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Conscious leaders know that co-creation is a possible choice along with competition and compromise. They have developed the wisdom and skill to know which option to choose and when to choose it.Competition leads to win/lose. Compromise results in lose/lose. Co-creation brings about win/win.Competition requires a belief in a zero sum game. Anything ...

Members of the FOX Client Experience Council – a like-minded group of executives from single and multi-family offices around the country who gather in person twice each year to learn together, share resources and socialize – are in constant pursuit of creative ways to surprise and delight their clients.At a recent Council meeting, their homework in...

Buying or selling real estate, especially your personal home, presents a unique set of fraud and cyber-security risks. Protect yourself by understanding these risks and exercising the precautions below during real-estate and other high-value transactions.Understanding the RisksSeveral factors make real-estate transactions especially tempting to cyb...

In 360 B.C., the Greek philosopher Aristotle wrote of the distinction between simply giving away money and giving it away as part of a thoughtful process.In Aristotle’s words, whereas anyone can do the former approach, this latter approach to giving is “rare, praiseworthy and noble.” Now, thousands of years later, I couldn’t agree with Aristotle mo...

As president of Family Office Exchange, I spend much of my time outside of our Chicago headquarters travelling to far-off locales to meet with families who are part of the FOX community, as well as those considering membership. With FOX members in 20 countries, travel keeps me busy, but it’s a part of my role that I truly enjoy, and this inter...

“In life, longevity is a gift only if you know how to use it. And as we prepare to tackle issues related to family journeys at the FOX Fall Forum, I wanted to highlight an interview with one of our presenters, Coventry Edwards-Pitt, CFA, CFP®, Chief Wealth Advisory Officer at Ballentine Partners, LLC and author of the new book Aged Healthy, Wealthy...

Paramount to every enterprise is a healthy, abundant supply chain. Regardless of the end product, the quality and quantity of the raw materials will dictate the quality of output. For those of us in the business of funding other businesses, a good, strong source of high quality deal flow is essential.When I started to design the business model for ...

Even highly responsible children can compound cyber risk to the entire household. They are more trusting than adults. They inadvertently engage with cyber thieves in gaming situations. Some work around security to see sites their parents don’t want them to visit. And, many of them are far ahead of their parents’ ability to keep them from making mis...

You’ve worked so hard to make your family business a success, but eroding trust and simmering conflict threaten to derail the progress you’ve made. Is that a sign that your family business won’t make it to the next generation?Not necessarily. In fact, most conflict in family business is natural, rational, and predictable. After all, family business...

The U.S. Department of the Treasury plans to withdraw proposed regulations issued in August 2016 that would have narrowed or eliminated taxpayers’ ability to claim valuation discounts on transfers of interests in family-controlled entities.The Treasury Department’s October 2 announcement that it would withdraw the proposed regulations was part of a...

“To thine own self be true,” William Shakespeare famously wrote. The same could be said of organizations, many of which tirelessly work to ensure that they uphold the principles expressed in their mission statements — but with one gap, the investments made out of their endowments. That’s where mission-related investments (MRI) come in, as the...

I recently had an amazing opportunity to spend a few days with 46 millennial clients who came to Silicon Valley for our Next Generation Program. Focused on the theme “Innovate for Impact,” the program was hosted by our Family Wealth Advisors team and BNP Paribas Wealth Management.The 4-day event gave attendees, hailing from 18 different countries, ...

When I was in third grade, my teacher brought in some maple tree saplings as part of a science lesson. We were shown two possible places to plant these saplings; one spot was in an old forest with many mature trees, and the other was in an open area with no other surrounding vegetation. Many of us choose the open area thinking the trees would get m...

Is it ever worthwhile to accept concessionary investment returns?If your foundation’s aim is to achieve not just personal financial gain but also a specific positive social or environmental impact, the answer is a resounding yes. Foundations make program-related investments (PRI) to support charitable activities, with the potential return of capita...

Cybersecurity is a topic of great concern among our members as many face the challenge of keeping family members and their financial information safe. Scott Augenbaum, a 30-year veteran of the FBI, offers the following 15 cybersecurity tips that don’t cost a lot of money or take a lot of time, but that can help you eliminate 90% of your risk of exp...