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?
Family Office
Resource Search
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.
Family offices are looking for a secure way to interact with their families with increased flexibility, improved levels of communication and tight process integration across their business. What developments should you be aware of? Steven Draper will update us on the state of play in this area and focus on solutions and strategies that provide increased security and functionality.
Breakout Session 1C: Family Office Portal
Publish Date
A family office portal is a secure electronic gateway to the information that you want to share with your family—files, photos, services, and information—accessible over the Internet through a web browser. It can be a powerful means of connection for the family. Come to this session to learn about one family's experience creating their family office portal.
Steven Draper will set out for discussion the idea of using Office 365 as the core platform in a family office and synthesize some of latest developments around this platform. This will be followed by an open Q&A.
Six Signs of Ineffective Family Office Reporting
Publish Date
Based on a FOX Research, the average family office spends about 32 percent of its time on financial administration and reporting. That’s almost 17 weeks a year spent on collecting, verifying, analyzing, and consolidating financial information. For some family offices, these jobs took up as much as 75 percent of their time, which left them with little time to contribute to the true strategic objectives of a family office. The good news is that there is a better way, but first it's important to examine where family offices are going wrong.
Ten Most Common Mistakes of Family Office Investors
Publish Date
Families are often overwhelmed by the complexity and sense of burden that comes with managing all the component parts of wealth across generations. More concerning, though, is the lost opportunities and the loss of capital that results from not getting it right. But owning and managing significant wealth does not have to be difficult, and learning from the ten most common mistakes that a family office investor makes can help the process become easier.
Family office activities are complex, and families can unintentionally put themselves at risk if they don’t proactively identify and address the potential impact of external factors. One solution: conduct a full diagnostic risk assessment and review of your internal controls to ensure that potential problems have been identified and proper mitigation strategies have been implemented.
Top 10 Security Risks to Family Offices and Family Business and Best Practices for Mitigation
Publish Date
Family offices and family-operated companies face a variety of security risks, including: cyber, physical, reputational, and financial. In many cases, their interconnectedness to family residences complicates matters further. David London of The Chertoff Group and FOX senior technology consultant Steven Draper will explain how to improve a family’s risk profile by identifying specific risks and implementing proven best practices for mitigating them.