Family Office Best Practices

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Why the Modern Family Office Matters
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Wealthy families have a significant positive socio-economic impact around the world, but lasting impact depends on those families prospering for generations. This is not guaranteed, however, and more intergenerational wealth transfers succeed if families adopt a modern Family Office model that suits their needs and goes beyond managing and growing the family’s financial capital over the long-term.

Determining the Right Price: A Wealth Management Cost Framework for Families
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For families with substantial diversified portfolio investments, costs are an important consideration when devising an overall wealth management strategy. While there are a range of cost estimates drawn from real world examples, each family’s wealth management cost formula is different when analyzing it through a framework and analysis of four parts: the evaluation of costs; factors that can cause costs to fluctuate; key questions to ask when evaluating wealth management costs; and best practices.

2023 Rising Gen Research Brief
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This research brief uses direct feedback from members of the rising gen to identify their top concerns and shed new insights into the important goals they have with their family. With the data and recommendations gathered, you can learn more about the group—including the challenges and pressures they face—to create a roadmap that leads to productive family engagement and communications, action planning, and problem-solving.

The Rise of Business Email Compromise and How to Combat It
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Since 2022, there has been a significant increase in cyberattack attempts targeting email accounts. Taking a closer look, BPM’s Cybersecurity Assessment Partner, David Trepp, explains how attacks are launched against employees, business email systems, and their authentication mechanisms. He also outlines the threat scenarios, shows examples from real-world post-breach analysis, and elaborates on strategies to better secure your organization from business email compromise.

2023 FOX Foresight
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FOX Foresight keeps you up to date on our latest thinking about matters affecting families, family offices, and their advisors. It gives you our forward look on what we're learning from our members and subject matter experts. Please share it broadly with your family, your office, and your advisors. 2023 FOX Foresight is presented in 8 chapters:

A Positive Approach to Prepare Families for Change and Growth | 2022 FOX Family Forum
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Oftentimes, families struggle with a sense of fear and lack the clarity needed to address complexities of navigating change and growth. In this session, participants will learn an easy-to-implement framework on how to develop a greater sense of positive influence within the family system. Through an experiential learning process, you will gain confidence and practical tools that are rooted in a positive, strengths-based approach. Speakers will challenge the perspective of "what do we want to prevent?" and replace it with, “how do we want to grow?"

Final Rules Implementing the Corporate Transparency Act and their Effect on Trusts, Family Offices, and Private Trust Companies
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On September 30, 2022, the Department of the Treasury issued final rules addressing the scope of the reporting requirements for beneficial ownership and control of entities provided under the Corporate Transparency Act (CTA), which creates more clarity for families looking to understand their reporting requirements and potential exceptions. While the CTA rules will likely create a compliance burden for many wealthy families with complex structures, it is clear that having a regulated Private Trust Company as a central part of the structure should lessen that burden.

Family Office Answer Book: A Complete Guide for Family Office Executives
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This guidebook takes a critical look at significant challenges and opportunities in family office operations and offers comprehensive guidance with a future-focused lens. Gain expert insight, strategies, and best practices on the top-of-mind issues that include strengthening your cybersecurity, leveraging your technology, the role of the chief investment officer, starting a direct investment function, and choosing an appropriate trustee.