With great wealth, comes great responsibility, and given the complexity of risks faced by the high net worth individual, even greater due diligence is required to protect against financial loss and emotional distress.While many high net worth individuals assess and protect physical assets, often they overlook protecting against loss from liability ...
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The Internet has brought incomprehensible changes to our world over the last 20 years. Technology is so prevalent in our society that whether or not you personally shop online, use apps, or conduct web-based banking, you could find yourself a victim of a cyberattack. This issue of Abbot Downing Perspectives “Cyber (In)Security” addresse...
Perhaps related to unsettled politics and radical groups in various countries, Kidnappings of foreign nationals worldwide have increased by more than 60% in the past five years.The risk of a kidnap and ransom (K&R) situation is a very real risk for some families, particularly those with high public visibility, who hold a position of power, or w...
The first in-depth exploration from our global family business survey, “women in leadership” shows that family businesses believe in the value of women in leadership overall, not only women family members.
Estate planning and wealth management involve the founder’s goals, family and assets. Unresolved substance use disorders (SUDs) will undermine the best plans and intent in all three areas. However, trustees and attorneys frequently overlook clients engaging in addictive behavior because they are unaware of the symptoms of the disease, don&rsq...
Some data security disasters make news because they involve household names -- Target Stores, Sony Online Entertainment and Home Depot, among others. While other data breaches make headlines because they reveal embarrassing information -- e.g., Ashley Madison. But that does not mean that family run offices, which may be less well-k...
Knowing what Wealth Managers find crucially important when structuring insurance solutions for their clients can help you differentiate yourself amongst this highly influential group of trusted advisors. The insights in this article can help you strengthen your referral network and increase your pipeline of UHNW business.
The volume of information in businesses is doubling every two years, creating significant challenges for businesses of all types and sizes, including family offices. Besides the cost of storage, the information in records and data can pose risks that may surface in audits and litigation. One way to successfully tame the rising tide, is to implement...
Sidney Reso, president of Exxon Company International, was kidnapped from the driveway of his home and ultimately murdered in 1992. Edward Lampert, one of the nation’s wealthiest investors, was kidnapped in the parking garage of his offices in 2003 and was released after promising $5 million to his kidnappers. These are only a few examp...
CWP Management, Inc., is a busy family office based in Chicago, Illinois. They look after the financial affairs of 10 households and 31 family members across 3 generations, but an ageing IT infrastructure was weighing down on its president’s time and budget. When disaster struck and their data center was compromised, CWP used the opport...
EY teamed with Kennesaw State University and surveyed the world’s largest family businesses with a focus on seven success factors: succession; women in leadership; governance; communication and resolving conflicts; branding; corporate social responsibility, philanthropy and sustainability; and cybersecurity.
Cloud computing continues to transform the way businesses work. But not all clouds are equal. We’ve collected the key features of cloud computing for family offices into a straightforward checklist and added explanations of what they are and how they matter to family offices. We’ve also highlighted what to look out for when ...
Wealth transfer planning is a complex process with an ever-changing set of risks, opportunities, and regulations. Subtle changes to wealth transfer techniques—including applying commonly used risk management and sophisticated planning strategies—can dramatically increase the likelihood of success and enhance financial results.
How and when should wealthy parents educate their children about their assets and potential trusts? Having “The Talk” about wealth is a topic that provokes uncertainty and delay. Avoiding the exchange, however, only compounds the difficulties. Anxiety and reluctance about "The Talk" are understandable given the many risks asso...
The low interest rate environment presents a number of opportunities to advantageously move assets between family members, including the currently popular practice of intra-family lending. It may seem as if lending within the family can be a casual affair, but those who explore the option should be sure they are taking the right steps to truly crea...