2023 FOX Family Office and Wealth Advisor Forum Recap – Day 1

Enjoy a recap of Day 1 of the 2023 Family Office and Wealth Advisor Forum by Erin Hulse, Founder of Deviate Consulting, LLC.

Welcome to the Forum

Scott Muench, Managing Director, Core Membership, FOX
David Toth, President of Membership, FOX

• This Forum focused on networking! Fewer chances to network, so this will be a priority

• Another focus of the forum is human capital

• Survey: What are you looking forward to the most and this year’s FOWAF?
  • Networking
  • Learning
  • Trends
  • Education
  • Connection

• How will we balance Financial Capital v Human Capital?
  • The Money v The People
  • In the middle, the balance, is Wellbeing

• Who is in the room today?
  • 39% First time attendees
  • 48% family office executives

• What’s on the mind of family offices?
  • Family Governance
  • Rising Gen
  • Retention
  • Talent
  • Advisor Relationships
  • Next Gen

• Fox team at the event – 45 members dedicated to helping members achieve their goals

• Member Benefit – Relationship Manager
  • Their Role is to act as a coach on maximizing benefits
  • Help outline goals
  • Review progress periodically
  • Resolve ad hoc inquiries
  • Make important connections

• Fox Driven Content - In Just 6 Months:
  • 481 advisor pieces posted
  • 2,834 total downloads of content
  • Top 10 – advisor thinking that receives the most downloads
    • Evergreen, trending topic, contains take aways

• Health of the FOX Community – Facts & Figures
  • Total of 1,024 posts and responses within FOX community channel
  • Hot Fox Chat topics – K-1 process, Asset Vantage, Profits Interest

• Events:
  • Council experiences
  • Webcasts
  • FOX Training Programs
  • FOX Technology Events
  • FOX Forums

Building a Last 8% Culture: Keep Your Best People

Bill Benjamin, Keynote Speaker, Partner, Institute for Health and Human Potential
Introduced by Scott Muench, Managing Director, Core Membership, FOX

With 40-70% of people contemplating leaving their jobs, the challenge of retaining your top talent has never been greater. Yet, with many new hires in your organization and the challenges of a hybrid workplace, you are struggling to re-establish one of the most important levers you have to retain your best and brightest: your culture.

• Aspiration
  • Engage and Retain
  • Drive Performance
  • Live Well

• Something gets in the way! – The last 8%, the hardest part
  • Difficult conversations
  • Difficult decisions
  • Difficult situations

• Survey – What are the hardest conversations and decisions you have in your organization?
  • Compensation structure – No bonuses
  • Performance feedback
  • Client management, tough conversations

• Predictable default behaviors
  • Avoidance
  • Make a mess

• Cortisol Effect
  • Cortisol sears in memory
  • This becomes your reputation
  • This is also what your teams will model

• 70% of people don’t speak up when they see something wrong or have an idea that could help

• Two pillars of a high-performance culture
  • High connection – psychological safety
  • High courage – ability to skillfully to hard things and make tough decisions

• Culture Map
  • Results over relationships – transactional
  • Family – Nice culture, unwilling to do hard things, mediocre standards
  • Fear based – command & control
  • Last 8% Culture – High accountability and high care – feedback rich, high trust, high expectations and innovation

• Assess you and your teams
  • Where would you place your team
  • How can you move from good to great? What is your contribution?

• Three domains of competence
  • Intellectual capacity
  • Technical skills
  • Emotional intelligence – Key differentiator

• Brain Science of Performance
  • We feel before we think
  • Stop complex thoughts – We can’t think clearly

Cultivating Qualitative Skills for the Family Advisor of the Future

Alexander Hill, Relationship Manager, Maestro
Robert Persons, Director of Advisory Services, The Family Office at Synovus
Justin Thompson, Managing Director, Client Advisory Team, Tolleson Wealth Management
Moderated by Jeff Strese, Family Learning and Leadership Consultant, FOX
Introduced by PHM – Private Health Management

Family advisors often have a strong technical or financial background, but the importance of cultivating communication style, emotional intelligence, coaching skills, trust-building, and similar qualitative skills to serve clients cannot be overstated. Join a panel of peers who will share how they meaningfully engage with family clients and discuss the invaluable impact of continuous qualitative skill development in today's ever-changing family-advisory environment.

• The Changing Landscape of the Advisor’s Role
  • Previous Role – Controller of information, Advisor Led, Discretionary Single Advisor, Individual Heroes
  • Transformed Role – Facilitator, Client Centered, Partner with client and other advisors, Team collaboration

• Evolving Role of the Advisor
  • Team based approach
  • Facilitator
  • Coach
  • Removes obstacles
  • Identifies patterns
  • Develop multi-disciplined approach

• Lead Advisor’s Role
  • Prepare
  • Facilitate
  • Debrief

• What is the biggest challenge in your current role as it relates to dealing with clients?
  • Succession planning
  • Addressing conflict

• What is the biggest challenge in your current role as it relates people you lead?
  • Coaching advisors
  • Finding and onboarding new talent
  • Recognizing staff effectively
  • Getting buy in from senior leaders

• What skillset do you need to develop the most?
  • Active listening
  • Facilitation skills
  • Understanding family dynamics
  • Coaching advisors for improvement