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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.
Engaged Healthy, Wealthy & Wise: Lessons from Inheritors and their Significant Others | 2023 FOX Family Forum
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When a young inheritor announces that they have met “the one,” the wheels of the wealth-advising industry whir into motion, with families and advisors discussing prenups, onboarding, and whether to include the new partner in family wealth discussions. But amid all of this, there is a young couple in love. How do we nurture this new union and foster relationships across the family instead of getting caught up in transactional work? What best practices should we reexamine in order to truly serve the well-being of all family members and allow space for couple-defined individuation?
People are critical to a family office’s long-term success. However, recruiting top talent can be a hurdle 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.
Family Office Location Guide
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Selecting or reviewing the location of your family office is a highly complex and challenging exercise. As your family grows and gains assets and business interests that are often outside your home country, a host of factors can be crucial to your choice of location. These include considerations around reputation, regulatory frameworks, tax regimes, access to skilled professionals and professional services, political and economic stability, quality of infrastructure, and more.
Impact Investing for Family Offices
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For the wealth owners—and the family offices managing their assets—the opportunities that impact investing presents are arguably greater than for any other type of investor. While impact investing is a natural fit for family offices, most are still working out where to start—mulling over issues like how to source deals and measure impacts. In order to help them in this quest, we have captured the questions that family offices ask most frequently about impact investing and provided responses to create a thorough and accessible how-to guide on impact investing for family offices.
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.
We’ve all heard the terms “quiet quitting,” “quiet firing,” and the “great resignation” that point to the need for better employee engagement, which is a state of mind in which employees feel passionate about their jobs, are committed to the organization, and want to put discretionary effort into their work. In this webcast, Cheryl Kuch at Rehmann shares actionable insights and data, checklists, tools, and guidance for managers who are the answer to increasing employee engagement.