Family offices and family-operated companies face a variety of security risks, including: cyber, physical, reputational, and financial. In many cases, their interconnectedness to family residences complicates matters further. David London of The Chertoff Group and FOX senior technology consultant Steven Draper will explain how to improve a family’s risk profile by identifying specific risks and implementing proven best practices for mitigating them.
Client Experience and Expectations
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Consistent with the World Economic Forum’s mission of applying a multi-stakeholder approach to address issues of global impact, The Future of Financial Services Report completed in June 2015 provides insight into how disruptive innovations are reshaping the way financial services are structured, provisioned and consumed. Michael Drexler and Jesse McWaters will share insight into the transformative potential of new entrants and innovations on business models in financial services.
Researchers have determined a link between technology innovation and economic prosperity as well as a unique relationship between the usage of internet-based technologies, different types of innovation, and performance at the firm level. As internet-based technologies continue to be an enabler of innovation, it is critical that families, family offices, and the advisory firms serving them stay abreast of the types and caliber of technological innovation that is available.
Aligning Culture: Making Culture Personal
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As research continues to validate the need for cultural alignment within families as well as between families and the advisors who serve them, there is continued need for effective assessments that measure culture and clear approaches to manage sustainable change.
The growth in data is a function of multiple technological advancements in and around financial services.
Innovating the Client Experience: So, You Want to Deliver Consistently Outstanding Customer Experiences
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You are not alone in wanting to deliver outstanding client experiences. According to Forrester Research, client experience elevation is on the strategic priority list of 92% of businesses; 23% of those small, medium and large companies have client experience as their #1 priority. Despite that prioritization, consumer satisfaction research suggests client engagement is at a 9-year low. Dr.
Critical to the creation and application of new ideas within the marketplace to generate new value is a keen awareness of the client’s perception of the value delivered over time. To provide you with tools necessary for strategic thinking from a tactical perspective, Karen and David will share key findings from the FOX MFO Benchmarking study that link value to pricing trends, structure, and the evolving value of services provided.
Family Office Exchange continues to lead efforts on assessing need; analyzing impact; evaluating ideas, preparing for innovation; aligning culture and teams toward commitment; and targeting efforts in the design, development and delivery of meaningful and dynamic products, services and processes that are uniquely positioned for the next generation of wealth owners.
Defining and Aligning The Client Experience
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Family Office Exchange has been leading the charge to examine essential elements of the client experience and the influence these elements have on today’s families as well as families of the future. Key to this assessment is defining what family office executives, advisors with whom families will engage, and of course families themselves need to do to more effectively meet the unique and emerging needs of enterprising families.
Track 6 - DEVELOPING PROFESSIONALS - Highlights from 2015 FOX Compensation and Benefits Survey
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Over 100 families shared their compensation data and practices as part of the 2015 FOX compensation Benchmarking Survey. The report, distributed in late September, includes a comprehensive analysis of individual compensation categorized by size of staff. Included in the survey results is an analysis of incentive compensation—methodology and annual targets for short-term incentives, types and structure of long-term incentive compensation, current compensation practices, benefits and perquisites and PTO.