A Family Office is all about providing a tailored, bespoke experience to the family. How does a family office extend that into the digital world? Technology tools, when properly implemented, can provide the personalization needed to create a greater sensation of comfort and higher satisfaction for the family. The right offering can demonstrate the value-add a family office provides and add to the services the office can offer without increasing costs.
Family Office
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Attracting and retaining talent is the #1 Human Capital challenge in family offices today. Please join FOX principal researcher and Managing Director, Jane Flanagan and Bruce Benesh, Partner-in-Charge, Human Capital Services, Grant Thornton LLP to find out what 151 of your peers who completed the 2016 FOX Family Office Compensation & Benefits Survey are doing to attract and retain key talent. From flexible work options to incentives, this session will update you on the latest trends in family office compensation.
Succession - Taking a Broader View
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Single family offices are increasingly faced with the topic of succession whether triggered by an upcoming departure of a family office executive or a broader transition in generational family leadership.
Offering a competitive compensation plan is essential to attracting and retaining the top talent that can ensure the family office’s success. However, compensation is also consistently the biggest line item in every family office budget. This makes designing compensation plans that are competitive and effective especially imperative.
Revenue Recognition Standard
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The new revenue recognition standard—set to go into effect in 2018 for public entities and 2019 for nonpublic entities—has been and continues to be a hot topic during our conversations with clients. Unlike most other accounting changes, the new standard will influence organizations not just at the financial-statement level, but also at the operational level. Although the deadline for implementation is a year or two away, organizations have already reached a fork in the road: they must decide whether to engage in proactive planning now, or face risky consequences later.
Managing Risks for the Family Office
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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
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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
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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
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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.
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.