Family Office

Resource Search

Managing Risks for the Family Office
Publish Date

Imagine trying to protect a multi-generational family with 15 households and 25 properties in multiple states—not to mention all their vehicles, collections and personal property. Then there’s liability exposure for dozens of individuals, each with their own unique set of risks. Providing insurance protection for this level of exposure is challenging and requires specialized expertise on many levels. This paper highlights the complex risks faced by multi-generational families and how proper risk management can successfully protect their wealth for future generations.

An Introduction to Family Offices
Publish Date

With the dramatic expansion of family wealth in the United States and around the world, family offices are a growing part of the global financial landscape. Depending on the family’s mission, service needs, professional skill set of individual family members, and their existing advisor network, a family office may be appropriate. While every family is unique, there are common situations that might call for a family to consider the advantages of establishing a family office.

Oversight and Governance of the Trust Company
Publish Date

You’ve created a great trust structure, but is the family interested and engaged? To garner buy-in, interest, and commitment from the family the trust company structure must be designed in a way that is both functional and empowering for current and rising generations. In this webinar, Thomas C. Rogerson, Senior Managing Director and Family Wealth Strategist, Wilmington Trust illustrated how to strengthen structures within partnerships, how to keep the trust company relevant for future generations, and how and where processes and services should be outsourced.

Protecting Your Business Against Data Breaches
Publish Date

Data breaches have become an accepted fact of modern business. According to the Privacy Rights Clearinghouse, twenty-nine businesses reported data breaches in August of 2016 alone. No industry was safe. For many organizations, the question now is not “if,” but “when.” This year appears to be on pace to surpass the number of breaches reported last year. With that in mind, there are concrete steps an organization can take to mitigate the cost of a breach that could occur later.

Urgent FOX Webinar - Is the Clock Ticking for Valuation Discounts? - IRC Sec. 2704
Publish Date

The announcement of proposed regulations under Internal Revenue Code Section 2704 has many families and their advisors scrambling to mitigate the potential impact the regulation could have on their estate planning efforts. Owners of family businesses have traditionally relied on valuation discounts to curb the estate and gift tax burden associated with transferring wealth and ownership to future generations. That could all change by the end of the year, should the proposed regulations take effect.

Today’s Trustee The Art and Science of PFTC Fiduciary Responsibilities
Publish Date

Managing fiduciary responsibilities within a private trust company can sometimes feel like more of an art than a science. Developing effective and meaningful relationships with the beneficiaries, overseeing distributions and investment policy, understanding how and when decanting a trust is the best solution, while also being aware of the statutes under which the PTC should be operating all mandate experience and insight.

Beyond Spreadsheets and QuickBooks: Embracing Integrated, Automated Process Management to be a Better Risk Manager for the Family
Publish Date

QuickBooks and Excel are a common software pairing for family offices that seemingly has cost, flexibility and familiarity on its side. However, the disadvantages of this approach soon begin to outweigh the benefits. The fact that close to 90% of spreadsheets contain errors in at least 1% of all formula cells means considerable hidden risk. Plus, family office demands on QuickBooks tend to quickly exceed its functionality and the spreadsheet as de-facto reporting tool can only work for so long.

Secure Communications and the Single Family Office No Longer an Afterthought
Publish Date

With the advent and growth of Internet-based communications, it has become normal to instantaneously pass on information. If the Single Family Offices (SFOs) and ultra-wealthy do not secure this traffic of critical and private information, they can expose themselves to significant financial—and potentially physical—risks. The threats are all around and the wealthy are especially targeted. What should the SFOs consider to secure their communications while providing a platform that will entice and engage the next generation?

Communicating Across Generations in the Workplace
Publish Date

For the first time in modern history, four generations are represented in the workforce. Each group has its own distinct characteristics, values and attitudes toward work. These differences can lead to misunderstandings and increased conflict, posing challenges for human resources. In this webinar, we looked at how to tailor communication and training, provide constructive feedback, and find ways to celebrate the unique qualities each generation has to offer.

Technology Disruptors and the Internet of Things
Publish Date

How will the Internet of Things (IoT) change the family office industry and how we serve our clients? This session will identify key triggers for change in terms of client engagement, delivery of services and advice, communications, integration, and access to a variety of products. The goal is a thought provoking discussion of how the world is changing, and how family offices must prepare to change over the next decade.