purchase?
  • Depreciation: If you capitalize, do you assign a life or do you leave them on the general ledger permanently?
  • Net Worth Reporting: Do you include furnishings in any net worth reporting?

Your feedback on these questions would be greatly appreciated. (Source: FOPeer)

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Shipping to Bahamas

One of our family members has a home in Harbour Island, Bahamas. At times, we need to ship various items there such as small appliances. The shipping method we currently use has not been working out well in terms of timeliness and tracking. Does anyone have a shipper they could recommend? (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.

ARCH Integration

We are considering using ARCH for alternative data management and Addepar integration. Can anyone provide insight into what their experience was with onboarding, implementation, challenges, or general information that may help in our decision making? (Source: TODS)

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Collation.ai

Collation.ai was introduced to us by a service provider. Has anyone successfully used a Collation data warehouse as an investment reporting solution? (Source: FOPeer)

  • I have a colleague who has just completed a full implementation of Collation. Let me know if you'd like me to put you in touch.

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S-Corp Basis Tracking

Does anyone know of software that will track S-Corp basis at the certificate level? We have seen software that will track it at the taxpayer level, but our taxpayers have tax lots with different basis. (Source: FOPeer & 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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