The fundamental question – “Will the family live in the plan?” – that Jay Hughes, Mary Duke, and Stacy Allred are asking in their latest research and upcoming book offers a cautionary story for both families and their top advisors. Without the appropriate focus on the family’s qualitative capital, and most importantly, their human capital, the plans and structures families have been investing in to preserve and grow their financial capital will likely be rejected by the future generations who were not engaged or consulted when the plans were made.
Family Journey
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FOX has identified the cultivation of Human Capital as a key element of multi-generational success for business-owning families and other Family Offices that are focused on continuity, succession, and continual growth of family assets. The Frisbie Group in Palm Beach was originally founded by three brothers investing in a single rental property in Boston, Massachusetts while in college. It has since grown to involve nearly a dozen family members working side by side with external employees to focus on transformational residential and community development projects.
Welcome to Day 1 of the 2023 FOX Family Forum. Peter Moustakerski, CEO, FOX
Over the past 30 years, families have worked hard and invested enormous resources to create the plans and structures that promise to carry the family into the future and ensure its long-term success. The vast majority of these investments have focused on the quantitative disciplines that serve the family’s financial capital – the collective disciplines that today we call “wealth management”.
Seeking to preserve your family’s values, support each member’s ability to personally thrive and engage collectively in meaningful ways? Philanthropy can be a great unifier in family wealth. Join your peers for what promises to be an enlightening discussion on family legacy, making an impact and finding the path forward—together. Elizabeth Wong, Head of Philanthropic Advisory Services, Foundation Source Mindy Kalinowski Earley, Chief Learning Officer, FOX
Get Continuity Right in Your Family Enterprise
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As enterprising families expand across generations, they often stray from their entrepreneurial wealth creation roots to a more risk-averse wealth-protection mode. However, if maintaining shared family capital across multiple generations is the goal, wealth protection mode is not an ideal strategy and may have some unintended consequences.
It is not uncommon for enterprising families to end up making sub-optimal capital allocation decisions due to limited visibility into, and planning around, the entirety of their shared family assets. To optimize the value of shared family capital, both the business and other entities or advisors in the enterprise ecosystem must work in harmony. With a well-defined shared family capital strategy and holistic framework, enterprising families will be in a better position to grow and sustain their wealth, promote family unity, and prepare for the road ahead with purpose.
Family Values: Charting Your Future
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We all want our children and grandchildren to be critical thinkers and to find their own way in the world. But we often want them to also adopt the family’s values and, in some cases, the responsibilities of running a family business. When those two goals are mutually exclusive, it can be a challenge to chart a course that embraces the future without letting go of the past. In this interview, Melanie Schmieding of Baird Family Wealth shares three steps and advice to help families with that challenge and uncover their family’s values.
The Shared Responsibility of Nurturing the Family Legacy | 2023 FOX Family Office and Wealth Advisor Forum
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Families tend to focus on the technical elements when planning wealth transfer, including management of their investments and estate planning. However, to build a long-term foundation for success, it's just as critical to strategically prepare the people in a family. Come to this interactive discussion to learn realistic best practices for strengthening the 'people-side' of your Family Office planning, including communication, education, and preparation- for future roles.
New Balance: The Inflection Point Facing Family Wealth | 2023 FOX Family Office and Wealth Advisor Forum
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For the past 3 decades, the private wealth industry has been heavily focused on, and dominated by, highly technical disciplines, such as investment management, tax and accounting, and trust and estate planning, with solutions primarily serving the financial capital of enterprise families and the vision of prior generations. The qualitative needs and wellbeing of future generations expected to benefit from these solutions have rarely been a focus of industry practitioners.