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

 

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

AR, OK, MO, KS Members

Wondering if we have members from this network in the AR, OK, MO, KS four-state area that network in person ever? (Source: FOPeer)

  • We are located in mid Missouri, and I'd be glad to connect with you at your convenience.

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Family Retreat Venue

We are looking for a venue for an upcoming family retreat that is available for a buyout for more privacy. We will need at least 35 rooms for 45-50 people. Are you aware of any venues like this or event planners in the family office space who help families select retreat sites? (Source: FOPeer)

  • We may have something that could possibly work. I could put you in touch with our event managers if we can take this offline?

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Severance Packages for Employees

Does anyone have information pertaining to severance packages when restructuring takes place in a family office? Do you base the package on years of service? Any information would be greatly appreciated. (Source: HCAP)

  • I am serving in an interim role here at FOX monitoring the HC channel. I was formerly the Chief Talent and Learning Office at a large MFO. Typically, the senior level advisors and executives had a 6-month base salary severance agreement in their contracts. Mid-to-low-level employees got anywhere from 30-90 days depending on their years of services.

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Wealth Advisor to Family Household Ratio

For those who utilize the model of a Wealth Advisor as the relationship manager/quarterback to serve as the lead point person for each family household, what is the typical number of families/households per wealth advisor? Realizing it depends on size and complexity. Just looking for a range. (Source: FOPeer/PTC)

  • Not a fully informed opinion, but I'd say those doing what you're describing are likely to be in the 20-30 relationships range, whereas a typical wealth advisor may be more in the 50-100 range.

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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.

Captive Insurance Expertise

A family and I are investigating a firm with expertise in management and formation of captive insurance companies. We have one firm we have worked with but are looking to interview others. Do you know of any firms with expertise here? Any connections or referrals would be greatly appreciated. (Source: ADVPeer/FOPeer)

  • I've worked with Brian Divack.
  • I would be happy to help. Can you tell me what carriers you have explored the captive option with?
  • Just to confirm, are you investigating commercial, personal or life insurance captive capabilities?
  • We have professionals on Wilmington Trust staff who are experienced with captives. We provide trust, custody and investment management services.
  • To the anonymous advisor or family office contact who inquired about Captive Insurance, we have a team of specialists who can assist, and I'm happy to make an introduction to a member of Marsh’s Captive Solutions team.
  • We are currently going through the same process.
    • Our consultant is SRS Advisors. The principal consultant there is Michael Arcangel. He is in Boston.
    • Our legal advisor is McDermott Will & Emery. The partner is Kristen Hazel. She is in Chicago.
  • We too are going through this vetting process. We are curious to know who others are using as well.
    • We are using Artex Risk Solutions (subsidiary of Gallagher) to conduct the feasibility study and then set up and manage the captive.
    • Steve McElhiney, SVP & Director of Reinsurance
    • We are also using PwC for audit and tax advisory and compliance.
    • Katherine Freed, Tax Director specializing in Captive Insurance
    • We have also had planning conversations with Laurie Bizzell, Tax Partner at MarksNelson, she has 25+ years of experience in the captive insurance space.
    • https://www.linkedin.com/in/laurie-bizzell-17852993/

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Credit Facility for Hedge Fund Position

I have a client with a large and well-established hedge fund position. They are partners in the fund, and we are interested to see if there is a lender in the FOX community that would consider lending. The position is under $10 Million. Any referrals would be greatly appreciated. (Source: ADVPeer/FOPeer)

  • Bank of America Private Bank has one of the largest loan books against hedge funds as collateral. We would be interested in a look at the client’s balance sheet and the specific hedge funds. Please feel free to reach out and we would appreciate putting together a term sheet.

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Family Foundation Retreat

I have a client with a family foundation looking to host their retreat in June 2025. Their usual facilitator is unavailable, so we are looking for an alternative. Does anyone have recommendations for family foundation retreat facilitators in Texas? If so, please let me know. (Source: ADVPeer)

  • Yes, our philanthropic leader in Texas suggested the following contacts. If they work with BofA Private Bank, we can facilitate the retreat at no additional cost as well.
    • If BofA Texas client, please reach out to: Margo McClinton Stoglin, Senior Vice President, Philanthropic Strategist at Bank of America-focus on board governance, strategic planning and fundraising.
  • External contacts/recommendations:
    • Michelle Crim, President of Dynamic Development Strategies: focus on fundraising
    • Michelle Monse, President of King Foundation and Independent Consultant: focus on board governance
    • Suzanne Smith, President of Social Impact Architects: strategic planning and evaluation

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IT Security Auditor

I'm wondering if anyone in this group has an IT security audit partner that they have had good experience with. Specifically, we would like to find someone well versed in conducting IT security audits using the CIS framework (IG2, IG3) and evaluating things such as system architecture, end-point security, pen testing, and security configuration reviews. Any recommendations based on experience would be much appreciated. (Source: FOPeer)

  • Contact Andrea Selke at Plante Moran.
  • We have a FOX Risk Management Partner that specializes in this kind of work. Here is his contact info:
  • Here's another group that does this work as well. They are also a FOX Risk Management Partner within our community.
    • Collin D. Barry, Ph.D., Chief Strategy Officer
      Advanced Business Resources (ABR)
      www.abrsecgroup.com
  • We have used NetConnect in NY for about 10 years and have found them very capable and responsive.

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West Coast Ranch Lenders

We are looking for a lender for small ranch property that is a working farm in Southern Oregon. Any West Coast lender connections with a desire in ranches would be helpful. (Source: ADVPeer/FOPeer)

  • Bank of America would love to take a look. Please reach out! We love ranch loans/specialty real estate (farm/timberland, etc.) for family offices.
  • We have also worked with the following consultant:

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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.)

Bahamas Investment Property Financing

We have a client who is under contract to purchase a Bahamian beach property (value is around $4M). The intention is for the property to primarily generate income via short-term vacation rentals. Without getting into specifics, our client negotiated a very flexible timeline to close on the property, so we have some time to get things in order.

Does anyone have a referral for a banking contact who is well-versed in lending for this type of property? Our client is a U.S. citizen and owns multiple businesses (all in the U.S.). I suspect the loan underwriting process with the local Bahamian banks would be a challenging process, so I would prefer to explore this process with a U.S. lender. (Source: ADVPeer)

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Estate Planning Attorney Hinsdale, Illinois

I have a client in Hinsdale, IL, who is looking for a local attorney to redo his estate plan. No taxable estate for this client, so just looking for a solid attorney (ideally local to that area) that can do a basic set of docs (will/rev trust/POAs). Any recommendations welcome! (Source: FOPeer)

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Leuko

Have a friend looking for an introduction to Leuko (leuko.com) to learn more about their tech as it relates to a personal use case, not an investment or other interest. If anyone knows these guys and can make a warm intro, let me know? (Source: FOPeer)

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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: PTC)

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Real Estate Broker London/UK

Looking for recommendations of a real estate broker with experience buying/selling high-end residential real estate north of $50M in or around London. (Source: FOPeer)

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Queens New York Property Manager

A client of ours, a family-owned real estate company based in Queens, is looking for professional, full-time management. The family is a long-term owner of industrial and commercial properties. A family member currently acts as the hands-on landlord/operator and property manager of approximately 50 properties (with approximately 75 tenant spaces) located in Long Island City, Astoria, Maspeth and Woodside, Queens.

The commercial properties include a wide range of one-two story warehouse and manufacturing buildings, distribution centers, kitchens and commissaries, offices, retail storefronts and empty lots. Individual properties range in size from 2,000 SF to 60,000 SF.

Tenants of the properties represent a cross section set of businesses large and small – manufacturers/fabricators, contractors, distributors, technology companies, non-profits, caterers, retailers and restaurants – all of which play a vital role in the diversity and success of the area. Leases are generally modified gross leases, with tenants providing their own services (cleaning, carting, etc.) and the majority of the regular maintenance during the lease team. Most of the properties do not have any common areas and the owner does not have employees who work on site at the properties.

Family is considering outsourcing the property management of such properties including:

  • Marketing and leasing of properties
  • General oversight of physical aspects of properties, including regular site visits
  • Day-to-day management of repairs and maintenance
  • Day-to-day management of tenant relations and enforcement of lease agreements
  • Ensuing compliance with all codes and inspection requirements
  • Overseeing capital improvements and tenant buildouts
  • Handling any violations
  • Budgeting and projections of property expenses
  • Implementation of long-term maintenance and improvement plans
  • Ongoing maintenance of property records

Property management team would report to family representative/asset manager. Billing and collections and invoice processing is currently handled by owner office and that is anticipated to continue; this aspect of the scope of work could be discussed.

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Retirement Bonus Ideas

I would like any feedback/ideas on retirement bonus amounts for a housekeeper/caretaker who has been with the family/families for 20+ years. (Source: HCAP)

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Southern California CPA

Looking for a CPA in Los Angeles, Orange County, and San Diego. Ideally, they have their own practice. (Source: ADVPeer)

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Storm Prep Checklist

Given all the recent weather disasters, our office is working to update our storm/hurricane prep checklist to provide to our caretakers to better prepare our homes ahead of impending storms. Would anyone be willing to share if they have something similar? (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.

Asora

Does anyone use Asora for portfolio accounting or performance reporting? We have a few clients looking at the platform and want to see if we can roll it out at an enterprise level. (Source: TODS)

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eMoney vs. MoneyGuide

We are a single-family office, and we are beginning the search for software that can help with financial modeling, scenario planning, and some of the estate management (tax planning, trust mapping, etc.). Has anyone had experience with either eMoney or MoneyGuide Pro? What has been your experience (either positive or negative)? (Source: FOPeer/PTC)

  • I've been using eMoney for the past 7 years now and have found the software to be helpful from a financial modeling and scenario planning standpoint. It certainly has limitations when there is more complexity and estate planning involved, but it's capable of incorporating various entities to produce charts and visuals that complement the financial reports. Depending on what you currently use for projection purposes, I think this can be a step in the right direction in terms of efficiency at an affordable cost. If it would be helpful, I'm happy to connect and share more of my thoughts and experiences using eMoney.

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K1 X software

We are looking for feedback from anyone who has used the K1x software platform (AI K-1 automation). According to an introductory call we had with a sales rep, they service 30-40 family offices. https://k1x.io/ (Source: FOPeer)

  • FOX is in the midst of due diligence with K1x. While we have not yet finished our work, I can let you know that several large accounting organizations utilize their technology as well as other institutional users and family offices.

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Payroll Platform Recommendations

We currently use Payroll Relief and are not happy with state compliance. The system is not user friendly when setting up employers' state tax info and the bookkeeping team struggles with it.

We prepare payroll for several states and would like a platform that actually tells us what is needed for each state, rather than us having to research it and figure out what to select within our platform to process it correctly.

I'd like to make a change for 1/1/25 and appreciate recommendations. (Source: FOPeer)

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SumIt Software Feedback

We are a smaller family office looking into SumIt software for our general ledger needs. We would be very interested in hearing feedback from anyone who has implemented SumIt or looked into it. (Source: TODS)

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Zoom Phone

Does anyone have experience using Zoom phone? We are considering transitioning from RingCentral and appreciate any insight. (Source: TODS)

  • I'm using it a bit and it seems fine. No problems so far with texting, voicemail, etc. I transferred my last remaining landline to it. I don't notice any real difference with Zoom phone, Google Voice, etc.

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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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