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Family Office Best Practices
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Amplifying Rising Gen Voices: Translating Challenges into Opportunities | 2023 FOX Family Forum
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In April of 2023, FOX released the Rising Gen Research Brief, the findings from rising gen focus groups, and a survey, conducted in 2022. This session will dive into the data through the lens of our rising gen panelists. We will learn how they experience, work through, and address the rising gen challenges in their lives and families. By discussing common challenges and goals of this segment, we will understand how to better serve this group, and leave with ideas for how other families have turned challenges into opportunities.
Family offices may take on a variety of roles in service to the family, so it is essential that there is a strategy that helps frame the office’s purpose and an overarching plan to help align and execute against diverse interests. The panel will cover three key areas during this session: 1) Share critical questions to ask and answer when designing or refining a family office’s purpose, 2) Provide examples and stories of how family offices evolved and progressed and, 3) Explore the latest findings from FOX’s Family Office 2023 Study for a fresh look at the state of the family office.
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.
Does My Family Need a Family Office
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Families with significant resources are increasingly turning to formalized family offices to creatively deploy and manage their capital. As leaders of family-owned businesses look to unlock generational wealth stemming from a liquidity event, they might wonder whether a family office is the right next step—and if so, how such an office might work in practice.
People are critical to a family office’s long-term success. However, recruiting top talent continues to be a great challenge when there’s a shortage of top talent in a tight labor market. Compounding the problem, many family offices lack robust training and development plans to prepare next-generation family members and existing employees to step into key roles. As capability needs evolve, updating role descriptions for employee recruitment is key. Intentional skill development, career pathing, and creative compensation can help retain top talent.
The growing use of video and automated technology, including artificial intelligence (AI), in employment practices—and the concern that the technology may foster discrimination and bias—has triggered a wide array of regulatory efforts. At least 11 statutes have been introduced targeting the use of AI-related technology to assist with employment decisions. Employers should take note of enacted and proposed legislation and consult with legal counsel before implementing automated employment technologies.
Is Your Family Office Reaching Its Full Potential?
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Family offices continue to be the preferred way for ultra-high net worth individuals and families to manage assets and to support the goals and legacy of their family. But with more than 14,000 family offices across the globe facing new challenges and complexities, raising concerns about whether their operating model is providing the transparency and efficiency needed to be successful today while being flexible for tomorrow.
As family offices turn their attention toward achieving operational excellence, they are facing tremendous challenges and opportunities to maximize efficiency and productivity across the enterprise amid constant change and uncertainty. As shown in this report by RSM, it’s the technology and talent considerations that rank as a top concern for many family offices. Additional feedback and key insights on it are provided from more than 500 family office executives, family members, and their advisors.
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.