Family Office Design Workshop - June 8-9, 2016
Overview
Wednesday, Jun 08, 2016 - 03:00am
Thursday, Jun 09, 2016 - 12:00pm
Families who are thinking about starting or refining a family office want to do it right. They want to know what steps to take, when to take them, and how to avoid costly mistakes. But they can’t see down the road to know what will be needed. This workshop is designed to help.
Region
Location
Westin Chicago River North
Recommended For
Wealth Owners considering a family office
About
Drawing on 25 years of experience using our proprietary Family Office Blueprint™ process, FOX presents the “Family Office Design Workshop,” designed specifically for families who are thinking about creating or building out a family office.
This comprehensive, two-day program addresses the issues that family members and family office executives need to understand as they launch a new family office.
- Day 1 focuses on the guiding principles and key concepts that every family member should consider.
- Day 2 delves into office operations and other technical issues for office executives.
We encourage you to bring the members of the family who will champion this effort along with your office executives to learn as a group about the following:
- Family enterprise goals, governance, ownership structures
- Roles and responsibilities of the family and the family office
- Scope and delivery of services, including investment guidelines and processes
- Operations and infrastructure, including technology solutions and staff compensation
- Family office costs and measures of success
Agenda
Day 1 - Wednesday, June 8, 2016 | |
| 8:00am | Breakfast |
| 9:00am | Welcome and Introductions |
| 9:30am | The Family Enterprise View This session introduces the concept of the family enterprise (what a family owns together and wants to preserve as family capital – financial, business, philanthropic, social, etc.). This overview explains the importance of working together to determine what the family enterprise looks like and what will be passed on to future generations. Effective governance structures and decision making processes help sustain the family enterprise. Participants will gain an understanding of governance in a family setting, the key elements of governance (vision, leadership and decision making) and the variety of structures that support the family enterprise. Questions & Answers |
| 11:30am | Family Office Overview This session explores the roles that family members play as leaders of the enterprise and in partnership with the family office. This discussion helps participants understand the many types of offices and identify the type of office that is needed to achieve the family’s goals. Questions & Answers |
| 12:30pm | Lunch |
| 1:30pm | Office Ownership: Legal and Tax Considerations Participants will learn about the pros and cons of various ownership structures and will be exposed to the regulatory and tax considerations that impact decisions about the legal structure of the family office. Questions & Answers |
| 2:30pm | Complexity, Cost and Measures of Success Leveraging the insights of the FOX Family Office Benchmarking™ survey, FOX experts will answer questions about offices costs and outline common cost allocation methods and typical fee structures. The first day will close with an explanation of how to evaluate the family office each year. Questions & Answers |
| 4:30pm | Adjourn |
6:30pm
| Cocktail Reception & Dinner
|
Day 2 - Thursday, June 9, 2016 | |
| 8:00am | Breakfast |
| 9:00am | Welcome and Insights from Day 1 |
| 9:30am | Integrated Wealth Management The family office is uniquely positioned to ensure that a family’s wealth is managed in an integrated fashion, where each financial decision is considered in the context of the family’s long-term goals and tax, estate, and investment realities. Participants will learn about the universe of family office services and service delivery alternatives. FOX experts will examine this integrated framework and explore the investment process with information designed to help participants understand a best practice investment process. Questions & Answers |
| 12:30pm | Lunch |
| 1:30pm | Family Office Organization and Management The talent and integrity of the family office staff has the greatest impact on the office’s success. Every office struggles to attract and retain top talent. In this session, participants will learn about the roles and responsibilities of key staff members and best practices in family office compensation and compensation survey data. Questions & Answers |
| 3:00pm | Technology and Security The family office is the primary source of consolidated financial information, and better reporting means better decision-making. Having the right technology in place is critical for success. This session addresses the integration challenge inherent in consolidating data from multiple sources and identifies software solutions that have been used by other family offices with success. Questions & Answers |
| 4:30pm | Wrap Up: Next Steps in the Design Process The program concludes with the review of a helpful planning guide that outlines critical next steps in the design process. |
| 5:00pm | Adjourn |
| |
*Agenda subject to change
Up to 9 CPE credits can be earned by attending this event. CPE credits are accepted at the option of state certifying boards. Requirements, compliance procedures and acceptance may vary state.
Speaker(s)
Sara Hamilton, Founder and CEO, Family Office Exchange
Sara Hamilton is the Founder and CEO of Family Office Exchange (FOX), the definitive source of information and best practices associated with the business of managing the family enterprise and the family’s wealth across generations. The strength of the FOX network is derived from the collective knowledge and experience of over 490 globally-minded family enterprises and their advisors based in 20 countries.
Sara is the co-author of Family Legacy and Leadership: Preserving True Family Wealth in Challenging Times, © 2010, Wiley & Sons. For the past 10 years, she has served on the Executive Education faculty of the University of Chicago Booth School of Business for the course on Private Wealth Management offered twice a year in Chicago. She is a member of the World Economic Forum‘s Global Advisory Council on the Future of Investing and a board member for the Private Directors Association.
Ms. Hamilton was recently named one of the The 50 Most Influential Women in Private Wealth by PAM and was honored with this award for three years running by Wealth Manager. She serves on the editorial boards of the Journal of Wealth Management and Trusts and Estates magazine.
Charles B. Grace, III, Managing Director, Family Office Exchange
Charles B. Grace, III is Managing Director at FOX. Charlie works on strategic planning projects for families and family offices as well as wealth management advisor clients. He has more than 20 years experience in the family office community advising ultra-wealthy families and has been quoted in various publications on the subject of private wealth management, including The Wall Street Journal, Financial Times, and Worth Magazine. In addition to his responsibilities at FOX, Charlie has been active on the Board of the single family office Ashbridge, LLC since 1992 and in 2010 was named President. He is a Trustee and member of the Investment Committee of the non-profit Tuttle Fund, Inc. in New York City.
Steven Draper, Senior Consultant, Family Office Exchange
Steven Draper is a Senior Consultant at Family Office Exchange (FOX). He focuses on the “business” side of family office and wealth advisor operations. The emphasis is on solutions to support the integrated financial platform that is key for the Family Enterprise Framework. Steven is also active on the family office research side at FOX to ensure the members have the best available information, resources and solutions to help them streamline the family office processes and technology.
Steven has worked for over 25 years in the wealth management, private wealth and family office business in the USA, UK, Switzerland and the Middle East. His skill set covers a broad range and includes: strategy and operations for single and multi-family offices; new business and operational structures; process reengineering and modeling; suitable technology and latest developments; negotiations of contracts with vendors; program/project management of operational change projects and technology install; writing proposals, plans, standards, procedures and guidelines. Steven holds a B.A. in politics and history.
Jane Flanagan, Senior Consultant, Family Office Exchange
Jane joined Family Office Exchange (FOX) in 1993, and has served in a number of capacities providing value to FOX members, including as Managing Director of Membership, Director of Research, and as a Consultant, where she advised and counseled family offices and financial institutions on the wealth management process and family office operations.
Jane currently works as a developer, writer and editor on a number of industry whitepapers and research studies for FOX members. Some of her recent works include: Financial Reporting in the Family Office, FOX Insights: New Thinking in Family Wealth, Purposeful Management of Family Wealth: A Family Office Primer, and 50 Best Practices for an Enduring Family Enterprise. In addition, Jane monitors the FOX listserv and serves as a content resource for the Consulting and Research Teams at FOX.
Bobbi J. Bierhals, Partner, McDermott Will & Emery LLP
Bobbi J. Bierhals is a partner in the Private Client practice group of McDermott Will & Emery LLP, based in the firm’s Chicago office. McDermott’s Private Client practice is regularly recognized as the leading Private Client practice in the U.S., most recently receiving the 2014 Trusts & Estates Law Firm of the Year Award from U.S. News and Best Lawyers and having been ranked every year in the top tier by Chambers USA for wealth management.
Bobbi focuses her practice on tax and estate planning for high net worth individuals and families, with a particular emphasis on owners of closely-held businesses, family offices and private trust companies. A graduate of Harvard Law School, Bobbi has been quoted frequently in leading publications, including the Wall Street Journal, Forbes and Business Week.
Thomas P. Ward, Partner, McDermott Will & Emery LLP
Thomas (Tom) P. Ward focuses his practice on the structuring and implementation of transactions involving partnerships and limited liability companies, including private equity fund formation, portfolio company investments and representation of pension fund investors in private equity funds. He also advises clients with respect to use of profits interests as compensation and legislative efforts to change the tax treatment of carried interests.
Tom works closely with family offices on partnership issues, including structuring and tax allocation matters. He also addresses federal income tax issues related to aircraft acquisition and operational issues arising from personal versus business use. In addition, he advises clients on tax issues with respect to domestic and international joint ventures.