This 2010 FOX Fall Forum session is designed to help younger family members learn how to more effectively put their generations’ talents and skills to work in leading the family enterprise. Participants will acquire techniques for helping family members identify and recognize their talents, understand some of the common challenges and pitfalls in family talent management and how to avoid them, assess their own next generation “talent map” and discuss their experiences with fellow participants from other families.
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The key to any successfully operated wealth management organization depends on having the right talent in the right role. This 2010 FOX Fall Forum session includes a discussion of findings from recent FOX research that focuses on critical talent issues, such as recruiting, compensation and team structure. In addition, a family office executive will present findings from her own employee satisfaction survey and discuss how the information has been helpful in identifying what motivates her employees.
In this FOX Fall Forum presentation, Donald Putnam considered how families and family offices are increasingly focused on risk and their own goals when managing portfolios. This has implications for modern portfolio theory and the widely followed endowment investment model. Putnam shared his thoughts about how to look at a portfolio’s risk profile and whether current practices in the private wealth management industry offer an adequate way forward.
Insecurity about how much to trust others is the number one source of family conflict. Trusting others – whether managing partners, siblings, in-laws or the next generation – is a process of risk management. In this FOX 2010 Fall Forum presentation, the presenters apply that insight to the challenges of building trust between current leaders of a family, and those from among whom the successor leaders must arise. We will learn the process of moving unequal partners toward mutual trust and respect.
A successful model of family leadership provides stability and continuity in the midst of a changing world. This FOX 2010 Fall Forum presentation identifes the skills required of a good leader and how these skills will need to change in the 21st century.
Far too often, family legacy is regarded as a concept related only to the past. This backward-looking, and inherently passive view of legacy fails to capture a much more valuable and dynamic understanding – that the essence of family legacy also carries with it the opportunity to shape the future of the family for the better. In this Fall Forum presentation, James Houghton demonstrated how his family has used puposeful planning to preserve its legacy.
An appreciation for family legacy begins with an understanding that legacy encompasses more than the past and embraces all that a family wants to preserve for the future – the history, values, knowledge and experiences that are just as essential as the financial capital.
As multiple generations begin to work together, differences can and do arise, and identifying the goals and values that resonate across the family and motivate individuals to work together is a critical task in sustaining wealth. While many families take steps to document their chief business or financial objectives, they fall short of clarifying their true motivational values – those that embody the very core of their family’s belief system and character.
This presentation was given at the 2010 FOX Global Family Forum.Part I: Family Legacy and Legacy Planning Mark Daniell, Cuscaden Group An appreciation for family legacy begins with an understanding that legacy encompasses the history, values, knowledge and experiences that are just as essential as the financial capital. Legacy planning is the process that involves documenting reasons for staying together, agreeing on The Family Promise and investing in the education of family members to enhance the legacy.
This presentation was orignially delivered at the 2010 Global Family Forum. It features insights regarding investment past performance and investor outlook on risk in the wake of the global financial crisisas well as a view on risk-taking and the future role of hedge funds in private investment portfolios.